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At first, scammers tried to get you to wire them money. Then, they demanded payment with gift cards. Now, scammers are luring people into paying them with Bitcoin – a type of digital money or cryptocurrency. Read on to learn how to spot and avoid some of the top ways scammers are trying to get you to pay with Bitcoin.

1. Blackmail Scam. Someone says they know about an alleged affair, or something else embarrassing to you, and demands payments with Bitcoin or another cryptocurrency in exchange for keeping quiet. This scammers might use threats, intimidation, and high-pressure tactics to get you to pay right away. But, as we wrote in this blog post, that’s not only a scam, but also a criminal extortion attempt. Report it to the local police, the FBI, and the FTC at ftc.gov/complaint.

2. Online Chain Referral Schemes. This type of scam works like a chain letter: someone promises that you’ll make money if you pay into the scheme. But, in a twist, these scammers say you have to use cryptocurrency to pay for the right to recruit other people into the chain…so that you’ll then be rewarded with more cryptocurrency. Except you won’t. Instead, you’re guaranteed to lose money.

3. Bogus Investment and Business Opportunities. Someone might offer you investment and business opportunities that promise to make you big money, or give you financial freedom. But remember, only a scammer will guarantee that you will make money — in dollars or in cryptocurrency.

For more tips on avoiding scams, check out How to Avoid a Scam. Spot a cryptocurrency scam? Tell us at ftc.gov/complaint.

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Unwanted Calls, Emails, and Texts

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The purpose of this blog and its comments section is to inform readers about Federal Trade Commission activity, and share information to help them avoid, report, and recover from fraud, scams, and bad business practices. Your thoughts, ideas, and concerns are welcome, and we encourage comments. But keep in mind, this is a moderated blog. We review all comments before they are posted, and we won’t post comments that don’t comply with our commenting policy. We expect commenters to treat each other and the blog writers with respect.

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Portia0206
February 28, 2021

In reply to by LJ

where to report please help I have been scammed too
CA
April 13, 2020

In reply to by welcomeMatt

I had the same blackmail email attempt sent to me today. I copied the email and reported it to FTC.
Mad as h
April 15, 2020

In reply to by welcomeMatt

did they ever do anything that they threatened too?
Andrew Trinity
April 16, 2020

In reply to by welcomeMatt

I got the same thing. I don't know how to report it, but I will change my passwords.
alfonze54
April 17, 2020

In reply to by Andrew Trinity

I just got the same e-mail where they reported an old password that I used.
Bdavis1224
May 06, 2020

In reply to by alfonze54

I receive one of those emails just about every day it has my old password In the subject line and it’s threatening me that they will post pornographic pictures if I don’t send BTC in 24 hours. None of it is true and I have a tape over my web camp for years!
Dogma
April 16, 2020

In reply to by welcomeMatt

What did you do besides changing your passwords? I reported to local FBi office an FTC, but got 2nd email tonight from another person. Email was almost identical to 1st one. I want to prevent getting a new email address and having to change it on all my acts, etc., if I can prevent it
MG
April 22, 2020

In reply to by welcomeMatt

I just got one with a password that is about 15 years old that I don't even remember where it came from. I change all my PW's on a regular basis. Unfortunately, I just deleted before seeing this so I can't report. :(
NotFallinForIt
April 27, 2020

In reply to by welcomeMatt

I had that happen yesterday. They wanted $2000 via Bitcoin using the Bitcoin address 1H9 QQUJ7x KDTfD1Tubg7pFp3Z v8YtNV7TK Anyone else given the same Bitcoin address?
SS
April 27, 2020

In reply to by welcomeMatt

I just received a similar email. Going through all of my very old passwords, I discovered the one the scammer mentioned I used for Myspace years ago as well as movietickets. com. Neither of which I've used for a considerable amount of time, and thankfully that password is dead to me, but perhaps the scammers obtained their data from one of these sources.
Scamnomore
April 28, 2020

In reply to by SS

Yes I got the letter too, and the PW was also my old Myspace PW.
KMn't use your…
May 14, 2020

In reply to by welcomeMatt

I got the almost similar email this morning. It’s scary, recently started reading this online news papers For COVID-19 news by removing ad blocks.
Evelyn Faust
November 26, 2019
I received a call today and they left a message and said "your account will be charged $499.95 unless you call and cancel." They left a number so I was concerned it was my credit card account or bank account so I called the nr. 219-247-1189 -- someone answered but did not talk. I hung up and called again and the same thing happened and then I thought, is this a scam? I googled the nr. and sure enough it is a computer service scam. Hope I did not do wrong by phoning the company.
Beta
November 27, 2019

