We Investigated Cointradecircle: Legit or Scam? The Facts

Recently, Cointradecircle.com website appeared, promoting itself as a platform to store cryptocurrency and other assets securely. I managed to gather credible supporting information that clearly indicates it is, actually, a scam site.

Despite what Cointradecircle site states, they will never give back your money. Even though the figures displayed in the “member area”, there is absolutely no way to withdraw even a cent. All promises regarding crypto incentives are baseless as well.

Cointradecircle Scam Overview

The main service that Cointradecircle strives to provide is a safe and convenient cryptocurrency wallet service. The site pledges crypto exchange facilities, tools for controlling wallets, transfers, dashboards, and similar stuff. In fact, they aim to emulate the functionality of a crypto exchange, like Binance or Coinbase. However, it in fact exclusively serves as a cover needed to fool the cautious.

Cointradecircle Scam

To begin with, Cointradecircle reproduces the appearance of numerous equivalent websites. There are quite a few examples, like Beastdep, Avionprime or Astroption. They are completely indistinguishable in terms of visual elements, with slight discrepancies in the website header. Other particulars, and at times even crypto wallet addresses, are the same. Presumably, all these fraudulent online platforms are led by the same group of swindrels.

Cryptocurrency Scam Summary

How the Cointradecircle Scam Works?

Cointradecircle is yet another webpage within a wide-ranging network of linked crypto scam platforms. The managers employ diverse brand identities and sites, like Cointradecircle.com, to trap victims. Nevertheless, these deceptive websites possess matching designs, terms of service, and About information. This reveals their origins as components of the same fraudulent network, which advocates the similar form of deception under different appearances. The scammers just copy the identical deceptive site under different names to fool users into believing they are joining a fresh opportunity. However, in actuality, it’s the equal system of scammers orchestrating the deceptive promises and efforts to grab deposited money. The administrators cleverly make use of psychological tactics and appealing propositions to implement their unscrupulous plots.

Step 1: Spreading

To start the fraud, criminals create and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Utilizing bots and paid ads (when possible), scam actors boost the presence of their scam activities to possible victims. This approach permits them to create an extensive net and engage with their aimed audience. The group typically comprises of cryptocurrency enthusiasts seeking prospects to generate profits.

Users obtain an incentive to register, drawn by the assurance of getting crypto benefits valued at thousands of dollars, all for free. To enhance the attractiveness of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Individuals who show interest go to Cointradecircle.com via links included in ads or robotic posts. The website employs captivating visuals, design aspects that appear genuine, and claims of possessing a valid license, all aimed to project an initial image of credibility.

Step 3: Data Gathering

To collect their rewards, users need to proactively sign up on Cointradecircle and get prompts to submit sensitive and private information during the enrollment process. This includes linking their cryptocurrency wallets, revealing email addresses, giving phone numbers, furnishing identification documents, and the like.

Step 4: Requesting funds

Once enrolled, users notice considerable amounts of cryptocurrency, valued at hundreds of dollars, within their Cointradecircle wallets. Nevertheless, as it usually happens with such bonuses, you cannot withdraw them before topping up your account. Normally, a deposit of $100 is required to withdraw the sign-up bonus. This stipulation serves as the enticement that ultimately leads to the money loss.

Step 5: Disappear

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Cointradecircle 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 course of the scam, scoundrels 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 assets. As we already figured out, these deceivers have no intent of returning your capital. So, what do these messages and browser add-ons represent? You guessed – this is another element of the fraudulent scheme designed to throw you into deliberately running destructive programs onto your system.

Both plugins and attachments included to email messages can function as a carrier for different malicious software. In this case, I foresee the presence of spyware and stealers among other kinds of threats. While it is not mandatory for scammers to distribute malware, the probability is always greater than zero. As previously mentioned, their morality is of little concern, and their reputation is already neck deep in mud. They have nothing to lose and intend to maximize gains.

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