Bitcoin double spenders and other police news Wednesday

Bitcoin double spenders and other police news Wednesday

A press release published on the Toronto police website stated that in 2018, four suspects allegedly committed 112 fraudulent transactions in seven Canadian cities.

These attacks occurred in major cities like Toronto, Ottawa, Calgary, and Sherwood, as well as, Montreal, Hamilton, and Winnipeg. The attacks took place in 7 cities across Canada, half of them taking place in Calgary. Double spending typically involves cancelling a transaction before it's had chance to be confirmed and keeping the withdrawn funds. The men are now on the run, and Calgary police are looking for them.

Each of the four suspects in the Bitcoin ATM fraud is believed to have targeted a different area.

It seems that cryptocurrencies are still not ready for common daily transactions.

Bitcoin ATMs have been growing in number across the world, with over 4,000 already in operation. While not designed for criminal applications, the tool is described by Todd as a means of creating successive transactions to smooth "stuck" transactions.

Bitcoin scheme suspect number four
Bitcoin scheme suspect number four

The double spends, which occurred over the course of 10 days, are possible with unconfirmed transactions and tools exist to deal with this problem.

0-conf transactions are instantaneous; once the transaction is sent to the Bitcoin mempool, it is deemed completed despite the fact that miners haven't yet "mined" a block containing the transaction. In addition, you can optionally specify that the first transaction additional OP-RETURN, multisig, and "blacklisted" address outputs.

Police departments from these other cities are assisting the Calgary Police in its investigative efforts.

The Calgary Police Service cybercrime team conducts and supports investigations into any crime that is found to have a connection to cyberspace, including fraud, drug trafficking, child exploitation and missing persons. Zero-conf is a system that allows transactions to go through with zero confirmations on the blockchain.

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