The 2020 Summer Olympics were postponed due to the COVID-19 epidemic, but that didn’t stop scammers from taking advantage of it to defraud investors. In China, scammers claim to be associated with the Olympics to gain people’s trust. They then misled them into believing that they could use blockchain technology to invest their money.
The Chinese Olympic Committee has issued a warning to the public, denying any association with these scams. In his announcement, he appointed one of the most prolific crooks who claims to work with the World Olympic Sports Foundation, a fictitious organization. The scammers claim to help people invest in special products using blockchain technology. They also claim to invest in other business activities related to the Olympics. They also target businesses, inserting the word Olympics into unrelated events such as debates and competitions, seeking corporate sponsorship.
The Committee reminded the public that anyone wishing to use the Olympic Games logo or request an affiliation to exercise a commercial activity must obtain the necessary authorizations. Only the International Olympic Committee and the Organizing Committee for the Beijing Olympic Winter Games can issue these authorizations. The Committee further urged the public to inquire with them before investing in a project if they were unsure of their affiliation with the Olympic Games.
This is just the latest scam looking to take advantage of a trend problem to attract investors. The COVID-19 pandemic was the other gold mine for scammers. With the whole world now battling the deadly virus, scammers take advantage of fear and the lack of adequate information to exploit investors. In many cases, they are looking for investments in digital currencies.
In the UK, more than $ 991,000 was lost to coronavirus scams in February alone. According to Action Fraud, most of the scams involved online purchases of masks, hand sanitizers and other essential items that never get delivered. In one case, the scammers claimed to belong to the World Health Organization and requested payment in digital currency to publish a list of all active coronavirus infections in the victim’s area.
The latest is a twisted version of the age-old sextortion scam, according to cybersecurity firm Sophos. The scammers send an email claiming to know the victim, including their address, family members, online passwords and more. Instead of threatening to divulge your “dirty photos,” however, they link the threat to the coronavirus, stating, “You have to pay me $ 4,000. You will make the payment via Bitcoin… If I do not receive the payment: Ι will infect all the members of your family with the coronavirus. “
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