Wednesday, September 18, 2019
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Crypto-fiat criminals of Canada

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It seems that cryptocurrencies are still not ready for common daily transactions. The huge problem arises when cryptos are turned into fiat with the help of Bitcoin ATMs that were initially meant for the routine tasks.

Calgary (Canada) Police call on residents to assist in finding four men suspected of stealing money from Bitcoin ATMs. All these terminals are serviced by one company. The company is not named in the interests of the investigation.

The Calgary Police Department Press Center reported that the criminals committed 112 fraudulent transactions in seven cities – Toronto, Ottawa, Winnipeg, Montreal, Calgary and Sherwood Park.

51 transactions were carried out in Calgary, which is why local investigators began investigating the case. According to them, the criminals were withdrawing cash from Bitcoin ATMs, and then remotely cancelled the transaction before the cryptocurrency disappeared from the accounts. Such fraudulent actions are sometimes called “double spending” attacks. How is it possible to cancel the bitcoin transaction? We wrote about that in one of our previous articles called “Cheating at bitcoin. Cancelling transactions“. But please, don’t consider that article as the guidance for illegal actions with your local Bitcoin ATM, okay?

The Canadian criminals were able to steal about $195,000 using such a scheme. According to investigators, the criminal gang acted in September last year. Four suspects were recorded by CCTV cameras.

Apparently the criminals are professionals in the field of circulation of cryptocurrency and blockchain technologies, added to the police.

It is worth noting that by the number of cryptocurrency terminals, Canada and the United States occupy the first positions in the world. In these countries, digital asset holders are served by more than 71% of the
Bitcoin ATMs of the total number of such devices in the world, according to the bitcoinatmmap.com.

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