Monthly Archives: July 2020

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.

Tips to Recover Bitcoins Lost to Scam

An estimated prediction of major transactions taking place via bitcoins by 2030 is a popular theory nowadays. Looking at the currency’s fast profit nature, many investors have been attracted to the trading business. While most of the investors are reaping excellent profits, a significant number is also exploiting this avenue.

Bitcoins have gradually come out to be a sought-after cryptocurrency. The worth of a BTC today is seen as more stable than that of quasi-valued assets. However, unlike the transparent banking system, cryptocurrency transactions leave out a scope of vulnerability because of its untraceable nature. In banking, all transactions are recorded. Hence, if any deal is to be recalled, it’s possible. While trading with cryptocurrency, codes are sent over to another party. Once the code is sent, there is no evidence of that transaction.

Most scammers make use of this loophole. They call up interested people and lure them into their 30% profit per week Ponzi scheme. A deposit of $200 would be charged even to open a trading account. Despite the payment, many people may not see the statement. When you wish to withdraw upon sensing something foul, you will be asked for an additional $200 to withdraw the previous amount. This is when it should ring a bell. You have landed yourself in a scam soup.

Although recovery of lost bitcoins is a little difficult owing to its untraceable nature, there are some tips that you can follow that might prove beneficial for you-

  • Notify the trading platform

Send an email or letter to the trading platform demanding a refund. This may not guarantee that you will get your money back, but it can be your first step to officially recording the case. You have the liberty to warn them about reporting to financial authorities as well as the police.

  • Report them

Lodge a complaint regarding this with financial authorities. Under their pressure, they might not return the BTC but can provide cash equivalent to BTC lost.

  • Inform the wallet

Let your wallet know about the existence and the practice of this trading company. The wallet can then eliminate or block the forum from participating in the wallet.

  • Seek legal counsel

You can pursue the scam company and close down its functions permanently as well as recover your money. Some portals today also do the job of tracing the BTC and taking the legal actions necessary, you can opt for them too.

At the foremost, make yourself aware of the cryptocurrency and their workings before trading in them again. Read about the various discrepancies, and share your story on social media to prevent any further scams.

The Top Fiat Crypto Exchanges

If you are planning to invest in bitcoin or other cryptocurrencies, the first thing that is probably concerning you is the mode or platform of depositing or selling the coins. Finding the proper platform to sell your crypto coins is the foremost crucial step before a huge investment. If you scroll through the search engine, you will most likely be confused by a range of Bitcoin exchange sites. But does that solve your concern regarding a trustworthy and reliable website with various fruitful options and affordable rates?

So, we thought of solving your problem a little bit by enlisting four leading fiat-crypto exchange platforms that assure you a trusted and reliable site with all the options you seek while taking your investment step.

But before probing into the exchange platforms, let us learn a bit about the term “fiat-crypto exchange.”

What is the Fiat-crypto exchange?

The fiat-crypto exchange platforms aim at changing your fiat currencies quickly into cryptocurrencies. The fiat money constitutes the local currencies such as pounds, dollars, euros, etc., which are transformed into cryptocurrencies like Bitcoin, Ethereum, Litecoin, and others through the fiat-crypto exchange modes. Now, why should you choose the best fiat-crypto platforms? Simply because that gifts you certain flexibility required for changing a huge sum of money. Investing in digital currency demands a lot of reliability, flexibility, and other features that are promised through these four best platforms.

Four best fiat-crypto exchange platforms:

  1. eToro- This is a reputable cryptocurrency broker exchange that is extremely reliable and trusted by millions of users worldwide. It has never undergone any security issue to date and is also regarded as a social trading network with the feature of copy trading. Though many fiat-crypto exchange sites have the black mark of hacking and security glitches, etoro is absolutely free from such complaints that places it as one of the topmost crypto exchange platforms.
  2. Coinbase- This platform has been termed as the world’s biggest Bitcoin exchange, and if you choose this for your fiat-crypto exchange, you are on the right track. It is also perfect for the new users because it is extremely user friendly with some easy to go features.
  3. Changelly- This covers a wide range of crypto coins and fiat currencies and serves globally to innumerable satisfied users. The best part of Changelly is its fast mode of money transfer and easy-to-go features that make it a favorite for all users- from beginners to experts.
  4. CEX- Though this is a new one, born in 2013, you will be surprised to learn about its tremendous demand among the crypto experts. CEX is capable of accepting different currencies in massive amounts that make it unique among the lot. It also has different modes of paying the fiat money, including robust security and margin trading tools.