In reply to by Evelyn Faust

Any time I call a number like that, I dial *67, first. That keeps them from seeing your number.
Sally
November 26, 2019
I was a target of the Blackmail Scam, also my computer crashed. I was getting emails to send bitcoins in payment or else they would post something to embarrass me on YouTube.
Honor
November 27, 2019
The idea of digital money in the first place is a joke in itself.
Zack
November 27, 2019
I have received two almost identical blackmail letters, demanding bitcoin payment. The English was almost perfect; just a couple of things seemed a foreign source. I turned 1st letter in to the FBI, who said to report it to FTC, who said I should report it to FCC. At that point, I gave up.
Beta
November 27, 2019

In reply to by Zack

As much as they would like to help, the government is way too complex, and difficult to navigate.
David
November 27, 2019
I was received a spam email from these criminals as they claimed they recorded me on some inappropriate website and installed a computer virus when I never done any of that garbage. I never responded to them or sent them money. Instead, I reported them to the FTC.
Copley
December 11, 2019

In reply to by David

Did they ever send you additional emails or threats? I just got a similar threat, on my work email and I’m scared that they’d access my address book.
David
January 22, 2020

In reply to by Copley

I did from the same blackmailers, but, again, I wasn't stupid or scared enough to fall for their old same scam again. I reported them to the FTC, deleted their threatening emails, ran a full security scan and found absolutely nothing. Don't respond to them in any way and always make sure your computer's security software, operating system and internet browser are set to update automatically.
Janet
April 17, 2020

In reply to by David

So did they stop emailing you or did they keep on trying
Hstar.Don't us…
January 27, 2020

In reply to by David

I just received same message. I didn't know who to report it to so I just deleted it.
redcarlover
November 30, 2019
Has anyone been contacted by Henry Fadhlan? he had "aunt" send me a check & wants me to get bitcoins--any advice is appreciated. Currently he is on a ship over by Japan, he was raised in Germany but mother is American--thanks--unsure if this is legal.
FTC Staff
December 02, 2019

In reply to by redcarlover

That could be a scam. Some scammers make up a stories and trick people into handling bad checks.

The scammer sends the person a check and tells her to deposit the check in her bank account, and withdraw the amount in cash. The scammer tells her to take the cash, buy bitcoins, and send them to him.

Banks must give you some money within one day after you deposit a check, but that doesn't prove the check is good. It can take weeks for the bank to find out that the check was no good. By the time the bank finds out the check is no good, the scammer has gotten the bitcoin, and you have to repay the bank all the money you withdrew.

Cathy
January 30, 2020

In reply to by FTC Staff

Is these any case that the checks were deposited in the bank account, and it takes the bank up to 2-3 months to find out that the checks aren’t good?
strangething
December 20, 2019

In reply to by redcarlover

Im not sure its the same person. This 1 uses multiple names but the similarities are just to close to pass up.
Leah
December 01, 2019
I have already paid USD 100 and saw my account grow up to USD 1000and am supposed to withdraw today please help how will cancel any scam withdrawal
Regretting
December 03, 2019
I think I am being scammed. His name is Mathis Heinz. Owns his own business. Oil rigger working in Hong Kong. Needs $$$ to have security watch over his barrels of crude oil while he flies back to Germany to clear up bank matters. His bank account (in Germany) has been blocked. He has to appear in person to clear matters up. He lives in Florida in USA. His wife had breast cancer and died 2 years ago. Both parents died in 82 he has no other family. No children. He tried to get me to send him 35,000. And 11,800 after I declined the 35,000. He professed his love for me. Sent me copies of his supposed checking account....plenty of money in the Account to pay me back. Sent me copies of his passport, pictures, place he was staying in Hong Kong. Tried to get me to use and app called Bitcoin. Pressured me after I said no to ever sending money. Anyone else here of this guy?
54 lonely and stupid
February 01, 2020

In reply to by Regretting

Something similar happened to me smooth talker. Good with words. Different name lost both parents have grown children age 45. Art collector distributed went to Australia apparently stuck there. Needs help with customs. Out of money for food and container with merchandise. If it’s his photo nice looking. Admittedly I began falling for the guy. He got me for 750. Tried for more but didn’t get it. Became irritated because I could not find a bitcoin deposit in my area. Now there is no communication
earlybird
February 21, 2020

