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Beware the Cryptocurrency Extortion Scam: What You Need to Know Posted on July 19, 2025, 09:59 AM PKT The Rising Threat Imagine waking up at 3:54 AM to a chilling message claiming your device has been hacked, with compromising videos recorded and threats to share them unless you pay $1,300 in Bitcoin. Thatās exactly what happened to me today, July 19, 2025. This isnāt a rare nightmareāitās a growing scam targeting individuals worldwide. These phishing attacks often feature poor grammar, generic threats, and urgent demands, preying on fear and confusion. What the Scammers Claim Scammers assert theyāve infected your device with a Trojan virus, granting them control over your camera, microphone, and screen. They allege access to your contacts and personal conversations, promising to distribute damaging content to your network unless you pay up. The message I received included a Bitcoin wallet address (e.g., bc1q926em06raz26pinkx50w9qf7mrwqwlfqnz2x4) and a 50-hour deadline. The Reality Authorities like the FBI and FTC warn this is a common tactic. In 2022 and 2023, over 598,000 phishing victims reported losses, with crypto extortion contributing millions. The FTC noted $1.179 billion lost to similar frauds from 2021-2023. Thereās no evidence these scammers deliver on their threats after paymentāinstead, paying may invite more demands. Whoās Affected? This scam impacts a wide range: cryptocurrency users, social media enthusiasts, and even retirees lured by "pig butchering" schemes. Recent incidents include Coinbase customers targeted in May 2025, Iranian crypto users after the Nobitex hack in June 2025, and DeFi traders hit by exploits like Moby ($2.5M) and GMX V1 ($3M) in 2025. While specific names are protected, the scale suggests thousands are at risk. What to Do Donāt Pay: Payment doesnāt guarantee safety and may encourage further scams. Report It: Contact local law enforcement or the FBIās IC3 (ic3.gov) to document the incident.Secure Your Device: Run antivirus software, update passwords, and monitor accounts for unusual activity.#GENIUSAct
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