US Federal Trade Commission Warns ‘Men’ Of A New Bitcoin Blackmailing Scam

Aug 23, 2018 at 16:15 Update Date :Aug 23, 2018 at 16:15 UTC

An article published by the business and consumer Education division of the Federal Trade Commission on the 21st of August enlightened men on avoiding bitcoin blackmail scams. The issue threw light on recent scams which allegedly blackmail the crypto investors and threaten to expose their unethical activities.

The scamsters send letters to vulnerable men demanding payment in cryptocurrency in exchange for keeping quiet about the “secrets” that they might be hiding from their families. These notes also include instructions regarding the payment through Bitcoin.

The article incorporated an excerpt from the blackmail letter which read, “I know about the secret you are keeping from your wife and everyone else. You can ignore this letter, or pay me a $8,600 confidentiality fee in Bitcoin.”

The education division, which believes in making the consumers aware of deception and frauds, also informed the crypto asset owners about how to avoid the blackmail scams and save themselves from losing funds to the Bitcoin fraudsters. One of those methods was reporting to the local police and FBI if some blackmail letters are received.

Though FTC specifically warned just the men as it referred to the hoax as a new scam targeting men”, comments below the article insinuated that women were also a target of these scammers. A woman named Hana commented how she had been receiving similar threats. She was asked to pay thousands of dollars in Bitcoin while the scammers threatened to use her face on pornographic pictures and videos.

The cryptocurrency-related cyber scams are on the rise. The cybersecurity firm Kaspersky Labs backed the fact when it published a report last month explaining how the crypto scammers had managed to earn over $2.3 million during the second quarter of 2018. One of the reports published by the UK police earlier this month, seconds after the aforementioned finding. The report stated that crypto scams have led the investors into facing losses of about $2.55 million in a duration of just 4 months.

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