The Cryptohub Exchanges Scam – What You Need To Know

Recently, Cryptohubexchanges.com site popped up, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably reveals it is, in truth, a scam site.

Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Cryptohubexchanges.com does not follow any of them. In fact, all this is just a shiny wrap around a dirty scam, which steals your money and never gives them back. Any stories about gifts, endorsement from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Cryptohub Exchanges Scam Overview

Originally, Cryptohub Exchanges poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another bright marketing point for this service 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 more realistic, con actors employ AI-generated videos where those celebrities advertise the fake crypto service as the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a glaring wrap around a transparent scam.

Cryptohub Exchanges Scam

Initially, Cryptohub Exchanges copies the design of multiple similar online platforms. There are quite a few examples, like Bulary, Nexoworld or Reyzese. They are totally identical in terms of visual elements, with small discrepancies in the website header. Other details, and sometimes even crypto wallet addresses, are unchanged. Probably, all these fraudulent websites are led by the same gang of frauds.

Cryptocurrency Scam Summary

How the Cryptohub Exchanges Scam Works?

Cryptohub Exchanges is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use several website designs, which still share the similar 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 legitimacy 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 well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Employing bots and paid advertisements (when achievable), scam actors intensify the presence of their scam activities to potential victims. And as I said, scammers do not shy away using deepfake for creating clips with the aforementioned celebs that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who joins the service immediately.

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

Users obtain an incentive to sign up, enticed by the promise of receiving crypto prizes valued at thousands of dollars, all without cost. To enhance the appeal of the offer, fake claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the promotions, users end up on a page filled with attractive offers. “Crypto starts with Cryptohub Exchanges”, “Your crypto savings are secured with Cryptohub Exchanges, “Start earning with Cryptohub Exchanges – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that unlocking the pledged bonus requires registration. And as nothing questionable happens at this point, uninformed users happily move on – especially as the bonus appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you sign up using your personal info, frauds will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, frauds bait folks for registration with bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Exclusively by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, the promised bonus is not available for withdrawal right away. To make at least crypto purchases on the platform with it, you need to top up the account with the sum of a bonus. And this is what starts the final stage of the scam.

Step 4: Requesting funds

Obviously, any crypto purchases require having capital on your account. In the case of Cryptohub Exchanges, users are also forced to top up to use the bonuses. And this is what creates the majority 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 engaging on this site hoping to use all the transferred money and withdraw them.

This is where the victim notices the issues. When comparing the real crypto wallet vs what the site says, you can observe that no transactions are done whatsoever. And then, when you’d try to retrieve 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 swindlers have zero intentions to return your money. Though to make it look more realistic, they’ve made up a whole pack of reasons to decline the transfer-out request. Most of them repeat what KYC regulations say, but in this case they are here only to make the wireout impossible.

By asking for your personal data, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your money back. And every check will share more and more info of yours, which – you guessed it right – will be then sold 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 Cryptohubexchanges.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Cryptohub Exchanges 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 Cryptohub Exchanges 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 Cryptohub Exchanges, 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 Cryptohub Exchanges is a definite scam.

What Should I do as a Victim?

If you had to deal with Cryptohub Exchanges 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.

• Report the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

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 scam, its masters may get in touch with you with specific documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto funds. As we previously determined, these deceivers have no plan of returning your funds. So, what can these emails and browser extensions represent? Correct – this is another component of the deceptive plan designed to throw you into willingly installing malicious software onto your device.

Both add-ons and attachments included to email messages can act as a carrier for various malicious code. In this scenario, I foresee the presence of spyware and stealers among other kinds of malicious programs. While it is not mandatory for scammers to distribute malware, the probability is always greater than zero. As stated, their conscience is of negligible importance, and their dignity is already severely tarnished. They have no principles to lose and aim to boost profits.

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