A new Bitcoin scam has risen in which victims are informed their entire adult content consumption has been recorded on video. In exchange for a Bitcoin payment, this information will magically disappear.
Another Bitcoin Scam Arises
Bitcoin users have long been targets for hackers. Various types of attacks exist to target these specific users, but a new scam is making the rounds which heavily relies on blackmail. Victims receive a random message claiming their porn watching habits have been recorded on video. To make this video go away, they have to complete a Bitcoin transaction worth $2,900.
This blatant extortion attempt needs to be ignored. There is no evidence of anyone being secretly recorded while watching adult content on the internet. Email addresses used by these criminals likely stem from a previous data breach. The harvesting of email addresses is still a lucrative business in 2018. Most of this information is bought and sold on the dark web where criminals reside.
Action Fraud in the UK has received over 110 reports regarding this latest scam. All complaints share a similar narrative. All recipients are asked to make a payment in Bitcoin to a very specific address. Tracking down this wallet address is a job for the many blockchain analysis firms in existence today. The blackmailers threaten to release the video footage to the victim’s contacts, such as friends, co-workers, and family.
Criminals Still Using Bitcoin
The use of Bitcoin by criminals has become problematic. Despite no anonymity or privacy, Bitcoin is still a favored form of payment. This is likely due to its global nature and relatively fast transactions. For criminals, it is a godsend when scams like these arise out of nowhere.
Action Fraud has not uncovered who is responsible for this latest scam. Recipients of the email are advised to ignore the message completely. Nothing good will come of making the payment. Those who pay are very likely to be targeted again by criminals in the future.
Scams like these are facilitated by recent data breaches. Action Fraud confirms the reports filed comprise of email addresses obtained during a recent data theft. Companies need to come up with ways to properly secure client information. Until that happens, scams like these will continue to thrive. Criminals are giving Bitcoin an even worse reputation with their current approach.
What do you think about this latest Bitcoin scam? Let us know in the comments below.
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