Monday, September 30, 2021

Fraud! Letters Emerge Asking for Crypto to Fund Brexit

We’re all aware that cryptocurrency fraud has taken a massive toll on the industry, but if you’re pretending to be Queen Elizabeth II to get your fingers on digital assets, you’re probably taking things a little too far.

Crypto Fraud Is Taking a “Royal” Turn

A letter circulating through LinkedIn and other social media platforms shows that alleged fraudsters are reportedly asking for bitcoin and cryptocurrency funds from specific investors who might have great interest in solving “Britain’s Brexit mess.” The letter, which is being delivered directly to people in the mail, lists a bitcoin wallet address that those targeted can potentially send bitcoins to for solving the U.K.’s problems surrounding Brexit and its separation from the European Union (EU).

One individual named Paul Ridden - a tech employee who received the letter on his desk - shared it via social media, commenting that the scam was not only strange, but very poorly constructed, and he struggles to believe that anyone would fall for it.

He states:

I think it’s an attempt to be different. In a corporate world, one of the things we’re always trying to protect against is these social engineering attacks and I guess coming in on paper, it’s perhaps trying to come through a door that’s not protected… As a tech firm ourselves, we’re reasonably aware of what’s going on, so nobody’s going to be sending any bitcoin off to them.

The letter says that sending crypto funds to the address will allow Brexit to happen “quite quickly.” Letters typically ask for anywhere between $500,000 and $2.6 million and promise 30 percent interest for a “three-month loan,” as well as membership to an organization known as the Royal Holders Association, which supports companies that provide services or supplies to the royal family.

In addition, those who send money are promised protection from any harsh economic turns that result from Brexit.

Perhaps the biggest problem with the letter is the amount of money it’s asking for. To receive that much money, the sender would have to be a legit millionaire and strikingly rich, but it seems the document is being sent to average, working-class people. How do the scammers expect to receive this kind of money from people living on limited salaries?

A Funny Little Maneuver, to Say the Least

The huge sums being requested is likely the first sign that the scam is going to fail. Ridden joked further about the letter on his LinkedIn page, stating:

Look what landed on my desk, all the way from Buckingham Palace. I always had the feeling that she [the queen] would turn to me in an emergency to save the country. Now I know Her Majesty the Queen needs my help to save us all. I’m off to see how much I can find to send to her bitcoin wallet.

Typically, digital fraud occurs through crypto jacking, hacks and SIM-swapping.

The post Fraud! Letters Emerge Asking for Crypto to Fund Brexit appeared first on Live Bitcoin News.

Fraud! Letters Emerge Asking for Crypto to Fund Brexit

Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries.

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