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Embarrassed Wankers Cough Up $1 Million in Bitcoin to Sextortinists

Mark Emem
'Sextortionists' are raking it in by extorting bitcoin from porn watchers. | Source: Shutterstock

By CCN: Long ago the fear of going blind was drummed in people to prevent self-pleasure. Now the biggest fear seems to not being able to look your co-workers, friends and relatives straight in the eye if a compromising video of you lands in their hands. Scammers have realized this and are extorting bitcoin from victims and making a fortune out of it.

According to an investigation conducted by cybersecurity firm Area 1, sextortionists have so far made $949,000. Initially reported by Fortune, the report claims that the average payout by victims of sextortion is 0.073 bitcoin (about $585).

This Is How Sextortionists Plot to Steal Your Bitcoin

Typically, the email the scammers send their victims is formulaic. In the sextortion email the scammers will warn their selected targets that they possess videos of them watching porn. The fraudsters will claim to have obtained the video by installing malware on a porn website which the victim then unwittingly downloaded to their device.

The scammers then say they recorded the victim engaging in masturbation via their webcam. They may also claim that they were able to obtain the victim’s social and professional contacts using the malware. The scammers then threaten to send the videos to all the victim’s contacts.

At the bottom of the email, they will include an amount that they want sent to a bitcoin address. In most emails, the scammers will give their victims one day to make the payment.

‘We Will Embarrass You’

If not, they will threaten to send the video they claim to have recorded to co-workers and close relatives. They promise to delete the video if the payment is made.

Read the full story on CCN.com.