Cryptocurrency

Extortion via Bitcoin: sextortion

Although the environment of Bitcoin is one of the most ideal crypto world, criminal minds always find the way of harm to users and to take advantage of the unwary. And this time, it focused on a new form: the sextortion.

In general, the environment of the criptomoneda most popular BTC, it’s safe. Because that was one of the main purposes behind its creation. Since the world of finance digital was constantly being plagued by extortionists and scammers.

And although BTC was exempt for a time from such situations, people without scruples that live of these misdeeds have discovered ways of extorting money from users crypto. Devising an extortion through the Bitcoin.

Sextortion of Bitcoin has accumulated $115,000 of the victims

Blackmail is a crime that is very old. And modern technologies have contributed to reinforce it. This is the case of the extortion through the Bitcoin.

The criminals steal the money from their victims using a variety of methods. But hack into text messages, and webcams raise your efficiency to a type of crime very personal call sextortion.

The “sextortion” is a form of blackmail in which the crooks are equipped with private content of users (usually photos or videos) and they threaten to make it public on the Internet unless the victims paid. In this case, the payment is asked for to through Bitcoins.

The victim sent to 0.15 Bitcoin to the scammer, or $1.744. The network of scam, which has been operating since 2015, has now accumulated $114.649 of 203 payments, the average of which is $564.

The scam was picked up by Scam Alert, a bot of Twitter managed by Whale Alert, which publishes every time that the users of crypto have aligned the wallets of well-known scammers of crypto.

Extortion in the environment crypto

Although this type of extortion is the one that has been garnering more attention of the crypto users, there are methods of extortion and scam even more critical and complex.

According to Scam Alert, scam more popular in the last month is the Ponzi scheme Amfeix, who described himself as “an investment bank-reserve total transparent and secure built on books encrypted decentralized”.

The scheme Amfeix works by making people put Bitcoin in their background, which promises to reinvest and get higher profits.

However, this scheme bases its artifice in “failures of the platform”. Getting Bitcoins transferred to disappear into these alleged failures. With this scheme has defrauded users by $56.739.701, according to Scam Alert, from April 2019.

Will these new methods of extortion and scam indicate that the environment, crypto, and Bitcoin is becoming more and more risky?

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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