COVID-19: Bitcoin Ponzi Scams Record Huge Loss As Earnings Plummet 33percent

COVID-19: Bitcoin Ponzi Scams Record Huge Loss As Earnings Plummet 33percent

Cryptocurrency Ponzi scam operators are also not resistant to low prices but identity theft and conning scams are increasing. Based on a recent study released by blockchain sleuth Chainalysis, cryptocurrency Ponzi scams earnings reportedly plummeted 33 percent since March 8 (from $4.2 to around $2.9 mln).

Hacking, conning, and email spam scams are filling the gap, as the coronavirus outbreak is a goldmine of new storylines to hoodwink naive people.

Ponzi Scam Investors Persist Still
On a first view, this may appear that many who tend to fall for crypto-investment frauds follow the most financially secure disposition with their funds, despite 17 mln Americans receiving unemployment insurance just in the U.S. Nevertheless, Chainalysis reveals that the 33 percent drop in revenues has a somewhat mundane justification — the bitcoin-market crash that occurred in mid-March.

The volume of payments to well-known Ponzi scams witnessed a massive increase last week, but due to lower rates, scammers earn less from any transaction.

COVID-19 Fancy Scams
Ponzi scams and crowdfunding are notorious for 95% of all setbacks however during the COVID-19 outbreak, conning and identity theft frauds are steadily hammering away at their percentage.

Scammers are imitating the WHO, the NHS as well as other health agencies with the aid of phishing emails to raise charitable contributions of coronavirus.

They can even intend to harm you with the novel virus, or your loved ones.

Interpol explicitly warned of cybercriminals targeting hospitals with Bitcoin (BTC) ransomware as stated in the News.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.