We Investigated BlackRockFund: Legit or Scam? The Facts

Recently, Blackrockfund.link website appeared, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather credible supporting information that clearly reveals it is, in fact, a fraudulent service.

Regardless of the promises of the most convenient, dependable, and client-friendly service, Blackrockfund.link does not offer any of them. All this is just a golden wrap around a blatant scam, which steals your funds and never returns them. Any tales about bonuses, sponsorship from celebrities etc are absent as well.

BlackRockFund Scam Overview

Originally, BlackRockFund poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another bright selling point for this platform is backing from 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, con actors employ AI-generated videos with those celebs advertise the scam as the best thing in the world. For known 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.

BlackRockFund Scam

To begin with, BlackRockFund repeats the appearance of many equivalent pages. There are quite a few examples, like Loyal, Chainspacex or Ether. They are entirely indistinguishable in terms of graphic elements, with minor discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are identical. Presumably, all these deceptive online platforms are led by the same gang of swindrels.

Cryptocurrency Scam Summary

How the BlackRockFund Scam Works?

BlackRockFund is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use various website designs, which still share the same 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 begin the scam, criminals set up and fill accounts on well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Using bots and paid ads (when possible), fraud actors boost the visibility of their scam activities to potential victims. And as I said, fraudsters do not shy away using generative AI for creating videos with the aforementioned celebrities that advertise 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 BlackRockFund in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

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

This is the last stage when it is possible to get away from 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 the starting poing of the main fraud action. As I just mentioned, deceivers bait folks for registration with bonuses. And all the personal info needed for it – username, email, crypto wallet address – are valuable for user identification. Only by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the promised bonus right away. To make at least cryptocurrency purchases on the platform with it, 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

Obviously, any cryptocurrency purchases require having funds on your account. With BlackRockFund, users are also compelled to top up to get 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 promised gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the credited money and withdraw them.

This is where the issues start to surface. When comparing the actual cryptocurrency wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out 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 scoundrels have zero intentions to give your money back. Though to make it look more realistic, they’ve made up a whole bunch of reasons to decline the transfer-out request. Most of them repeat what Know Your Client guidelines say, but in this case they are here exclusively to make the withdrawal impossible.

By requesting your personal info, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your money back. And every check 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 Blackrockfund.link. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. BlackRockFund employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, BlackRockFund exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying BlackRockFund as a scam.
• Dubious Corporate Information. BlackRockFund arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Blackrockfund.link solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. BlackRockFund utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with BlackRockFund 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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 duration of the fraud, scoundrels may get in touch with you with particular documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we earlier figured out, these deceivers have no intention of restoring your money. So, what can these email messages and browser plugins represent? You guessed – that is another component of the deceptive plan designed to entice you into deliberately running harmful applications onto your device.

Both extensions and files attached to email messages can act as a shell for various malicious code. In this scenario, I expect the presence of spyware and stealers among all kinds of malware. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As previously mentioned, their ethics is of no concern, and their reputation is already seriously marred. They have no principles to lose and strive to maximize profits.

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