In reply to by Regretting

Looks like we have the same case. I get to know a man from online app(not dating). He's from USA. We talked constantly then after 3 days he said he fell in love with which I don't of course. He's a bit suspicious for me. He doesn't have information online, he doesn't provide much information about him. Though he has 1 video post on his account and a few photos. Then he knows of my financial condition. He showed me his bank account in a way that he won't look suspicious. Its millions but I was not amazed. There is something off about it then He said he will give me $9000 but he will send it on bitcoin account? Surely to hide his anonymity. I tried to test his bait. I send 50 but surely his promised has not been done coz' my bitcoin credit is slow he could only send less than 1000$. He asked me to send all my salary to his account to increase my score so he can send more. I didn't agree with him. I can't risked to loose more money. He hasn't provee anything. Surely, he's a scammer
brb0326
December 16, 2019
I was contacted by Binary Books saying I had over $200,000 in funds from an investment I made. I have paid thousands in fees, but no release of funds. They threaten to cancel my account if I don't keep paying the fees. I should have known paying by money transfers and bitcoin ATMs wasn't right. Thousands in fees later, still no funds. Shame on me. Anyone familiar with this?
FTC Staff
January 15, 2020

In reply to by brb0326

You can report that to the FTC at www.FTC.gov/Complaint. The information you give goes into a secure database that the FTC and other law enforcement agencies use for investigations.

M26
January 28, 2020

In reply to by brb0326

have you had any luck with this? I just went through the same and lost over $3,000 and was told that that the FDIC has my $15,000 profit.
janu
January 08, 2020
good is very good
Ramblinwreck
January 31, 2020
How do I report these? It would be nice if I could just forward the email to a place. UGH
paparow
February 23, 2020
There is a scam on Instagram from a frank forex or something similar. They contact you on whatsup say I can invest $500 and make $50k or more. Once you send them the $500 investment they give you a login to a website to see your profits. They tell u u need to sent $3000 I order to make the withdrawal. When I don’t pay they hound you and then drop the ‘fee’ to $500 which is where I’m at now. I paid $500 and initiated the withdrawal now they tell me I need another $500. They keep telling me as soon as I make the payment now $900,000 will be deposited into my bitcoin wallet. I have not given anymore money as of course the story and rules keep changing ! Matt bitcoin trader is the guys name on whattsup.
Portia0206
February 28, 2021

In reply to by paparow

I had the same similar situation and I made a payment of $200 and they told me to activate my accou t with another $300 I refused they are finishing peoples money they are on telegram their admin goes by the name of Alice and I want to report them it's called bitgo
lgardner1998$
March 08, 2020
I think I have been scammed , first invest 300 in bitcoins for this guy company two days ago .so today I received the the profit , I wasn’t suppose to withdraw today but I couldn’t he told me pay 480 to brokerage and I did once I did that here another payment for 300 for clearance fee then I was hit with I gotta pay 400 transaction fee to get my profit I made so he said he will help me out he told me deposit 50$ so I bought 50$ in bitcoins then turnaround another payment was brought upon I was ripped out of 700$ . I got recelpits and the messages I just want my money back
Becky
March 12, 2020

In reply to by lgardner1998$

Hi (lgardner1998$ ) we may both be on the same boat? I did a similiar transaction and I am waiting for the 7day timeframe to withdraw my funds, but I am starting to think it's scam. Did you ever get your money?
Concerned Guy
April 11, 2020

In reply to by Becky

Becky, do you have an update on what happened? I believe I've been scammed too... I won a "bonus" and was asked to pay 10% commission fee on it to retrieve the funds, as well as my current investments.
Jgraeme44
April 16, 2020

In reply to by Becky

I just realized I've been scammed the exact same way. Lost $5,000 in BTC transactions with this guy named Donald Drew. He got in touch on LinkedIn and seemed super legit. He had all real-looking testimonials and fake IDs and certifications. I don't if thats his real name but he goes by Donald Drew on almost every social media. He now blocked me everywhere with no way of getting in contact w/ him.
Danig20
April 21, 2020

In reply to by Becky

We’re you able to get your money back? I think we fell for the scam as well. The guy keeps asking for more and more money making up excuses on why he can’t send us the funds.
Twisted
September 25, 2020

In reply to by lgardner1998$

I fall for the same concept. The website is coin vaultinc.
Flynn Soares
March 19, 2020
A new type of Btc scam evolved is the scammerpromises you of big money with the victim investing a certain amount promised with a return of 10 times greater than of theinvested amount within 48 hours after completion they will tell you to upgrade the account as they cannot pay you the profit which was discussed initially because of the price exceed than they will contact you back in couple of hours to pay tax of the profited amount, they will never pay you the amount instead will keep on dumping you with something or the other. Beware of these type of scams.
Don't use your…
March 20, 2020
My boyfriend is over seas he sayes he needs money i can senf it through bitcoin 500 dollars is he only getting 600 cash
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