“Here’s how it works. Scammers have been sending letters to men, demanding payments using [B]itcoin in exchange for keeping quiet about alleged affairs. The letter also explains how to use [B]itcoin to make the payment.”
Among the “classic signs” of blackmailing, the FTC lists “threats, intimidation and high-pressure tactics” and advises consumers to “report it immediately to your local police, and the FBI.”
Cybersecurity firm Kaspersky Labs recently published a report according to which cybercriminals stole over $2.3 million via crypto scams during the second quarter of 2018.