The U.S. FTC Warns On Bitcoin Blackmail Scams

Nishanth Shetty

August 23, 2018 1:12 pm

Bitcoin Scam

The U.S. FTC Warns On Bitcoin Blackmail Scams | Coindelite News
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The U.S. Federal Trade Commission (FTC) has issued a warning on bitcoin scams that are used to blackmail people.

Cristina Miranda, a member of the FTC’s Division of Consumer and Business Education, shared her thoughts stating that scammers are sending threatening letters to expose alleged secrets, asking for money.

The sample letter said:

“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.”

These kind of letters also provide instructions on how victims can send payments through Bitcoin. The education division aims to protect consumers from these illegal business practices. It also guides people to avoid losing funds through these types of Bitcoin-related blackmail scams.

FTC included that victims should report to the local police immediately if they get into such trouble. The agency revealed that the scammers are targeting men more than women. But comments on the posts revealed that they are targeting women as well.

Hana, a female user, commented that she had also received a similar threat. She revealed that the scammers had one of her passwords and they intimidated her to use pictures. They told her that they would edit photos to make pornographic videos and posters using her face. They asked her to pay thousands of dollars in Bitcoin.

As we can see, there are new ways in which scammers are stealing cryptocurrencies from users. This acts as a reminder for us to be careful with our digital assets and online privacy.

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