Share this article
FTC Issues Warning on Bitcoin Blackmail Scams
The U.S. Federal Trade Commission (FTC) is warning consumers warns about a new type of bitcoin scam that attempts to blackmail men.
By Muyao Shen
Updated Sep 13, 2021, 8:18 a.m. Published Aug 22, 2018, 7:00 p.m.
Make us preferred on Google
The U.S. Federal Trade Commission (FTC) is warning consumers about a new type of bitcoin scam that attempts to blackmail men.
Scammers are sending letters threatening to expose an alleged secret to men, and asking for a "confidentiality fee" paid through bitcoin, wrote Cristina Miranda, a member of the FTC's Division of Consumer and Business Education on Tuesday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
An example letter stated:
"I know about the secret you are keeping from your wife and everyone else. You can ignore this letter, or pay me a $8,600 confidentiality fee in bitcoin."
The letters reportedly also provide instructions on how victims can make these payments.
The education division, whose goal is to protect consumers from deceptive and unfair business practices, also provided guidance on how men can avoid losing funds to bitcoin-related blackmail scams.
The agency recommended that potential victims report letters "immediately" to both local police and the FBI.
While the FTC specifically said the scam is targeting men, comments suggested that it may also be targeting women. One comment, by username Hana, said "I am a female and have also received a similar threat."
"The email had somehow confiscated one of my passwords and threated to use pictures, etc. to make pornographic videos and posters using my face. They also demanded that I pay thousands of dollars in bitcoin," she added.
This is not the first time that the FTC has discussed cryptocurrency-related scams. As CoinDesk reported previously, the agency also hosted workshops on cryptocurrency scams and fraud back in June.
Federal Trade Commission image via Mark Van Scyoc / Shutterstock
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Key bitcoin price levels to watch as downward pressure builds
As bitcoin remains in a downtrend, several technical and onchain levels stand out as critical areas of support.
What to know:
- The 100-week moving average at $87,145 remains the main line of defense.
- Below this, the cost basis of U.S. spot bitcoin ETF buyers at $84,099 has provided support during recent consolidation.
- A sustained break below $80,000 would likely open the door to a revisit of the April 2025 low near $76,000.
Top Stories
