Belinax Review: Legit or Scam? Read This First

Recently, Belinax.com site appeared, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather reliable proof that unmistakably confirms it is, actually, a deceptive service.

Despite the promises of the most easy, reliable, and client-friendly service, Belinax.com does not offer any of them. All this is just a golden wrap around a dirty scam, which steals your funds and never gives them back. Any tales about gifts, backing from celebrities etc are non-existent as well.

Belinax Scam Overview

Originally, Belinax poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another notable marketing point for this service is backing from celebrities that are known in the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look real, rascals use AI-generated videos where those celebrities advertise the fraud as if it was the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

Belinax Scam

Initially, Belinax copies the appearance of multiple similar online platforms. There are quite a few examples, like Fuex, Cryptohub or Cyberx. They are totally identical in terms of visual elements, with minor discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are matching. Probably, all these deceptive online platforms are led by a single group of scammers.

Cryptocurrency Scam Summary

How the Belinax Scam Works?

Belinax is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous website designs, which still share the same overall layout. Another common 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 sophisticated psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.

Step 1: Promotion

To start the deceptive scheme, criminals set up and fill accounts on popular social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Employing bots and paid ads (when feasible), scam actors boost the presence of their deceptive activities to possible victims. And as I said, fraudsters do not shy away using generative AI for creating videos with the mentioned celebs that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users get an encouragement to sign up, attracted by the assurance of receiving cryptocurrency benefits valued at hundreds of dollars, all free of charge. To augment the attractiveness of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

After clicking the promotions, victims end up on a page filled with attractive offers. “Crypto starts with Belinax”, “Your crypto savings are secured with Belinax, “Start earning with Belinax – they look rather reliable. To heat up users and make them proceed to step 3, scammers say that retrieving the pledged bonus requires registration. And since nothing suspicious happens at this point, uninformed users happily keep on – 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 sign up using your personal data, rascals 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. Exclusively by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

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

Step 4: Requesting funds

It is obvious that any cryptocurrency purchases require you to have money on your account. In the case of Belinax, users are also coerced to top up to use the bonuses. And this is what creates the majority of the money flow to this scam website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the transferred money and withdraw them.

This is where the victim notices the issues. When keeping an eye on the real crypto wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that swindlers are naught on intentions to return your money. Though to make the fraud look more legitimate, they’ve developed a whole pack of reasons to decline the transfer-out request. Most of them repeat what KYC requirements say, but for the Belinax.com they are here only to make the withdrawal impossible.

By requesting your personal data, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your money back. And every check will uncover more and more info of yours, which – you guessed it right – will be then marketed 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 Belinax.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Belinax does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Belinax like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Belinax, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Belinax is a definite scam.

What Should I do as a Victim?

If you had to deal with Belinax 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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 duration of the scam, rascals may get in touch with you with particular documents. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto savings. As we already figured out, these scammers have no plan of restoring your capital. So, what can these email messages and browser add-ons represent? You guessed – this is another component of the scam designed to throw you into deliberately running destructive applications onto your system.

Both plugins and attachments included to emails can function as a carrier for various malware. In this case, I anticipate the presence of spyware and stealers among all forms of malicious programs. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As noted, their ethics is of little concern, and their reputation is already deeply compromised. They have no principles to lose and intend to boost gains.

Frequently asked questions