True, cyber attacks, especially through cryptocurrencies are common in just about any country; however, if there was a record keeper, this has got to be one of the worst hits so far.
During that time, 112 fraudulent transactions were made in seven cities - Calgary, Sherwood Park, Toronto, Montreal, Ottawa and Winnipeg.
The Calgary Police Service cybercrime team's investigation began in October 2018 when officers were tipped off to a major fraud involving transactions that target a Canadian bitcoin company. The men are now on the run, and Calgary police are looking for them.
The men allegedly attended bitcoin kiosks, successfully withdrew money, then remotely cancelled their transactions before the bitcoin company processed the withdrawal. The attacks took place in 7 cities across Canada, half of them taking place in Calgary. Those with information on the case can submit anonymous tips. The tools themselves weren't created for such activities, but allow for "stuck" transaction to go through using additional fees. That creates two transactions in succession, one paying a specific amount to a specific address, and a second one double-spending that transaction.
"All four suspects are described as men and are believed to have in-depth knowledge or interest in cryptocurrency, bitcoin and/or blockchain technology", according to Toronto police.
According to reports, each of the four suspected of defrauding Canadian Bitcoin ATMs targeted a different area. These ATMs are owned by several companies including Bitnational, Bitcoin Solutions, and Bitcoiniacs, with some of them having daily sales limit of up to $9000.
Reportedly, 4 individuals, whose identities remain unknown, were aware of an exploit which meant that zero confirmation transactions were possible in these ATMs.