Cryptocurrency Scammers Leveraging Olympic Games

News / 02.05.2020

The emergence of COVID-19 pandemic has disrupted the activities planned for this year, such that there have been postponements worldwide including the Olympic Games which was suppose to hold in Tokyo.

The postponement of the Olympic Games has prompted various online scams related to cryptocurrency. This includes emails from alleged members of the International Olympic Committee in which scammers solicit donations from unwary victims.

According to a report by Trend Micro on April 30, scammers are soliciting for cryptocurrency donations towards Japanese organizers’ recovery from the economic effect brought about by postponing the biggest Olympic sports event worldwide.

The fake email allegedly noted the need for the organization to do something about the sum of money lost in airline tickets and hotels bookings, purchase of infrastructure materials, and production booking arrangements.

The scammers are encouraging the unsuspecting victims to avoid the cancellation of the Olympic Games in Tokyo. The online scam letter claims the need for donations, saying the government has been compelled to collect funds for the compensation of losses.

Japanese people’s global image will be extremely damaged if the funding target (not specified by the scammers) is not achieved and can lead to the cancellation of the Tokyo 2020 Olympics Games, said the scammers.

Hence, the email invited people to donate to an alleged Bitcoin cryptocurrency wallet that belongs to the International Olympic Committee. According to the scammers, the donors will be eligible for a 30 percent discount to buy a ticket for the Olympics Games.

Trend Micro investigated the scam activities and discovered that more than 400 similar fraudulent emails sent between April 24 and 26 were from IP addresses of Japanese internet providers.

Scammers have been leveraging the Olympic Games to defraud people before now. The Chinese Olympic Committee has been receiving complaints regarding such scam schemes.

Source: Cryptopress.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.