Vote 2020 graphic
Everything you need to know about and expect during
the most important election of our lifetimes

Ring of Thieves Swipes $150,000 From Buggy Bitcoin ATMs, and Police Can't Figure Out Who They Are

The four suspects
The four suspects
Photo: Toronto Police

A group of bitcoin bandits hit paydirt by taking advantage of buggy cryptocurrency ATMs in seven Canadian cities, according to police, netting a $195,000 CAN score—about $150,000 U.S. And Toronto police are asking for help identifying the suspects.

Advertisement

The fraudulent transactions took place over a 10-day period from September 16 to 26 last year, and targeted a whopping 112 bitcoin ATMs. Toronto police published a news release and photos on Wednesday as the suspects are still at large.

It’s thought the attacks took advantage of the so-called ‘double spending’ problem with digital goods that cryptocurrency is fundamentally designed to address. (For simplicity’s sake, think of it as abusing credit card chargebacks.) All of the attacks were carried out against the ATMs from one specific company, which authorities declined to name.

Advertisement

Previously, thieves have crowbarred open a bitcoin ATM in Texas (presumably for the cash inside), and others in the Netherlands just stole the entire machine, neither of which were likely as lucrative.

[The Next Web]

Senior reporter. Tech + labor /// bgmwrites@gmail.com Keybase: keybase.io/bryangm Securedrop: http://gmg7jl25ony5g7ws.onion/

Share This Story

Get our newsletter

DISCUSSION

dragonfli-labs
dragonfli-labs

All of the attacks were carried out against the ATMs from one specific company, which authorities declined to name.

Correlating the photos of the suspects against known bitcoin ATMs in each area (especially since they all appear to be in malls), I would fathom that they’re operated by HoneyBadger Bitcoin.