ADVERTISEMENT

[email protected]

  • Submit Press Release
  • Submit Guest Post
  • Write for Kryptomoney.com
Latest Crypto News
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
  • News
    • Bitcoin News
    • Blockchain News
    • Cryptocurrency News
    • Ethereum News
    • Exchanges News
    • Regulations News
  • Price Analysis
    • Bitcoin (BTC) Analysis
    • Ether (ETH) Analysis
    • Ripple (XRP) Analysis
    • Litecoin (LTC) Analysis
    • Bitcoin Cash (BCH) Analysis
    • Binance Coin (BNB) Analysis
  • Industry
    • Events
    • Press Release
  • Start Here
  • Advertise
No Result
View All Result
Latest Crypto News
No Result
View All Result
Home News

Canadian Police Request Public Assistance To Identify Bitcoin ATM Fraudsters

KryptoMoney Staff by KryptoMoney Staff
March 14, 2019
in News
0
Canada | Public Assistance | Fraud | Bitcoin Scam | Bitcoin ATM Scam | Scam Artist
0
SHARES
40
VIEWS
Share on FacebookShare on Twitter

 

Canadian police, particularly the Calgary Police Service (CPS) Cybercrime Team is asking for public assistance in order to identify four individuals, who are allegedly involved in multiple fraudulent Bitcoin ATMs (BTMs) transactions.

According to an announcement published by the Toronto Police Service on March 13, in September of last year, the suspects made 112 fraudulent transactions at BTMs in seven Canadian cities, including Toronto, Winnipeg, Montreal, Hamilton, Calgary, Sherwood Park and Ottawa.

The CPS received an initial complaint about the same in October 2018, they believe that the suspect made “double-spend” attacks.

Double-spend Attack

The said attacks involve the suspect withdrawing money from a kiosk but before the BTM operator could process the withdrawal they cancel their transaction remotely. Reportedly, around CA$195,000 ($146,666) has been syphoned off from the concerned company through this scam.

Increase in Crypto Scams 

A recently published article by crypto analytics company CipherTrace revealed that in 2018 alone, about $1.7 billion in cryptocurrency was obtained via illicit means. Over $950 million of that amount was snatched off from crypto exchanges, an alarming amount that has reportedly observed a 3.6 times increase over 2017. The year also saw, at least $725 million is lost to scams in likes of Ponzi schemes, exit schemes and fraudulent initial coin offerings.

However, there is a different side of the story to this research article, analytics company Chainalysis has reported that cryptocurrency-related crime observed a decline over the past few years, only accounting for 1 percent of all Bitcoin transactions in 2018.

While both the sides have analytical proof to support their theory, it cannot be ignored that even the smallest of scams could put a considerable dent in investor’s pocket and most importantly warn off the already dicy governments and institutional investors from the cryptocurrency ecosystem.

Read more:WireConnect 2019 Powered by WireSummit in partnership with London Blockchain Labs | B.I.D.E

Image source – Toronto Police

Tags: Bitcoin ATMbitcoin canadaBitcoin NewsBitcoin PriceBitcoin TradingBitcoin updatesCanadacryptocurrency exchangeCryptocurrency NewsLatest Cryptocurrency NewsLatest Cryptocurrency Updates
Previous Post

The Aerum ecosystem, a market-oriented hub

Next Post

Coinbase Pro Adds Support for Stellar Lumens (XLM)

Next Post
Coinbase | Coinbase Pro | Stellar Lumens | XLM | Cryptocurrency

Coinbase Pro Adds Support for Stellar Lumens (XLM)

Recent Stories

Ripple (XRP) Is Now the Fifth-Largest Cryptocurrency As Polkadot, Chainlink, AAVE Explode to Fresh Highs

Ripple (XRP) Is Now the Fifth-Largest Cryptocurrency As Polkadot, Chainlink, AAVE Explode to Fresh Highs

January 16, 2021
Cardano Price Analysis: Bulls Drive ADA/USD Price Past $0.37, Cardano Wants To Help Twitter Decentralize Social Media

Cardano Price Analysis: Bulls Drive ADA/USD Price Past $0.37, Cardano Wants To Help Twitter Decentralize Social Media

January 16, 2021
Is an Altseason Coming? Chainlink (LINK) Hits New Record Highs of $21.40, Polkadot & Cosmos (ATOM) Surge

Is an Altseason Coming? Chainlink (LINK) Hits New Record Highs of $21.40, Polkadot & Cosmos (ATOM) Surge

January 15, 2021
Quickly

Financial Advisor Introduces Petition for the UK Government to Ban Crypto Transactions

January 15, 2021
LTC Price Analysis: Steep Correction on LTC/USD From $186 High, Flare Networks Announces Litecoin Airdrop

LTC Price Analysis: Steep Correction on LTC/USD From $186 High, Flare Networks Announces Litecoin Airdrop

January 15, 2021
Bitcoin

Bitcoin Falls Below $35k Despite the Unveiling of Biden’s $1.9 Trillion Stimulus

January 15, 2021
cryptocurrencies

The Impact Of Cryptocurrencies On The Global Marketplace

January 15, 2021
What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

What Will 2021 Hold for Bitcoin and Crypto? BTC Price Prediction and Events To Watch Out for by Mid-2021

January 14, 2021
Trading

PayPal Crypto Trading Volume Climbed $242 In One Day

January 14, 2021
Bitcoin

Government of Pakistani Province Announces Launch of Bitcoin Mining Farms

January 14, 2021

Email Subscription

Pages

About Us

Contact Us

Disclaimer

Get Latest Cryptocurrency And Bitcoin News

Privacy Policy

Write for Kryptomoney.com

Category

Events

General

Interviews

News

Price Analysis

Press Release

Sponsored

Information

About Us

Submit Press Release

Submit Guest Post

Contact Us

Social Icons

[email protected]

©KryptoMoney 2019 | Southridge Internet Corp

No Result
View All Result
  • Resource List
  • News
  • Price Analysis
  • Events
  • Press Release
  • Sponsored

©KryptoMoney 2019 | Ess Commerce Private Limited

  • bitcoinBitcoin (BTC) $ 35,416.00 2.34%
  • ethereumEthereum (ETH) $ 1,213.05 3.29%
  • tetherTether (USDT) $ 1.00 0.31%
  • bitcoin-cashBitcoin Cash (BCH) $ 475.70 1.55%
  • binancecoinBinance Coin (BNB) $ 42.12 2.12%
Our websites require cookies enabled to provide you with an uninterrupted experience. Please continue without changing your setting to receive important notifications.I Agree