Cryptoclo Reviewed: Legit or Total Ripoff? Read This First

Recently, Cryptoclo.com site surfaced, promoting itself as a place to store cryptocurrency and other assets safely. I managed to gather credible evidence that clearly confirms it is, actually, a scam platform.

Regardless of the promises of the most easy, trustworthy, and customer-centric service, Cryptoclo.com does not follow any of them. All this is just a gilded wrap around a blatant scam, which takes your funds and never gives them back. Any stories about gifts, backing from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Cryptoclo Scam Overview

Originally, Cryptoclo poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another highlighted selling point for this platform is backing from celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look real, frauds use AI-generated 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 a transparent scam.

Cryptoclo Scam

To begin with, Cryptoclo copies the layout of many equivalent pages. There are quite a few examples, like Definton, Bitvald or Wemixvip. They are entirely indistinguishable in terms of visual elements, with slight discrepancies in the website header. Other particulars, and at times even crypto wallet addresses, are identical. Probably, all these deceptive websites are operated by a single group of scammers.

Cryptocurrency Scam Summary

How the Cryptoclo Scam Works?

Cryptoclo is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use various website designs, which still share the identical overall layout. Another mutual 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 legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To initiate 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 begins. Employing bots and sponsored promotions (when achievable), scam actors boost the exposure of their scam activities to potential victims. And as I said, fraudsters do not disdain using generative AI for creating videos with the aforementioned celebs that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

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

Users get an incentive to register, drawn by the promise of obtaining cryptocurrency prizes valued at hundreds of dollars, all free of charge. To augment the attractiveness of the offer, false suggestions of sponsorship by a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

After clicking the promotions, targets end up on a page filled with attractive offers. “Crypto starts with Cryptoclo”, “Your crypto savings are secured with Cryptoclo, “Start earning with Cryptoclo – they look rather reliable. To heat up users and make them proceed to step 3, fraudsters say that obtaining the promoted bonus requires registration. And as nothing questionable happens at this point, unexperienced users happily keep on – especially as the reward appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you register using your personal info, crooks will not 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 into registration to get bonuses. And all the personal data needed for it – email, username, crypto wallet address – is valuable for user identification. Exclusively 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 alleged bonus right away. To make at least cryptocurrency purchases on the platform with it, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Eventually, any cryptocurrency operations require you to have money on your account. In the case of Cryptoclo, users are also forced to top up to claim the bonuses. And these top ups 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 site hoping to use all the credited money and withdraw them.

This, however, is where the problems start to surface. When keeping an eye on the real cryptocurrency wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters are naught on intentions to send you money. Though to make the denial look more legitimate, they’ve elaborated a whole bunch of reasons to decline the withdrawal request. Most of them repeat what KYC regulations say, but for the Cryptoclo.com they are here only to make the wireout impossible.

By asking for your personal data, frauds just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your funds back. And every check will reveal 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 Cryptoclo.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Cryptoclo 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 course of the scam, its masters may reach out to you with specific files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto savings. As we already figured out, these deceivers have no plan of restoring your funds. So, what can these emails and browser extensions represent? Correct – this is another side of the deceptive plan designed to throw you into deliberately running harmful software onto your system.

Both add-ons and files attached to emails can function as a carrier for various malicious code. In this scenario, I anticipate the presence of spyware and stealers among all types of malicious programs. While it is not mandatory for scammers to distribute malware, the likelihood is always greater than zero. As stated, their conscience is of no concern, and their reputation is already neck deep in mud. They have no scruples to give up and intend to boost gains.

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Frequently asked questions

The truth about Cryptoclo

Name: Cryptoclo

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Cryptoclo, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Cryptoclo scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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