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New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?
New! Bitcoin Price Prediction: $3,600 BTC Price Is a Very Likely Scenario. When to Invest in Bitcoin (BTC)?

Bitcoin News - Criminals Double Spend Bitcoin in Canada, Stealing $200,000 from Crypto ATMs

  • Alex Morris
    📰 News

    👮‍♂️👮‍♂️👮‍♂️The four criminals, who were involved in the double-spend scam, are yet to be identified by the police

Criminals Double Spend Bitcoin in Canada, Stealing $200,000 from Crypto ATMs
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CBC News reports that four scammers successfully conducted double spend attacks, targeting Bitcoin ATMs in Canada’s major cities. The police are currently working on identifying the four suspects who stole $200,000.

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A five-month long investigating

Almost half of the attacks, which were conducted over a span of ten days in September 2018, took place in the city of Calgary. Calgary police started investigating the crime back in October after getting a tip-off about the defrauded Bitcoin ATM company. Notably, every suspect would operate in a separate city.

The photos of the bad actors have been posted online, and the police are asking the public to assists the investigators in identifying them. You can anonymously provide pertinent information to the police.

The debate around RBF

  The news has already sparked a debate about Bitcoin’s replace-by-fee (RBF) that allows users to re-send unconfirmed transactions by paying a higher fee. This feature is very controversial since many believe that it could lead to double-spending attacks. While double-spending is possible without RBF, the feature makes it a lot of easier even for non-tech folks to pull off such a scam.

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Bitcoin News - OKEx, Bit-Z, CoinBene and Other Exchanges Use Different Mechanisms to Inflate Their Trading Volumes

  • Alex Morris
    📊‍ Infographics

    🔊😱Fraudulent exchanges can ‘add noise’ in order to make their faked trading volumes seem more authentic 👀

OKEx, Bit-Z, CoinBene and Other Exchanges Use Different Mechanisms to Inflate Their Trading Volumes
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Crypto Integrity has recently revealed the mechanics of wash trading that are employed by major cryptocurrency exchanges. OKEx, one of the leading exchanges, also appeared on the list of exchanges that disguise their real trading volumes.

Many faces of wash trading

The study singles out three main wash trading mechanisms that differ in the difficulty of implementation:

  • In-spread trades without limit orders. The exchange reports the trades that do not appear in the order book at all. This instrument is popular with fledgling exchanges since it mitigates all risks that pertain to wash trading. OKEx, Bit-Z, CoinTiger, and other exchanges were involved in this activity.    

  • In-spread trades with short-lived limit orders. The order appears in the order book for a minuscule fraction of a second, which makes it impossible for any traders to see it (unless we are talking about automated bots). Short-lived orders have been noticed on CoinBene, Bitmart, and IDAX.  

  • Trades near bid-ask caused by short-lived limit orders. In this case, traders try to disguise their malicious activities by placing orders of different sizes and with different life duration. OKEx is the only exchange to use the most sophisticated form of wash trading.          

A mundane thing

As reported by U.Today, wash trading is extremely prevalent in the cryptocurrency space. In fact, an earlier study showed that seven out of ten exchanges that occupy the top 10 spots on CoinMarketCap (CMC) report fake numbers.

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