Even though the 2020 Summer Olympics is postponed due to the spread of COVID-19, scammers have been connecting themselves with the Olympics and attracting the investors.

Currently, the Chinese Olympic Committee has published a vital warning to the residents of China, saying that they weren’t connected with these scams. They also stated that one of the scammers even pretended to be related to the World Olympic Sports Foundation, which is an utterly fictional organization. 

The scammers are also saying the investors that they can assist them in funding in many products utilizing blockchain technology. Several people solely consider this without providing any second thoughts as the scammers are injecting the word Olympics to any unrelated topics.

Scams related to Blockchain technology

The scan stated above was just a part of the total scams in the world. As the world as a whole is undergoing from the unexpected outbreak of Coronavirus, scammers are taking this to their advantage to attract many investors. They are taking benefit from the fear and shortage of information of the investors while soliciting their digital currencies such as Bitcoin. 

According to a report, about $991,000 lost due to Coronavirus-related scams, and that was just in February. The maximum of these scams included fake websites contributing to sanitizers, masks, and other essentials for a discounted rate. Various cases witnessed where the scammers pretended that he was connected with the World Health Organisation and told the consumers that they would get a copy of the Coronavirus victims in their area by spending a small amount to WHO.  Scammers have also come up with a twisted version of Sextortion scams, wherein, immediately, they send an email to the victim demanding that they would spread Coronavirus to their families and friends if they do not spend $4,000. They are even conscious of the security protocols as they consider that the payment should be done with Bitcoin.