Bitcoin Blackmail Preying on People’s Fears

Cryptocurrencies are the newest significant value assets. The recent developments even hint to a possible worth equivalent to that of quasi assets like gold. Despite the volatile nature of the crypto market, the cryptocurrencies have emerged successfully for currencies that have been just a decade old.

The recent event of the coronavirus pandemic has hit the economy to rewind. Despite this change in the economic scenario, cryptocurrencies observed a fairly positive stint at the market. During this time, many new investors parked their funds with bitcoins and seriously contemplated keeping up with their investments. With this piece of good news comes an equally disturbing activity that global agencies are reporting.

As people have more purchases of bitcoins, a new trend of blackmails has surfaced online, which demands a ransom in terms of bitcoins. These are mainly emailed scams that are getting their mileage from the ongoing fear of the pandemic. Some of these mails read that if they do not deposit bitcoins into the mentioned wallets within 24-48 hours, they will make sure the recipient and their family get infected by the virus. Recipients of such emails are alarmed as their passwords are written in the emails.

Another row of such emails is breeding on sextortion, where they claim to attach malware onto adult websites, which will record the receipt of the mails visiting them. They demand bitcoins defaulting, which the video would be made public. FBI has been closely inspecting the case and recording statements of the victims of this blackmail. Many victims took to their social media and posted stories of such emails that have claimed to release their steamy videos against failing BTC payment. Canada looks to be bearing the brunt of it with more than 30 such cases being registered with the Halton regional police.

Another series of emails claim to spill the deep dark secrets of people in public if they fail to make the BTC payments. Such kind of mails was only against fiat money, but now this is witnessing a significant surge that is crippling amongst the rising dread over a pandemic and data insecurity online.

However, most agencies have issued statements where they claim that these hackers have access to emails and passwords. But they do not hold any capability of tarnishing the image of the victims as there are no such videos that they hoard, nor do they know of any significant dark information.

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