Recently, Boley.im website appeared, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather credible proof that unmistakably indicates it is, in fact, a fraudulent site.
Regardless of the promises of the most easy, reliable, and client-friendly service, Boley.im does not follow any of them. All this is just a golden wrap around a clear scam, which takes your money and never gives them back. Any stories about gifts, endorsement from celebrities etc are nowhere to be found as well.
Boley Scam Overview
Originally, Boley poses as a crypto trading & cryptowallet platform with exceptionally low commission fees. Another highlighted marketing point for this site is backing from celebrities that have relation to 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 deepfake videos where those celebrities promote 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 vivid wrap around a transparent scam.
Boley Scam
Initially, Boley copies the layout of multiple similar pages. There are quite a few examples, like Boksp, Bitxpaces or Bitsmape. They are completely undistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are the same. Probably, all these deceptive sites are operated by the same gang of scoundrels.
Cryptocurrency Scam Summary
| Website | Boley.im |
| Hosting | AS13335 Cloudflare, Inc. United States, San Francisco |
| IP Address | 104.21.23.159 |
| Threat Type | Scam/Fraud |
| Scam Type | Fraudulent offers of cryptocurrency services |
How the Boley Scam Works?
Boley is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use various 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 legitimacy of the website. But let’s review them one by one.
Step 1: Promotion
To start the fraud, criminals create and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Using bots and paid advertisements (when possible), scam actors increase the exposure of their deceptive activities to potential victims. And as I said, scammers do not disdain using deepfake for creating clips with the aforementioned celebs that promote 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 Boley in TikTok. Most of these videos are AI-generated deepfakes
Users receive an incentive to register, enticed by the promise of receiving cryptocurrency rewards valued at thousands of dollars, all without cost. To increase the appeal of the offer, fake claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.
Step 2: Gaining Traffic
After following the promotions, victims end up on a page filled with attractive offers. “Crypto starts with Boley”, “Your crypto savings are secured with Boley, “Start earning with Boley – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that unlocking the promised bonus requires registration. And as nothing suspicious happens at this point, unaware users happily keep on – especially as the bonus appears to be right behind the corner.
At this point, it is possible to get away from the scam without any losses. Before you sign up using your personal information, rascals 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 mentioned, deceivers bait folks into registration to get bonuses. And all the personal information needed for it – username, email, crypto wallet address – are valuable for user identification. Solely by gathering this data and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.
As it turns out, you cannot use the promised bonus right away. To make at least crypto purchases on the platform with it, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam begins.
Step 4: Requesting funds
Eventually, any cryptocurrency purchases require you to have capital on your account. In the case of Boley, users are also compelled to top up to use the bonuses. And these top ups is what creates the majority of the cash 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 engaging on this website hoping to use all the deposited funds and withdraw them.
This, however, is where the first obvious problems start to surface. When keeping an eye on the real 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 fraudsters are naught on intentions to return your money. Though to make the denial look more legitimate, they’ve elaborated a whole bunch of reasons to decline the withdrawal request. Usually, they repeat what Know Your Client regulations say, but for the Boley.im they are here exclusively to make the wireout impossible.
By requesting your personal information, frauds 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 Boley.im. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- False Celebrity Sponsorship. Boley 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. Boley.im 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. Boley 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. Boley.im 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%, Boley preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Boley as a scam.
What Should I do as a Victim?
If you had to deal with Boley 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 timeline of the fraud, its actors may get in touch with you with specific files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency assets. As we already figured out, these rascals have no plan of restoring your capital. So, what can these messages and browser plugins represent? Correct – that is another component of the scam designed to entice you into deliberately installing malicious software onto your device.
Both add-ons and attachments added to emails can serve as a carrier for diverse malicious code. In this scenario, I anticipate the presence of spyware and stealers among other kinds of malware. While it is not obligatory for scammers to distribute malware, the likelihood is always above zero. As previously mentioned, their morality is of negligible importance, and their dignity is already seriously marred. They have nothing to give up and aim to boost gains.
