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Extortion through Bitcoin: sextortion

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

Generally, the environment of the most popular cryptocurrency, BTC, is safe. Well, that was one of the main purposes after its creation. Since the world of digital finance was constantly being plagued by extortionists and scammers.

And although BTC was exempt for a time from such situations, unscrupulous people who live off these misdeeds have discovered ways to extort money from crypto users. Devising an extortion through Bitcoin.

Bitcoin sextortion has racked up $ 115,000 in victims

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

Criminals steal money from their victims through a variety of methods. But hacking text messages and webcams elevates their efficiency to a very personal type of crime called sextortion.

“Sextortion” is a form of blackmail in which cybercriminals take users’ private content (usually photos or videos) and threaten to make it public on the Internet, unless the victims pay. In this case, the payment was requested through Bitcoins.

The victim sent 0.15 Bitcoin to the scammer, or $ 1,744. The scam network, which has been operational since 2015, has now racked up $ 114,649 from 203 payments, the average of which is $ 564.

The scam was picked up by Scam Alert, a Twitter bot run by Whale Alert which publishes whenever crypto users have lined up the wallets of known crypto scammers.

Extortion in the crypto environment

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

According to Scam Alert, the most popular scam in the last month is the Amfeix Ponzi scheme, which described itself as “A transparent and secure total reserve investment bank built on decentralized encrypted ledgers.”

The Amfeix scheme works by getting people to put Bitcoin into its fund, which promises to reinvest and make high profits.

However, this scheme bases its ruse on “platform failures.” Getting the transferred Bitcoins to disappear in these supposed failures. With this scheme, users have been scammed of $ 56,739,701, according to Scam Alert, since April 2019.

Do these new extortion and scam methods indicate that the crypto environment, and Bitcoin, is getting more risky?





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