Police say they have received information that about 112 fraudulent transactions were made at bitcoin kiosks in cities including Calgary, Sherwood Park, Winnipeg, Toronto, Hamilton, Ottawa and Montreal between last September 16th and 26th.
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 U.S. dollars).
Each of the four suspects are accused of attacks in specific cities. The men are now on the run, and Calgary police are looking for them.More news: HP recalled more batteries in January, but gov shutdown delayed news
Bitcoin scheme suspect number one.
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.
Just under half of the transactions occurred in Calgary.
The other two suspects in the case have been found to have attacked and withdrawn the amounts from Winnipeg and Sherwood Park respectively. The tools themselves weren't created for such activities, but allow for "stuck" transaction to go through using additional fees.More news: Watch The Trailer For 'The Disappearance of Madeleine McCann'
The second suspect is believed to be responsible for transactions that occurred in Calgary.
"Authorities believe the individuals have n-depth knowledge or interest in cryptocurrency, bitcoin and/or blockchain technology".
Police from Toronto, Hamilton, Halton and Winnipeg are assisting with the Calgary Police Cybercrime Division's investigation of the thefts.
The scam has been made possible through 0-confirmation transactions at the ATMs, enabling double spending while forcing merchants to wait for confirmation. All pertinent information regarding the suspects can be anonymously submitted to the police.More news: Donald Trump criticizes Theresa May for 'how badly' Brexit talks have gone