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Police ask for help finding suspects in bitcoin fraud

Last Updated Mar 12, 2019 at 1:33 pm EDT

Police are searching for these suspects involved in a Canada wide bitcoin fraud (Courtesy - Calgary Police Service)

Police say the false transactions were carried out from Sept 16-28, 2018

CPS is working with police in Toronto, Winnipeg, Hamilton and Halton in the investigation

CALGARY (660 NEWS) — Calgary police are asking the public for help identifying four suspects believed to be involved in a national case of bitcoin fraud.

Last October, investigators were tipped off about a series of false transactions that took place across Canada between Sept 16 and Sept 26, 2018.

During that time, 112 fraudulent transactions were made in seven cities — Calgary, Sherwood Park, Toronto, Montreal, Ottawa and Winnipeg.

One specific company was targeted through these scams, with 51 of the transactions happening in Calgary, leading local investigators to take charge in the case.

With assistance from agencies around the country, the CPS Cybercrime Team began to look into the frauds.

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.

As a result, police believe $195,000 was obtained by the offenders.

They think all of the transactions were committed by a group of people located around Canada who were working together.

Four suspects have been caught on surveillance footage, and are all described as adult men who likely have in-depth knowledge in cryptocurrency, bitcoin, and blockchain technology.

If you have any information on the suspects whereabouts, you’re asked to contact Calgary police or Crime Stoppers.