The fact of the matter remains that cryptocurrency of any kind is susceptible to double-spending, including bitcoin.
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.
According to the report, the suspects carried out multiple instances of fraud against a Canadian bitcoin ATM operator in seven cities across the country. The men are now on the run, and Calgary police are looking for them. They withdrew money and then cancelled the transaction.
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.
One specific company was targeted through these scams, with 51 of the transactions happening in Calgary, leading local investigators to take charge in the case. Besides Calgary, the suspects also conducted double-spend attacks on Bitcoin ATMs in cities like Toronto, Montreal, Winnipeg, Ottawa, and more.
Bitcoin scheme suspect number four
CPS believes that the suspects committed the so-called "double spending".
At the time of compiling this article, the four suspects who are allegedly responsible for these fraudulent transactions have been identified but yet to be apprehended.
Individuals with any leads can submit their tips to Crime Stoppers.
"All four suspects are described as adult males and are believed to have in-depth knowledge or interest in cryptocurrency, Bitcoin. or blockchain technology", police said in a statement.
Reportedly, 4 individuals, whose identities remain unknown, were aware of an exploit which meant that zero confirmation transactions were possible in these ATMs.
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