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Physical Letter-Based Bitcoin Scam Shows Criminals Are Getting a Lot Bolder

Scams are nothing new in the world of cryptocurrency. Some of these ventures prove to be very professional and elaborate, whereas others are clearly low-effort projects. It seems a new scam is making the rounds through a physical letter, which threatens to expose people’s bad behavior unless they cough up a lot of money in the form of Bitcoin. It even comes with its own guide on how to buy Bitcoin, which is pretty interesting.

Bitcoin Scams Take Physical Form

We have seen dozens of different Bitcoin-related scam attempts in the past few years. Some of these projects clearly display a degree of professionalism one would never hope to see, whereas others are so fake they can easily be ignored. In the case of this particular Bitcoin-related scam making the rounds, it is evident things sort of fall in between the two camps.

To put this scam into perspective, it revolves around a physical letter which is effectively sent to potential victims. In the letter, the scammer tries to persuade the recipient to fork over a hefty sum of money in the form of Bitcoin. While such demands are not uncommon whatsoever, the way this particular scammer goes about things is rather intriguing.

That doesn’t necessarily mean this scam will be rather successful, but it has become evident some people may effectively be threatened by the information in this letter. It seems the scammer claims to have “evidence’ of what the recipient of the letter is hiding. Although nothing is explained in the letter itself, the scammer makes it clear its victim knows what this is all about.

The recipient of this letter is presented with two different options. Either the recipient ignores the warning, or they pay the sum of $8,600 in Bitcoin. It is possible the amount asked for will differ from letter to letter, although it seems the scammers are trying to collect around one Bitcoin from all of its victims. Whether or not that will be successful, remains to be determined.

What makes the letter even more intriguing is how it includes clear instruction on how to buy bitcoin. It does not refer to popular exchanges, yet it is effectively telling the victim to visit LocalBitcoins as a way to purchase Bitcoin and complete the transaction. The choice for LocalBitcoins is pretty interesting, although it also makes a lot of sense because of its global availability

Whether or not we will see more of these letters show up, remains to be seen. It is unclear how the victims are targeted, although it seems the scammers are either active in one specific area, or have found a way to obtain a lot of people’s address information. Given the rise of social media and data breaches, it is only normal a lot of this information becomes easier to come by.

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