Cheating husbands beware, crypto scammers are after you

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Philandering husbands are reportedly the new target of a BTC blackmail scam that is currently going around.

On its website, the Federal Trade Commission (FTC) posted a quote from a scam letter, telling its would-be victim, “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 [BTC].”

The alleged blackmailers are usually vague about what the secret is and it seems to be a common tactics used by scammers to send an email to a general list and hope that a guilty person reacts to the email and pays up. This isn’t the first time such kind of scam targeted cheating husbands.

Dave Eargle, an assistant professor at University of Colorado’s Leeds School of Business, told CNBC early this year that he received a letter warning him, “I know you cheated on your wife.” Eargle, then a graduate student, said he was scared even though he hadn’t cheated. The blackmailer demanded he pay $2,000 in BTC if he wants the letter sender “to destroy the evidence and leave you alone forever.”

According to the FTC, such type of letters is “a criminal extortion attempt to separate people from their money,” noting that “threats, intimidation and high-pressure tactics are classic signs of a scam.”

To prevent fraud, consumers are warned to desist from sending personal information to strangers and ensure they conduct online searches of suspected organizations. The FTC also warned that some scams target free trial offers which are often aimed at collecting credit card details, while others utilize method of payments that offer the victim no recourse in terms of a refund such as Western Union or cryptocurrency.

The FBI has also made a warning about this type of scam. They noted that the scam begins with an email or letter containing detailed personal information which may include husband’s name, address, username, and password. The scammer then accuses the victims of infidelity or visiting pornographic sites, among other acts. The victims are then asked to pay in BTC for their secrets to remain safe.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.