Chinese Olympic Committee warns against Olympic blockchain scams

The Chinese Olympic Committee (COC) has reported receiving numerous complaints about blockchain scams conducted by individuals masquerading as being associated with the Tokyo 2020 Olympics.

One scam involves the sender claiming they are from the “World Olympic Sports Foundation” and that they are using blockchain technology to help customers invest in Olympic developments, according to Coin Telegraph.

Other fraudulent schemes have referenced the Olympic Torch Relay.

While people may think they are helping good causes or in line for returns on their investment, they are merely lining the pockets of criminals.

The complaints have led the COC legal team to make an announcement warning against the scams.

Blockchain scammers have been pretending to represent Olympic organisations to take people's money ©Getty Images
Blockchain scammers have been pretending to represent Olympic organisations to take people’s money ©Getty Images

It said: “First, owners of the Olympic Symbol have the exclusive rights to the Olympic intellectual property.

“Second, Olympic official activities have a strict approval process and rules, and it will not allow third parties to carry out relevant sponsor solicitation and financing without the presence of the Committee itself.”

Despite the postponement of the Olympic and Paralympic Games until 2021 due to the COVID-19 pandemic, they are still being hijacked by scammers.

As cryptocurrencies have become more prevalent in recent years, so have scams involving them.

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