The Btconmy Scam – Don’t Become the Next Victim

Recently, Btconmy.com site surfaced, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather credible supporting information that unmistakably reveals it is, actually, a scam service.

Regardless of the promises of the most user-friendly, reliable, and client-friendly service, Btconmy.com does not fulfill any of them. All this is just a shiny wrap around a dirty scam, which steals your money and never gives them back. Any tales about gifts, sponsorship from celebrities etc are non-existent as well.

Btconmy Scam Overview

Originally, Btconmy poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another bright marketing point for this site is partnerships with celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, rascals use deepfake videos with those celebs advertise the scam as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a blatant wrap around an obvious scam.

Btconmy Scam

To begin with, Btconmy shares the appearance of many similar pages. There are quite a few examples, like Boley, Boksp or Bitxpaces. They are completely indistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other specific elements, and at times even crypto wallet addresses, are matching. Most likely, all these scam sites are operated by a single team of scoundrels.

Cryptocurrency Scam Summary

How the Btconmy Scam Works?

Btconmy is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous website designs, which still share the identical overall layout. Another shared 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the fraud, criminals set up 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 paid ads (when feasible), fraud actors boost the exposure of their fraudulent activities to possible victims. And as I said, fraudsters do not disdain using generative AI for creating clips with the aforementioned celebs that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

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

Users obtain a stimulus to enroll, drawn by the commitment of obtaining cryptocurrency rewards valued at thousands of dollars, all for free. To augment the appeal of the offer, false suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon following the ads, victims end up on a page filled with appealing offers. “Crypto starts with Btconmy”, “Your crypto savings are secured with Btconmy, “Start earning with Btconmy – they look rather authoritative. To heat up users and make them proceed to step 3, fraudsters say that getting the promised bonus requires registration. And as nothing concerning happens at this point, unaware users happily proceed – especially as the bonus appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you register using your personal information, swindrels will not be able to earn even a nickel 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 for registration with bonuses. And all the personal info needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Only by gathering this info and selling it further into the Darknet, swindlers 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 it at least usable for crypto purchases, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

It is obvious that any crypto operations require you to have money on your account. With Btconmy, users are also coerced to top up to claim 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 committed gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the transferred money and withdraw them.

This is where the victim notices the problems. When comparing the actual crypto wallet vs what the website says, you can spot 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 swindlers are naught on intentions to send you money. Though to make the fraud look more legitimate, they’ve developed a whole pack of reasons to decline the transfer-out request. Most of them repeat what KYC guidelines say, but for the Btconmy.com they are here only to make the withdrawal impossible.

By asking for your personal info, scammers 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 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 Btconmy.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Btconmy 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 scam, scoundrels may contact you with particular files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we earlier figured out, these rascals have no intent of giving back your funds. So, what do these emails and browser plugins represent? You guessed – that is another side of the fraudulent scheme designed to throw you into deliberately running destructive programs onto your system.

Both extensions and attachments attached to email messages can act as a carrier for various malicious software. In this case, I foresee the presence of spyware and stealers among other types of malicious programs. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As previously mentioned, their ethics is of negligible importance, and their reputation is already seriously marred. They have nothing to lose and intend to boost profits.

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