Canadian Police Investigates Bitcoin ATM Frauds

The Calgary Police Service (CPS) Cybercrime Team (CPS) is investigating a series of fraudulent crimes with Bitcoin ATMs that resulted in the Canadian blockchain company incurring a loss of 195,000 Canadian dollars (approximately 146,000 US dollars).

The police asked the public assistance in identifying the people involved in the crimes. A press release published on the Toronto police website stated that in 2018, four suspects allegedly committed 112 fraudulent transactions in seven Canadian cities.

CPS believes that the suspects committed the so-called "double spending". The suspects allegedly withdrew money, while subsequently canceling the transaction in a remote way before the BTM operator could process the withdrawal. At the moment, nothing is known about the identities of the criminals.

 

According to the analytical report of the CipherTrace company, the volume of theft and fraud in the cryptocurrency segment reached $1.7 bln in 2018.

Image courtesy of theccpress.com