Scammers Swindle $2M from Panicking Public amidst Coronavirus Fears
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Scammers Swindle $2M from Panicking Public amidst Coronavirus Fears

March 18, 2020      Richard M Adrian

Scammers that appeared to be selling pandemic essential for Coronavirus, stole at least $2 Million in crypto from consumers. A report by blockchain Firm AnChain.AI claims the criminals purported to sell face masks, medication and hand sanitizers. The ruse pulled out following low budget malicious actors failing to deliver paid for goods.

Meanwhile, it took place amidst a public health crisis where Covid-19 patients are crushing health systems. And global governments are scared the system might be able to handle unprecedented emergency demands.  However, criminals and scammers are taking advantage of the situation to conduct scams against the public.

AnChain.AI marketing director Steven Yang said cryptocurrencies are facilitating the scams. The firm claims how it traced swindled cryptocurrencies worth millions in its initial two weeks of investigation.  AnChain.AI conducted the investigation in partnership with an Asian law enforcement agency. The blockchain security firm takes a top-down approach in the coronavirus investigation that sought to establish health supply scams.

In fact, the company’s CEO Victor Fanh had the same done to him. Fang ordered facemasks through Amazon in early February. To date, he has not yet received his 100 pack of surgical masks. However, the CEO did not pay for the masks using cryptocurrencies. Meanwhile, Fang brought the scams to the attention of the blockchain company.

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Internet Coronavirus Schemes

During a time when coronavirus schemes have been trending across the internet in the past two months.  The scams are mainly prevalent in Asia and other regions in the West. While some retailers are also hoarding the supplies in the wake of the pandemic, consumers are thronging medical stores for medical suppliers.

The unnamed Asian law enforcement agency requested nChain.AI to carry out the investigation, two weeks ago. Investigators went ahead to establish a common pattern among the scammers. The criminals would post on trusted e-commerce sites such as eBay, Amazon and other online marketplaces. They would go ahead and lure consumers off the site, to other messaging platforms. Especially those without third party oversight, and take payment without ever delivering the order.

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#Bitcoin Theft #Corona scam #Coronabirus #COVID-19
Richard M Adrian
Richard M Adrian

Blockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.