We Investigated BlinkTradingFX: Legit or Scam? The Facts

Recently, Blinktradingfx.com website appeared, promoting itself as a platform where you can safely keep cryptocurrency and other assets. I managed to gather credible evidence that unmistakably confirms it is, in fact, a scam platform.

Regardless of the promises of the most user-friendly, dependable, and customer-centric service, Blinktradingfx.com does not offer any of them. All this is just a shiny wrap around a blatant scam, which steals your money and data and never gives them back. Any stories about bonuses, endorsement from celebrities etc are non-existent as well.

BlinkTradingFX Scam Overview

Originally, BlinkTradingFX poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another bright selling point for this platform is backing from celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look real, con actors employ AI-generated videos where those celebrities promote the fake crypto service as if it was the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

BlinkTradingFX Scam

Initially, BlinkTradingFX copies the appearance of multiple similar online platforms. There are quite a few examples, like Bitloex, Bytxbit or Xelonchange. They are completely undistinguishable in terms of graphic elements, with small discrepancies in the site header. Other particulars, and at times even crypto wallet addresses, are the same. Probably, all these fraudulent sites are led by a single team of scoundrels.

Cryptocurrency Scam Summary

How the BlinkTradingFX Scam Works?

BlinkTradingFX is a part of a extensive 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 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To begin the deceptive scheme, criminals establish and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Employing bots and sponsored advertisements (when feasible), scam actors intensify the presence of their fraudulent activities to potential victims. And as I said, fraudsters do not disdain using deepfake for creating videos 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 BlinkTradingFX in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

After following the promos, targets end up on a page filled with attractive offers. “Crypto starts with BlinkTradingFX”, “Your crypto savings are secured with BlinkTradingFX, “Start earning with BlinkTradingFX – they look rather authoritative. To heat up users and make them proceed to step 3, scammers say that getting the pledged bonus requires registration. And as nothing questionable happens at this point, unexperienced users happily keep on – especially as the reward appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you register using your personal data, frauds 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 said, scammers bait folks into registration to get bonuses. And all the personal info needed for it – email, username, crypto wallet address – are valuable for user identification. Only by gathering this information and selling it further into the Darknet, crooks 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, 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

Eventually, any cryptocurrency purchases require having capital on your account. In the case of BlinkTradingFX, users are also coerced to top up to claim the bonuses. And these top ups is what creates the majority of the money 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 engaging on this site hoping to use all the credited funds and withdraw them.

This is where the problems start to surface. When keeping an eye on the real crypto wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to withdraw the money 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 are naught on intentions to give your money back. Though to make it look more legitimate, they’ve made up a whole bunch of reasons to decline the withdrawal request. Most of them repeat what Know Your Client guidelines say, but in this case they are here only to make the withdrawal impossible.

By requesting your personal data, 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 each of these checks will share more and more info of yours, 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 Blinktradingfx.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with BlinkTradingFX 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 course of the fraud, its masters may reach out to you with particular files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we previously determined, these rascals have no plan of returning your capital. So, what do these email messages and browser extensions represent? Correct – that is another side of the fraudulent scheme designed to entice you into willingly installing harmful software onto your computer.

Both add-ons and attachments included to emails can act as a shell for diverse malicious software. In this situation, I expect the presence of spyware and stealers among all forms of malware. While it is not mandatory for scammers to distribute malware, the chance is always existent. As noted, their morality is of negligible importance, and their reputation is already seriously marred. They have no scruples to give up and aim to boost profits.

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