Investigating Binfunc: Legit or Scam? The Truth Revealed

Recently, Binfunc.com site appeared, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably confirms it is, actually, a scam platform.

Regardless of the promises of the most easy, dependable, and client-friendly service, Binfunc.com does not follow any of them. In fact, all this is just a golden wrap around a clear scam, which steals your funds and never returns them. Any stories about gifts, endorsement from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Binfunc Scam Overview

Originally, Binfunc poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another highlighted marketing point for this service is backing from celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look real, con actors use deepfake videos with those celebs promote the fake crypto service 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 vivid wrap around an obvious scam.

Binfunc Scam

To begin with, Binfunc shares the appearance of numerous equivalent online platforms. There are quite a few examples, like Defbix, Howzex or Mozetex. They are completely identical in terms of visual elements, with minor discrepancies in the webpage header. Other specific elements, and at times even crypto wallet addresses, are matching. Probably, all these deceptive online platforms are led by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Binfunc Scam Works?

Binfunc is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use various website designs, which still share the similar 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 advanced 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 initiate the deceptive scheme, criminals establish and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Employing bots and sponsored ads (when achievable), scam actors intensify the visibility of their fraudulent activities to potential victims. And as I said, crooks do not shy away using deepfake for creating clips with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who joins the service immediately.

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

Users get an encouragement to sign up, drawn by the assurance of getting crypto prizes valued at thousands of dollars, all for free. To augment the appeal of the offer, false claims of sponsorship by a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon following the promos, victims end up on a page filled with attractive offers. “Crypto starts with Binfunc”, “Your crypto savings are secured with Binfunc, “Start earning with Binfunc – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that getting the promoted bonus requires registration. And since nothing concerning happens at this point, unaware users happily move on – especially since the gift appears to be right behind the corner.

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

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, scammers bait folks into signing up to get bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Solely by gathering this data and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make it at least usable for crypto purchases, you need to top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Eventually, any cryptocurrency purchases require you to have funds on your account. With Binfunc, users are also compelled to top up to get the bonuses. And these top ups is what creates the majority of the cash 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 site hoping to use all the deposited capital and withdraw them.

This is where the victim notices the issues. When keeping an eye on the real cryptocurrency wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to withdraw 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 send you money. But to make the fraud look more realistic, they’ve developed a whole pack of reasons to decline the wireout request. Usually, they repeat what KYC regulations say, but for the Binfunc.com they are here exclusively to make the withdrawal impossible.

By asking for your personal information, frauds just stall hoping for you to understand that you’ve been scammed 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 Binfunc.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Binfunc.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Binfunc arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Binfunc resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Binfunc employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Binfunc capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Binfunc.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Binfunc 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 duration of the scam, its masters may contact you with particular files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we previously determined, these scammers have no intent of restoring your capital. So, what can these email messages and browser plugins represent? You guessed – this is another side of the deceptive plan designed to throw you into deliberately installing malicious programs onto your computer.

Both extensions and attachments added to email messages can serve as a carrier for different malicious software. In this scenario, I anticipate the presence of spyware and stealers among other kinds of threats. While it is not mandatory for scammers to distribute malware, the chance is always existent. As previously mentioned, their morality is of negligible importance, and their dignity is already deeply compromised. They have no principles to give up and intend to maximize revenues.

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