Home America FTC Raises Alarm Over New Bitcoin Blackmail Scams in America

FTC Raises Alarm Over New Bitcoin Blackmail Scams in America

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Bitcoin blackmail scams are becoming rapid in the United States of America. That’s why the U.S. Federal Trade Commission (FTC) is alarming consumers about a new type of bitcoin blackmail scams.

Cristina Miranda, who is a member of the FTC’s Division of Consumer and Business Education on Tuesday, said: “Scammers are sending letters threatening to expose an alleged secret to men, and asking for a “confidentiality fee” paid through bitcoin.

She gave example of such stated  letter:
“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 letters reportedly also provide instructions on how victims can make these payments.

It is the duty of the education division, to protect consumers from deceptive and unfair business practices, also provided guidance on how men can avoid losing funds to bitcoin-related blackmail scams.

Such scams won’t stop any time soon, hence the agency recommended that potential victims should report letters “immediately” to both local police and the FBI.

While the FTC specifically said the scam is targeting men, comments suggested that it may also be targeting women. One comment, by username Hana, said “I am a female and have also received a similar threat.”

“The email had somehow confiscated one of my passwords and threated to use pictures, etc. to make pornographic videos and posters using my face. They also demanded that I pay thousands of dollars in bitcoin,” she added.

FTC is henceforth recommending future victims to report to local police or the FBI.

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