Investigating Binrise: Legit or Scam? The Truth Exposed

Recently, Binrise.com service popped up, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather credible supporting information that clearly indicates it is, in truth, a fraudulent site.

Despite the promises of the most convenient, dependable, and customer-centric service, Binrise.com does not fulfill any of them. In fact, all this is just a gilded wrap around a dirty scam, which steals your funds and never gives them back. Any stories about bonuses, sponsorship from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Binrise Scam Overview

Originally, Binrise poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another bright selling point for this service is partnerships with celebrities that are known as crypto activists. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, con actors employ deepfake videos with those celebs promote the fake crypto service as the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a glaring wrap around an obvious scam.

Binrise Scam

First and foremost, Binrise shares the layout of multiple equivalent online platforms. There are quite a few examples, like Allcoinbase, Coin or Celunex. They are totally identical in terms of graphic elements, with small discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are the same. Most likely, all these fraudulent sites are operated by a single team of swindrels.

Cryptocurrency Scam Summary

How the Binrise Scam Works?

Binrise is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use various website designs, which still share the similar 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 advanced 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 start the fraud, criminals set up and fill accounts on popular social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Utilizing bots and sponsored promotions (when achievable), fraud actors boost the visibility of their deceptive activities to potential victims. And as I said, scammers do not disdain using deepfake for creating videos with the mentioned celebrities that promote 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 Binrise in TikTok. Most of these videos are AI-generated deepfakes

Users obtain an incentive to sign up, attracted by the promise of getting crypto benefits valued at hundreds of dollars, all free of charge. To enhance the attractiveness of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, users end up on a page filled with appealing offers. “Crypto starts with Binrise”, “Your crypto savings are secured with Binrise, “Start earning with Binrise – they look rather reliable. To heat up users and make them proceed to step 3, fraudsters say that retrieving the pledged bonus requires registration. And since nothing concerning happens at this point, unaware users happily proceed – 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, swindrels 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, frauds bait folks into signing up to get bonuses. And all the personal info needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Only by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

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

Step 4: Requesting funds

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

This is where the victim notices the problems. When keeping an eye on the actual cryptocurrency wallet vs what the website says, you can spot 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

There’s no need to explain that fraudsters are naught on intentions to send you money. But to make the fraud look more realistic, they’ve made up a whole bunch of reasons to decline the wireout request. Usually, they repeat what KYC guidelines say, but in this case they are here exclusively to make the withdrawal impossible.

By requesting your personal information, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple other checks you should go through before getting your money back. And each of these checks will uncover more and more info of yours, 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 Binrise.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Binrise 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. Binrise.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. Binrise 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. Binrise.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%, Binrise preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Binrise as a scam.

What Should I do as a Victim?

If you had to deal with Binrise 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 timeline of the scam, its masters may get in touch with you with particular documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency assets. As we previously determined, these scoundrels have no intent of giving back your money. So, what can these messages and browser extensions represent? You guessed – that is another side of the fraudulent scheme designed to throw you into deliberately running destructive applications onto your device.

Both add-ons and attachments attached to email messages can act as a carrier for diverse malicious software. In this case, I foresee the presence of spyware and stealers among other kinds of malware. While it is not mandatory for scammers to distribute malware, the chance is always significant. As noted, their conscience is of negligible importance, and their dignity is already deeply compromised. They have no scruples to give up and intend to maximize gains.

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