California Governor Mentions Bitcoin Scam During COVID-19 Speech

California Governor Gavin Newsom mentions Bitcoin scam during his COVID-19 speech. Governor Newsom warned residents not to go into panic purchases. Scammers likely demand Bitcoin payments to avoid legal attention.

27 March, 2020 | AtoZ Markets – California Governor Gavin Newsom has warned the public against those who demand Bitcoin advance payments with the promise of delivering essential goods. In his official speech, Governor Newsom assured residents that essential items would continue to be available in the state.

Governor Gavin Newsom Mentioned Bitcoin in COVID-19 Speech 

California Governor Gavin Newsom warned the public against Bitcoin scam during his live speech on the coronavirus epidemic. On March 26, Newsom mentioned the leading cryptocurrency in its official speech on state measures to prevent the spread of the virus in California.

Governor Newsom then recognized the extraordinary efforts of health professionals to treat patients. He also assured the public that there would be no shortage of essential products in the state.

In his speech, he warned that some people are using this epidemic as an opportunity to scam and defraud those who need it. Recently, reports have indicated that opportunists have created an artificial shortage of products in the state to sell them at premium prices at a later date.

Newsom continued to educate the public and make them understand that “extraordinary people, who are doing extraordinary bad things”, are taking advantage of the pandemic, and explained in more detail:

“It does not only include an interface with the government, but people who claim that we have to send the equivalent of Bitcoin in advance to get material before they can send it. Questionable activities of this kind”.

Payments in cryptocurrency are often encouraged by those who engage in malicious acts. It is due to the semi-anonymous nature of this technology. Cryptocurrency transactions are still somewhat traceable. But, traceability requires far more resources than investigating traditional cases of wire fraud.

According to Newsom, scammers may be currently targeting California residents by promising them necessities in exchange for Bitcoin advance payments.

Read More: Live Netherlands Coronavirus Economic Impact News

Crypto Fraudsters Try to Benefit on the Coronavirus Panic

Newsom has joined the ranks of other global authorities. They are concerned about cryptocurrency fraudsters trying to take advantage of widespread fears about coronaviruses. More recently, scammers pretend to be the World Health Organization (WHO) while trying to get donations in bitcoin (BTC). They are looking to take advantage of the recently launched COVID-19 Solidarity Fund.

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