Police on nationwide hunt for suspected Bitcoin fraudsters

Lloyd Doyle
March 14, 2019

It seems that replace-by-fee tools, developed by Peter Todd, the developer of Bitcoin Core, were what allowed the transactions to go through.

Four Canadian men are wanted by the police for double-spending attacks on Bitcoin ATMs.

In October 2018, the Calgary police's cybercrime team's investigation began when officers were tipped off to a major fraud involving transactions that target a Canadian bitcoin company, according to the Toronto police.

Bitcoin scheme suspect number four.

The men's identities are still unknown, therefor the Calgary police chose to turn to the public to ask for help in identifying the criminals.

They said the offenders committed so-called "double spend" attacks, where a suspect withdrew cash from a bitcoin ATM then cancelled the transaction remotely before the cryptocurrency could be removed from their accounts.


Law enforcement teams in Calgary are spearheading a nationwide investigation into a suspected Bitcoin fraud ring that made off with almost $200,000 in a little over a week.

Canadian media reported that a total of one hundred and twelve (112) transactions have been made through the country where most took place in the Calgary province. Other targeted cities include Toronto, Montreal, Winnipeg, Sherwood Park, Ottawa and Hamilton.

0-conf transactions are instantaneous; once the transaction is sent to the Bitcoin mempool, it is deemed completed despite the fact that miners haven't yet "mined" a block containing the transaction. That creates two transactions in succession, one paying a specific amount to a specific address, and a second one double-spending that transaction.

Police in the Canadian prairie city of Calgary are seeking information leading to the arrest of 4 men believed to have stolen $200 000 CAD from a Canadian Bitcoin ATM company, CBC reports.

Suspect One: Toronto, Montreal, Ottawa and Hamilton. Those with information on the case can submit anonymous tips.

Other reports by Iphone Fresh

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