The Binup Scam – Don’t Become the Next Victim

Recently, Binup.net website popped up, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather credible proof that clearly reveals it is, in fact, a fraudulent service.

Despite the promises of the most easy, trustworthy, and client-friendly service, Binup.net does not offer any of them. In fact, all this is just a gilded wrap around a clear scam, which takes your money and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are nowhere to be found as well.

Binup Scam Overview

Originally, Binup poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another notable selling 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, frauds employ AI-generated videos with those celebs promote the fake crypto service as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a blatant wrap around a transparent scam.

Binup Scam

To begin with, Binup shares the design of multiple similar online platforms. There are quite a few examples, like Febya, Litji or Skillbyten. They are completely undistinguishable in terms of graphic elements, with slight discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are matching. Most likely, all these fraudulent websites are led by the same gang of scoundrels.

Cryptocurrency Scam Summary

How the Binup Scam Works?

Binup is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use several website designs, which still share the identical 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 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 generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Employing bots and sponsored advertisements (when feasible), fraud actors increase the presence of their scam activities to possible victims. And as I said, crooks do not shy away using deepfake for creating videos 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 enrolls the service immediately.

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

Users get a stimulus to sign up, drawn by the promise of receiving cryptocurrency rewards valued at thousands of dollars, all without cost. To increase the appeal of the offer, false suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After following the promotions, targets end up on a page filled with attractive offers. “Crypto starts with Binup”, “Your crypto savings are secured with Binup, “Start earning with Binup – they look rather reliable. To heat up users and make them proceed to step 3, fraudsters say that getting the promoted bonus requires registration. And since nothing suspicious happens at this point, unexperienced users happily move on – especially as the reward 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 info, 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 mentioned, scammers bait folks into signing up to get bonuses. And all the personal info needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this info and selling it further into the Darknet, fraudsters can earn quite a penny. Still, 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 crypto purchases, 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

It is obvious that any cryptocurrency purchases require having money on your account. With Binup, users are also coerced to top up to get the bonuses. And this is what creates most of the money flow to this fraudulent website. 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 transferred money and withdraw them.

This is where the issues start to surface. When keeping an eye on the real cryptocurrency wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw 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 swindlers have 0 intentions to return your money. Though to make it look more realistic, they’ve developed a whole bunch of reasons to decline the transfer-out request. Most of them repeat what KYC requirements say, but in this case they are here only to make the withdrawal impossible.

By asking for your personal info, deceivers 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 funds back. And each of these checks will reveal 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 Binup.net. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Binup.net 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. Binup 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. Binup 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. Binup 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%, Binup capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Binup.net as a definite scam.

What Should I do as a Victim?

If you had to deal with Binup 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, scoundrels may reach out to you with specific documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we earlier figured out, these scammers have no plan of returning your funds. So, what do these email messages and browser plugins represent? Correct – that is another element of the fraudulent scheme designed to entice you into deliberately running malicious applications onto your device.

Both add-ons and files added to emails can serve as a carrier for various malicious software. In this case, I anticipate the presence of spyware and stealers among all types of threats. While it is not mandatory for scammers to distribute malware, the chance is always greater than zero. As stated, their morality is of little concern, and their reputation is already deeply compromised. They have no principles to lose and aim to boost revenues.

Frequently asked questions