Recently, Betonchain.world website surfaced, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather credible supporting information that unmistakably confirms it is, actually, a deceptive platform.
Despite the promises of the most easy, dependable, and customer-centric service, Betonchain.world does not offer any of them. In fact, all this is just a shiny wrap around a dirty scam, which steals your money and data and never gives them back. Any stories about gifts, endorsement from celebrities etc are non-existent as well.
Betonchain Scam Overview
Originally, Betonchain poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another highlighted marketing point for this platform is partnerships with celebrities that have relation to the crypto world. 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 AI-generated videos with those celebs promote the fraud as the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a vivid wrap around a transparent scam.
Betonchain Scam
Initially, Betonchain repeats the layout of multiple equivalent pages. There are quite a few examples, like Wexbeast, Cryptobaze or Dorunex. They are entirely indistinguishable in terms of visual elements, with slight discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are matching. Most likely, all these deceptive sites are led by the same team of frauds.
Cryptocurrency Scam Summary
| Website | Betonchain.world |
| Hosting | AS13335 Cloudflare, Inc. United States, San Francisco |
| IP Address | 172.67.190.31 |
| Threat Type | Scam/Fraud |
| Scam Type | Fraudulent offers of cryptocurrency services |
How the Betonchain Scam Works?
Betonchain is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use several website designs, which still share the same overall layout. Another mutual 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 legitimacy of the website. But let’s review them one by one.
Step 1: Promotion
To begin the deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Utilizing bots and paid advertisements (when possible), scam actors increase the visibility of their scam activities to possible victims. And as I said, fraudsters do not shy away using generative AI for creating videos with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who registers the service immediately.
Promotions of cryptoscams like Betonchain in TikTok. Most of these videos are AI-generated deepfakes
Step 2: Gaining Traffic
After following the ads, users end up on a page filled with appealing offers. “Crypto starts with Betonchain”, “Your crypto savings are secured with Betonchain, “Start earning with Betonchain – they look rather reliable. To heat up users and make them proceed to step 3, fraudsters say that getting the promised bonus requires registration. And since nothing suspicious happens at this point, unexperienced users happily move on – especially since the reward appears to be right behind the corner.
At this point, it is possible to steer away from the scam without any losses. Before you register using your personal info, frauds will not 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 info needed for it – email, username, crypto wallet address – are valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, swindlers 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 sum of a bonus. And this is what starts the final step of the scam.
Step 4: Requesting funds
Obviously, any cryptocurrency purchases require you to have money on your account. With Betonchain, users are also compelled to top up to claim the bonuses. And this is what creates the majority of the money flow to this scam site. 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 deposited capital and withdraw them.
This is where the first obvious problems start to surface. When keeping an eye on the real cryptocurrency wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to retrieve the capital from your account, the scam is finally uncovered to the user.
Step 5: Escaping from Funds Withdrawal
Needless to say that swindlers are naught on intentions to return your money. Though to make the fraud look more realistic, they’ve made up a whole pack of reasons to decline the wireout request. Most of them repeat what Know Your Client regulations say, but in this case they are here only to make the wireout 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 multiple other checks you would desperately need to undergo before getting your money back. And each of these checks will uncover more and more information, which – you guessed it right – will be then sold 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 Betonchain.world. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- False Celebrity Sponsorship. Betonchain 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. Betonchain.world 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. Betonchain 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. Betonchain.world 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%, Betonchain preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Betonchain as a scam.
What Should I do as a Victim?
If you had to deal with Betonchain 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
- Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
- Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
- Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
- Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further financial setbacks.
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 course of the scam, its masters may contact you with specific files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency savings. As we already determined, these rascals have no plan of giving back your capital. So, what can these messages and browser add-ons represent? You guessed it right – that is another element of the fraudulent scheme designed to entice you into deliberately installing destructive programs onto your device.
Both plugins and files attached to email messages can act as a shell for various malware. In this situation, I expect the presence of spyware and stealers among other forms of malware. While it is not obligatory for scammers to distribute malware, the chance is always above zero. As stated, their morality is of no concern, and their dignity is already deeply compromised. They have no scruples to give up and strive to boost profits.
