Coronavirus Update: COVID-19 scammers shift the focus to cryptocurrency holders – FBI warns

Cryptocurrency holders have been asked to be alert lest they fall victim to COVID-19 related scams. The Federal Bureau of Investigations (FBI) in a report released on Monday said that a surge of crypto scams in connection with the Coronavirus pandemic is expected. As the outbreak continues to wreak havoc across the world, there will be an increase in the number of people on-boarding the crypto bandwagon. Although people advanced in age are said to be the most vulnerable, the agency said that people of all ages should be alert.

The report said that “many traditional financial crimes and money laundering schemes are now orchestrated via cryptocurrencies.” Crypto asset providers are located around the world and could be exploited by scammers in order to dupe investors into losing their money.

There are not only numerous virtual asset service providers online but also thousands of cryptocurrency kiosks located throughout the world which are exploited by criminals to facilitate their schemes.

People in the United States have particularly been warned regarding possible blackmail incidences especially with scams related to working at home, fake treatment and even preventive measures surrounding COVID-19.

The FBI advised that people should be very careful even when sending money to charity organizers claiming to be fighting the spread of COVID-19.