Calgary Police Initiates Nationwide Hunt for Suspects Behind Alleged Bitcoin Fraud

https://globalnews.ca

Calgary law enforcement authorities are conducting a nationwide investigation involving a suspected Bitcoin fraud that resulted in the loss of nearly $200,000 in just over a week, daily newspaper Calgary Sun reported March 12.

According to the report, between September 12 and 26, four unidentified men were caught on CCTV cameras withdrawing 112 times from multiple Bitcoin kiosks across seven cities in Canada.

As the authorities speculated, the suspects have purportedly initiated a “double-spend” attack by withdrawing fiat from a Bitcoin kiosk prior to remotely canceling the transaction before it can be processed by the Bitcoin firm.

The suspects, according to the police, have apparently stolen over $195,000 from only one Canadian crypto firm. Of the 112 fraudulent transactions, 51 were made in Calgary, 17 in Toronto, 27 in Montreal, 13 in Winnipeg, 2 in Sherwood Park, and 1 in Ottawa.

Led by the Calgary Police Service’s cybercrime group, the nationwide investigation has been initiated since October, in cooperation with multiple other agencies across Canada, including the Winnipeg Police Service, Hamilton Police Service, Halton Regional Police Service, and the Toronto Police Service.

According to the police, “all four suspects are described as adult males and are believed to have in-depth knowledge or interest in cryptocurrency, Bitcoin… or blockchain technology.”

As part of the ongoing investigation, authorities are seeking assistance from the public to provide any details that may potentially lead to the arrest of the four suspects. Anyone with information on the crypto heist or the identities of the suspects may reach the Calgary Police Service through their non-emergency line at 403-266-1234 or contact Crime Stoppers at 1-800-222-8477. For more information, visit www.calgarycrimestoppers.org.