We Looked Into Coinsyne: Scam or Trustworthy? The Verdict

Recently, Coinsyne.com site popped up, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather credible supporting information that unmistakably confirms it is, in fact, a fraudulent service.

Despite the promises of the most convenient, trustworthy, and client-friendly service, Coinsyne.com does not fulfill any of them. All this is just a golden wrap around a blatant scam, which steals your money and never returns them. Any stories about gifts, endorsement from celebrities etc are non-existent as well.

Coinsyne Scam Overview

Originally, Coinsyne poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another highlighted 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 claims having significant support from them. To make these claims look real, rascals employ AI-generated videos where those celebrities promote the scam as if it was the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around a transparent scam.

Coinsyne Scam

Initially, Coinsyne copies the design of many equivalent pages. There are quite a few examples, like Receivemask, Ultracoinstrade or Sunxtoken. They are completely undistinguishable in terms of visual elements, with small discrepancies in the site header. Other details, and at times even crypto wallet addresses, are unchanged. Probably, all these fraudulent online platforms are led by the same gang of scammers.

Cryptocurrency Scam Summary

How the Coinsyne Scam Works?

Coinsyne is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use several 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 sophisticated 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 initiate the fraud, criminals set up and fill accounts on popular social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Employing bots and paid ads (when achievable), fraud actors increase the presence of their scam activities to possible victims. And as I said, crooks do not shy away using generative AI for creating clips with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who registers the service immediately.

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

Users get an incentive to enroll, attracted by the assurance of receiving crypto benefits valued at thousands of dollars, all without cost. To augment the appeal of the offer, fake claims of sponsorship by a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon following the ads, victims end up on a page filled with enticing offers. “Crypto starts with Coinsyne”, “Your crypto savings are secured with Coinsyne, “Start earning with Coinsyne – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that claiming the promoted bonus requires registration. And since nothing questionable happens at this point, unexperienced users happily keep on – especially since 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 register using your personal info, rascals 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 information needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make it at least usable for cryptocurrency purchases, 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

Eventually, any cryptocurrency purchases require you to have money on your account. With Coinsyne, users are also forced to top up to use the bonuses. And this is what creates most of the money flow to this fraudulent site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the transferred money and withdraw them.

This, however, is where the issues start to surface. When comparing the actual cryptocurrency wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to pull out 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 send you money. But to make it look more realistic, they’ve developed a whole bunch of reasons to decline the wireout request. Usually, they repeat what KYC guidelines say, but for the Coinsyne.com they are here only to make the withdrawal impossible.

By asking for your personal data, 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 should go through before getting your funds back. And every check will reveal more and more information, 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 Coinsyne.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Coinsyne 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. Coinsyne.com 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. Coinsyne 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. Coinsyne.com 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%, Coinsyne preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Coinsyne as a scam.

What Should I do as a Victim?

If you had to deal with Coinsyne 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, its masters may contact you with particular files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we earlier figured out, these deceivers have no plan of giving back your funds. So, what can these messages and browser plugins represent? Correct – that is another component of the fraudulent scheme designed to throw you into willingly installing malicious programs onto your system.

Both extensions and attachments attached to email messages can function 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 probability is always greater than zero. As noted, their ethics is of little concern, and their dignity is already seriously marred. They have nothing to lose and intend to boost profits.

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