The Biulop Scam – Don’t Become the Next Victim

Recently, Biulop.com service popped up, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather credible supporting information that clearly confirms it is, actually, a deceptive site.

Despite the promises of the most easy, reliable, and customer-centric service, Biulop.com does not follow any of them. All this is just a golden wrap around a dirty scam, which takes your money and data and never gives them back. Any tales about gifts, backing from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Biulop Scam Overview

Originally, Biulop poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another highlighted marketing point for this service is partnerships with celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, frauds use deepfake videos with those celebs advertise the fake crypto service as if it was the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a vivid wrap around a transparent scam.

Biulop Scam

To begin with, Biulop repeats the design of many equivalent websites. There are quite a few examples, like Usdzoe, Upjex or Hopicats. They are totally indistinguishable in terms of visual elements, with small discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are unchanged. Probably, all these scam websites are managed by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Biulop Scam Works?

Biulop is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use several 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 sophisticated 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 create and fill accounts on popular social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Employing bots and paid ads (when achievable), scam actors increase the visibility of their deceptive activities to potential victims. And as I said, fraudsters do not shy away using generative AI for creating clips with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who registers the service immediately.

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

Users obtain a stimulus to sign up, attracted by the commitment of receiving cryptocurrency prizes valued at hundreds of dollars, all for free. To enhance the appeal of the offer, fake claims of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After following the promos, users end up on a page filled with appealing offers. “Crypto starts with Biulop”, “Your crypto savings are secured with Biulop, “Start earning with Biulop – they look rather authoritative. To heat up the interest and make the users proceed to step 3, fraudsters say that retrieving the promoted bonus requires registration. And since nothing questionable happens at this point, uninformed users happily move on – especially since the reward appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you sign up using your personal info, crooks will not 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, deceivers bait folks into registration for bonuses. And all the personal data needed for it – username, email, crypto wallet address – is valuable for user identification. Solely by gathering this information 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, the user should top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any cryptocurrency purchases require you to have money on your account. In the case of Biulop, users are also forced to top up to claim the bonuses. And these top ups is what creates most 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 engaging on this website hoping to use all the deposited money and withdraw them.

This, however, is where the victim notices the problems. When comparing the actual crypto wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to pull out the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers have zero intentions to return your money. Though to make the fraud look more realistic, they’ve crafted a whole pack of reasons to decline the transfer-out request. Most of them repeat what Know Your Client guidelines say, but for the Biulop.com they are here only to make the withdrawal impossible.

By asking for your personal info, 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 grand back. And every check will reveal 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 Biulop.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Biulop 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 Biulop 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 Biulop, 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 Biulop is a definite scam.

What Should I do as a Victim?

If you had to deal with Biulop 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 fraud, its actors may get in touch with you with particular files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we previously figured out, these scammers have no intention of restoring your money. So, what do these emails and browser add-ons represent? Correct – this is another component of the scam designed to entice you into willingly running malicious programs onto your system.

Both add-ons and files added to email messages can act as a shell for diverse malicious code. In this situation, I expect the presence of spyware and stealers among other kinds of threats. While it is not obligatory for scammers to distribute malware, the chance is always significant. As previously mentioned, their ethics is of little concern, and their reputation is already seriously marred. They have no scruples to lose and intend to maximize gains.

Remove spyware with Gridinsoft Anti-Malware

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