Bellevue under attack from ongoing Bitcoin scam

The Bellevue Police Department (BPD) is warning residents of the latest scam affecting the local area, suspects demanding payment from victims through Bitcoin.

According to BPD’s Public Information Officer Drew Anderson, the scam starts with a suspicious email.

More cryptocurrency scams: Washington among states most affected by cryptocurrency fraud

The email allegedly contains specific information on the victims, including photos of victims’ names and addresses.

“They really make it sound like they’ve been following the (victims) and that they know a lot of information about these residents, which then compels these individuals to buy into the scam,” Anderson told KIRO Newsradio.

The scam is primarily targeting older victims and non-native English speakers, threatening to release sensitive information if they don’t pay up.

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“Victims received emails with their home address, full name, and picture in the message – information that’s all legally searchable on the internet,” BPD wrote on social media. “Suspects demand bitcoin payment and threaten to release embarrassing information about the victim should they not comply.”

BPD was initially tipped off to the scam when the department received three calls about the scam on Sept. 2. Now, more than a week later, BPD is warning locals that the scam is still ongoing.

Cryptocurrency fraud at large throughout WA

The FBI recorded and logged more than 69,000 complaints from the public regarding cryptocurrency fraud — resulting in more than $5.6 billion lost — in 2023, with Washington ranking as one of the most affected states in the country.

Washington had the fifth-most complaints and the seventh-most money lost, losing more than $140 million in cryptocurrency fraud. In comparison, California lost more than $1.1 billion in 2023. Texas, Florida, New York, New Jersey, Illinois, Arizona, Pennsylvania and Virginia rounded out the top 10 most affected states.

“Law enforcement can trace cryptocurrency transactions to follow money in ways not possible with other financial systems,” the FBI’s report read. “Nevertheless, since cryptocurrency also allows transfers of funds to exchanges overseas, U.S. law enforcement may encounter significant challenges when following cryptocurrency that enters other jurisdictions, especially those with lax anti-money laundering laws or regulations.”

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The FBI stated there was a 45% jump in losses compared to 2022.

The types of cryptocurrency-related complaints the FBI’s Internet Crime Complaint Center received ranged from tech support illegal schemes to investment fraud to government impersonation scams. Investment fraud with cryptocurrency was responsible for $3.9 billion of the total money lost.

Frank Sumrall is a content editor at MyNorthwest. You can read his stories here and you can email him here.