The Truth About Belforx: Legit or Scam? Our Review

Recently, Belforx.com website surfaced, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably indicates it is, in truth, a fraudulent platform.

Despite the promises of the most user-friendly, trustworthy, and client-friendly service, Belforx.com does not follow any of them. All this is just a golden wrap around a clear scam, which takes your money and never gives them back. Any tales about bonuses, endorsement from celebrities etc are nowhere to be found as well.

Belforx Scam Overview

Originally, Belforx poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another bright marketing point for this site is backing from celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, con actors use deepfake videos with those celebs promote the fake crypto service as if it was the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around a transparent scam.

Belforx Scam

To begin with, Belforx copies the design of multiple similar pages. There are quite a few examples, like Venotur, Delunor or Boomsity. They are totally undistinguishable in terms of graphic elements, with slight discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are the same. Probably, all these scam websites are operated by the same gang of frauds.

Cryptocurrency Scam Summary

How the Belforx Scam Works?

Belforx is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use various website designs, which still share the similar overall layout. Another shared element are the ways the scams like NAME are promoted, and the manner all this ends up to the victim of the scam. To reach peak efficiency, frauds apply complex psychological tricks that make the user believe in the authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Using bots and sponsored promotions (when achievable), fraud actors intensify the visibility of their deceptive activities to potential victims. And as I said, crooks do not shy away using generative AI for creating clips with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

Promotions of cryptoscams like Belforx in TikTok. Most of these videos are AI-generated deepfakes

Users get an encouragement to sign up, attracted by the promise of obtaining crypto benefits valued at hundreds of dollars, all for free. To increase the appeal of the offer, fake suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

After clicking the promos, victims end up on a page filled with attractive offers. “Crypto starts with Belforx”, “Your crypto savings are secured with Belforx, “Start earning with Belforx – they look rather authoritative. To heat up the interest and make the users proceed to step 3, crooks say that unlocking the promised bonus requires registration. And since nothing questionable happens at this point, unexperienced users happily proceed – especially since the bonus appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you register using your personal data, frauds will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, deceivers bait folks for registration with bonuses. And all the personal data needed for it – email, username, crypto wallet address – is valuable for user identification. Solely by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, the alleged bonus is not available for withdrawal right away. To make at least crypto purchases on the platform with it, you need to top up the account with the equivalent sum. And this is what starts the final stage of the scam.

Step 4: Requesting funds

Eventually, any crypto purchases require you to have funds on your account. With Belforx, users are also coerced to top up to claim the bonuses. And these top ups is what creates most of the cash flow to this fraudulent site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the deposited money and withdraw them.

This, however, is where the first obvious problems start to surface. When comparing the real cryptocurrency wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to pull out the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers have zero intentions to send you money. Though to make the fraud look more legitimate, they’ve made up a whole pack of reasons to decline the withdrawal request. Most of them repeat what Know Your Client requirements say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal data, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your funds back. And every check will uncover more and more information, which – you guessed it right – will be then traded on the Darknet. Never reveal your real info to strangers!

Signs of Scam

I gathered several facts that point at the scammy nature of the Belforx.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Belforx often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Belforx.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Belforx raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Belforx.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Belforx preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Belforx as a scam.

What Should I do as a Victim?

If you had to deal with Belforx site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.

• Report the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

Scan your system for possible malware infections

Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.

Throughout the timeline of the fraud, its masters may contact you with specific documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we earlier figured out, these rascals have no intention of returning your funds. So, what do these email messages and browser add-ons represent? You guessed – this is another element of the fraudulent scheme designed to throw you into willingly installing destructive programs onto your system.

Both add-ons and files added to email messages can act as a carrier for various malware. In this situation, I expect the presence of spyware and stealers among all forms of malicious programs. While it is not mandatory for scammers to distribute malware, the likelihood is always existent. As previously mentioned, their ethics is of negligible importance, and their dignity is already seriously marred. They have no principles to give up and intend to maximize gains.

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