The Coinfalcons Scam – Don’t Become the Next Victim

Recently, Coinfalcons.com site surfaced, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather credible proof that unmistakably confirms it is, in truth, a scam platform.

Contrary to the assertions of Coinfalcons.com, they will never return your capital. Even though the numbers displayed in the “member area”, there is absolutely no possibility to take out even a cent. All commitments regarding crypto rewards are hollow as well.

Coinfalcons Scam Overview

The primary feature that Coinfalcons aims to provide is a secure and convenient crypto wallet service. The website pledges crypto exchange services, tools for handling wallets, transfers, dashboards, and the like. In fact, they endeavor to emulate the functionality of a crypto exchange, akin to Binance or Coinbase. However, it in fact exclusively serves as a cover needed to lull the vigilance.

Coinfalcons Scam

First and foremost, Coinfalcons mimics the layout of multiple equivalent online platforms. There are quite a few examples, like Bittor, Asvex or Fellydex. They are totally undistinguishable in terms of visual elements, with small discrepancies in the webpage header. Other particulars, and sometimes even crypto wallet addresses, are unchanged. Presumably, all these scam websites are led by the same gang of scoundrels.

Cryptocurrency Scam Summary

How the Coinfalcons Scam Works?

Coinfalcons is yet another online platform within a vast network of interconnected crypto fraudulent sites. The administrators employ different brand identities and websites, like Coinfalcons.com, to ensnare victims. However, these deceptive websites have in common matching designs, terms of service, and About Us content. This unveils their origins as parts of the identical fraudulent network, which advocates the similar form of scam under different disguises. The deceivers merely duplicate the same scam site under different names to mislead users into thinking they are participating in a new venture. However, in actuality, it’s the same system of swindlers orchestrating the fraudulent promises and undertakings to take deposited cryptocurrency. The managers shrewdly employ psychological maneuvers and enticing invitations to implement their dishonest plots.

Step 1: Spreading

To initiate the scam, criminals set up and fill accounts on popular social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Utilizing bots and paid ads (when achievable), fraud actors boost the exposure of their scam activities to potential victims. This strategy permits them to create an extensive net and connect with their targeted spectators. The audience typically consists of cryptocurrency enthusiastic individuals searching for chances to earn profits.

Users obtain a stimulus to sign up, drawn by the commitment of obtaining crypto rewards valued at hundreds of dollars, all free of charge. To augment the appeal of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

People who show interest go to Coinfalcons.com via links featured in promotions or bot-generated posts. The site uses captivating visuals, design elements that appear genuine, and assertions of having a legitimate license, all intended to project an initial impression of reliability.

Step 3: Data Gathering

To redeem their prizes, users need to actively set up an account on Coinfalcons and receive instructions to submit sensitive and personal data throughout the sign-up procedure. This includes linking their cryptocurrency wallets, sharing email addresses, supplying phone numbers, sending in identification documents, and more.

Step 4: Requesting funds

Once signed up, users observe substantial amounts of cryptocurrency, valued at thousands of dollars, within their Coinfalcons wallets. Nonetheless, as it usually happens with such rewards, you are unable to withdraw them prior to topping up your account. Normally, a funds transfer of $100 is required to withdraw the sign-up bonus. This condition serves as the snare that ultimately culminates to the money loss.

Step 5: Disappear

The moment the payment is sent, the deceivers cease all contact. They go ahead to block users, erase accounts, and disappear with both the submitted money and essential private details. The fabricated rewards continue to be perpetually uncredited, as they lack real existence. They act solely as a phishing ploy. This approach forms the foundation for the scammers’ ability to deceive victims and steal hard-earned earnings through their deceptive internet-based crypto fraud.

Signs of Scam

I gathered several facts that point at the scammy nature of the Coinfalcons.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Coinfalcons 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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 scam, rascals 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 cryptocurrency assets. As we earlier determined, these scoundrels have no intention of restoring your money. So, what can these email messages and browser add-ons represent? Correct – this is another side of the deceptive plan designed to entice you into deliberately installing malicious software onto your computer.

Both add-ons and files included to emails can function as a carrier for various malicious code. In this scenario, I anticipate the presence of spyware and stealers among other forms of malware. While it is not obligatory for scammers to distribute malware, the probability is always existent. As noted, their morality is of little concern, and their reputation is already deeply compromised. They have no principles to give up and intend to boost revenues.

Frequently asked questions