In brief
From false cures to fraudulent emails, scammers are trying to take advantage during the coronavirus outbreak. @VickyNguyenTV explains what to look out for. pic.twitter.com/6r0xHxLqb8
— TODAY (@TODAYshow) March 11, 2020
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5.46%Reading
As fears over the coronavirus pandemic spread, so too does the potential for bad actors to take advantage of those fears.
The World Health Organization declared the coronavirus outbreak a global pandemic on Wednesday. But already scammers are looking to exploit the public’s vulnerability. Schemes range from selling counterfeit face masks, phony health remedies, and, yes, attempts to steal crypto funds.
From false cures to fraudulent emails, scammers are trying to take advantage during the coronavirus outbreak. @VickyNguyenTV explains what to look out for. pic.twitter.com/6r0xHxLqb8
— TODAY (@TODAYshow) March 11, 2020
Earlier this week, the United Kingdom’s Financial Conduct Authority (FCA) issued a warning that the coronavirus outbreak may be providing criminals with the opportunity swindle investors out of their crypto assets,
“Scammers are sophisticated, opportunistic, and will try many things,” the organization said in a statement. “They are also very likely to target the vulnerable. Beware of investments that appear too good to be true. If you decide to invest in something offering a high return or in a crypto asset, you should be prepared to lose all your money.”
Some of these scams involve fraudsters seeking Bitcoin payments or fake donations to the WHO and the Center for Disease Control and Prevention, according to the National Fraud Intelligence Bureau (NFIB).
“They claim to be able to provide the recipient with a list of coronavirus infected people in their area,” the NFIB explained to The Guardian. “In order to access this information, the victim needs to click on a link, which leads to a malicious website, or is asked to make a payment in bitcoin.”
The stock market’s bull run has hit a wall, as the coronavirus pandemic and the oil-price plunge has induced fears of a global recession—and the crypto market has largely gone down with it. Tech’s big five, known as FAMGA and comprised of Facebook, Apple, Microsoft, Google, Amazon, have seen their market cap collectively drop by $460 billion since the World Health Organization declared coronavirus a public health emergency on January 30, according to the latest report by CB Insights. Although t...
Phishing scams are also prevalent. Some victims of these scams have reported receiving email messages from what appear to be legitimate medical associations claiming to have information related to the virus. Often, these emails contain links or attachments that can download malware onto a person’s device or steal their personal data.
It may not come as a shock to most hodlers that crypto scams could be on the rise. Just days ago, the Better Business Bureau warned that scams involving cryptocurrency outnumber most other types of scams there are.
Bitcoin is coming to the drive-thru. American fast food chain Steak ‘n Shake said Thursday it will begin accepting the world’s largest crypto at all of its U.S. locations starting May 16, giving its more than 100 million customers the option to pay for milkshakes and burgers in BTC. “The movement is just beginning,” the company posted on X. Unlike high-margin retailers, fast food chains run on thin margins and high volume, making Steak ‘n Shake’s Bitcoin rollout a real-world stress test for the...
On Thursday, Bitcoin miner MARA Holdings reported a staggering $533 million net loss for the first quarter this year, despite amassing Bitcoin at a record pace and steadily growing its year-over-year revenue. The company's Q1 earnings reported a 30% jump in revenue to $214 million, with its Bitcoin holdings ballooning to 47,531 BTC, a 174% increase from just 17,320 BTC a year ago. Still, the company's results missed Wall Street’s expectations. Its net income loss expanded to $533 million (at $1....
Coinbase's total revenues fell 10% quarter-over-quarter and fell short of analyst expectations amid a decline in trading activity, the company said in its first quarter earnings for 2025. The crypto exchange booked $2 billion in total revenue on Thursday, below Wall Street analysts' estimates of $2.12 billion. Net income came in at $66 million, marking a 94% decrease from the fourth quarter of 2024. The company’s earnings per share shrank to $0.26 from $4.84 the previous year for the same thre...