In a word, yes.
It downloads itself on to your computer/laptop and then sends itself to everyone in your contacts list, I'm not aware exactly what it does (I think its just spyware, but I could be wrong) so that it then downloads itself on to their computer and the cycle continues.
If you get it, if you can scan it with anti virus software (should tell you what the application does) but yes, I wouldn't accept it or anything.
Hope this helps :)
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