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.
Almost half, 51, of the transactions allegedly occurred in Calgary. The suspects allegedly withdrew money, while subsequently canceling the transaction in a remote way before the BTM operator could process the withdrawal.
The suspects had "in-depth knowledge or interest in cryptocurrency, Bitcoin and/or blockchain technology", Calgary police said.
Bitcoin scheme suspect number four
This man is suspected of making fraudulent transactions in Toronto, Montreal, Ottawa and Hamilton. Though the identities of the perpetrators are not now known, the Calgary police are requesting the public's help in identifying them. While not designed for criminal applications, the tool is described by Todd as a means of creating successive transactions to smooth "stuck" transactions. Further, there is a "double spend" tool that also seems to be at the heart of the transactions.
The double spends, which occurred over the course of 10 days, are possible with unconfirmed transactions and tools exist to deal with this problem.
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.
Suspect One: Toronto, Montreal, Ottawa and Hamilton.
None of these companies confirmed if they allow for 0-confirmation transactions or not. All pertinent information regarding the suspects can be anonymously submitted to the police.
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