The Olympic Games in Tokyo had to face a forced postponement due to the ongoing coronavirus pandemic. The pause in the Olympic Games prompted several online crypto-related frauds, including emails from suspected representatives of the International Olympic Committee.
In these communications, scammers demanded naive victims to contribute cryptocurrencies. The strategy scammers’ use is that they make victims donate funds using cryptocurrency, implying that the Japanese organizers would need to recover from the economic consequences of the postponement of the Olympic Games, which is the biggest sporting event in the world, this came as a report from Trend Micro report.
An alleged member of the Olympics planning committee
The alleged representative of the Olympic Committee members indicated that the organization needed to contend with the lack of money spent on flight tickets, accommodation, building supplies, and production booking plans, and so contributions were necessary for the fake email that was sent.
In the same email, the crypto scammer stated that if the fundraising goal is not achieved, the public reputation of the Japanese citizens will be severely weakened, and the 2020 Olympics will have to be canceled.
Bitcoin asked to be donated by the fraudsters
The supposed representatives of the Olympic Committee invited everyone to contribute to a crypto wallet in bitcoin. The wallet, they claim belongs to the International Olympic Committee.
Furthermore, the Fraudsters claim that the people who contributed should be able to buy a 30 percent discounted on tickets for the Olympic Games. Trend Micro report disclosed that over 400 identical spam emails sent from April 24 to 26 belong to the IP addresses of Japanese internet providers.
However, scams linked to the Olympic Games are not recent, because the Chinese Olympic Committee has already received reports of scammers posing as representatives of the World Olympic Sports Organization. Such scammers draw victims to invest in exclusive products relevant to the Olympic Games.
In the wake of the coronavirus pandemic, the scammers utilized the opportunity to deceive unsuspecting people into investing in fraudulent schemes. Recently, the FBI released a strong warning regarding the rise in pandemic fraud.