Investigating CrypTep: Legit or Scam? The Truth Revealed

Recently, Cryptep.com service surfaced, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather reliable supporting information that clearly confirms it is, actually, a fraudulent platform.

Regardless of the promises of the most easy, reliable, and customer-centric service, Cryptep.com does not offer any of them. All this is just a shiny wrap around a blatant scam, which steals your funds and never returns them. Any tales about bonuses, backing from celebrities etc are non-existent as well.

CrypTep Scam Overview

Originally, CrypTep poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another bright marketing point for this site is partnerships with celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look real, rascals use deepfake videos where those celebrities 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 vivid wrap around an obvious scam.

CrypTep Scam

To begin with, CrypTep repeats the design of multiple equivalent pages. There are quite a few examples, like Cemonax, Lamerix or Mowdex. They are entirely indistinguishable in terms of visual elements, with minor discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are identical. Presumably, all these fraudulent sites are managed by a single group of swindrels.

Cryptocurrency Scam Summary

How the CrypTep Scam Works?

CrypTep is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use various website designs, which still share the same overall layout. Another common 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 start the deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Using bots and sponsored promotions (when achievable), scam actors intensify the presence of their fraudulent activities to possible victims. And as I said, fraudsters do not disdain using deepfake for creating videos with the mentioned celebs that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who enrolls the service immediately.

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

Step 2: Gaining Traffic

After clicking the ads, users end up on a page filled with appealing offers. “Crypto starts with CrypTep”, “Your crypto savings are secured with CrypTep, “Start earning with CrypTep – they look rather authoritative. To heat up users and make them proceed to step 3, scammers say that retrieving the pledged bonus requires registration. And since nothing questionable happens at this point, uninformed users happily move on – especially as the gift 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 data, rascals will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, scammers bait folks for registration with bonuses. And all the personal info needed for it – email, username, crypto wallet address – is valuable for user identification. Solely by gathering this information and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the alleged bonus is not available to use right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the sum of a bonus. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency operations require having capital on your account. In the case of CrypTep, users are also compelled to top up to claim the bonuses. And these top ups is what creates most of the cash flow to this scam site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the credited money and withdraw them.

This, however, is where the victim notices the issues. When keeping an eye on the actual cryptocurrency wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to withdraw the capital 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 have zero intentions to send you money. But to make the fraud look more realistic, they’ve developed a whole pack of reasons to decline the wireout request. Most of them repeat what Know Your Client regulations say, but in this case they are here only to make the withdrawal impossible.

By asking for your personal information, 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 reveal more and more info of yours, which – you guessed it right – will be then marketed 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 Cryptep.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with CrypTep 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, rascals may reach out to you with specific files. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we earlier determined, these scammers have no plan of returning your capital. So, what can these email messages and browser add-ons represent? Correct – that is another element of the scam designed to throw you into willingly installing destructive programs onto your device.

Both plugins and attachments included to email messages can function as a shell for various malicious software. In this situation, I expect 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 previously mentioned, their morality is of little concern, and their dignity is already severely tarnished. They have nothing to lose and intend to boost gains.

Frequently asked questions