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Yes-- it is threatening to reveal information (generally, truthful information) if the person does not provide you with something in exchange. The act of revealing information on its own would be a legal one usually (absent some other circumstance such as defamation crimes including "false light") but the use of it to extract performance from the other person is illegal. The punishment will vary by jurisdiction and probably by severity (amount of performance the person is blackmailing you for), but it is a felony.

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Q: Is Blackmail a crime and what are the punishments if so?
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