Scammers Exploit Coronavirus Panicked Populace for Millions in Crypto

  1. The scammer posts a sales notice for highly in-demand items on public forums, social media platforms, or e-commerce websites(Amazon, Ebay, Alibaba) as 3rd party sellers.
  2. The scammer leaves some sort of off-platform instant message ID like WeChat, WhatsApp, drawing users away from platform protections.
  3. Desperate potential customers contact the scammer for purchase details.
  4. The scammer provides instructions for payment, either bank wiring or, as we so often observed in this case, USDT or other cryptocurrency payment, justified to the customers by the scammer being located in a different country.
  5. The scammer promises to deliver the products upon receiving the crypto payment, but usually don’t even have inventory and continuously delay the shipment or deliver counterfeit products.
  6. The scammer wires received cryptocurrencies into exchanges to cash out. Most will utilize sophisticated money-laundering tactics to obscure their trail and reduce the risk of criminal investigation.

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AnChain.AI

AnChain.AI

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Blockchain data analytics firm providing security, risk, and compliance solutions.