Cryptocurrency Scams Rise During Pandemic: Gloucester Twp. Police

GLOUCESTER TOWNSHIP, NJ — Gloucester Township police are warning residents about a rise in scams involving cryptocurrency amid the outbreak of new coronavirus.

Fraudsters are taking advantage of the increased fear and uncertainty among residents during the coronavirus pandemic to steal their money and launder it through the complex cryptocurrency ecosystem, police said in a statement on Wednesday.

Unlike other schemes that prey on the elderly, residents of all ages are being targeted, police said. This is because cryptocurrency is becoming more popular due to technological developments and an increase in the number of businesses that accept it as currency.

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There are not only numerous virtual asset service providers online but also thousands of cryptocurrency kiosks located throughout the world criminals are exploiting for…