We Looked Into Cryptoverum: Scam or Trustworthy? The Verdict

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

Contrary to the assertions of Cryptoverum.com, they won’t ever give back your capital. Regardless of the money displayed in the “member area”, there is absolutely no ability to take out even a single coin. All pledges regarding crypto rewards are empty as well.

Cryptoverum Scam Overview

The primary offering that Cryptoverum attempts to provide is a secure and user-friendly cryptocurrency wallet service. The site promises crypto exchange services, tools for handling wallets, transfers, dashboards, and the like. In truth, they try to emulate the functionality of a crypto exchange, like Binance or Coinbase. However, it in actuality solely serves as a shell needed to lull the vigilance.

Cryptoverum Scam

Initially, Cryptoverum reproduces the layout of numerous similar online platforms. There are quite a few examples, like Fx, Nice or Bmnetworkfx. They are totally indistinguishable in terms of visual elements, with minor discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are identical. Presumably, all these deceptive sites are operated by a single gang of frauds.

Cryptocurrency Scam Summary

How the Cryptoverum Scam Works?

Cryptoverum is yet another online platform within a wide-ranging network of linked crypto scam webpages. The managers employ various brand titles and websites, like Cryptoverum.com, to capture victims. Nevertheless, these fraudulent sites possess the same website designs, terms of service, and About Us information. This unveils their origins as parts of the same scam network, which promotes the similar mode of fraud under different covers. The deceivers simply duplicate the identical fraudulent site under different names to deceive users into assuming they are participating in a fresh venture. However, in reality, it’s the same system of scammers orchestrating the deceptive promises and undertakings to grab deposited funds. The managers shrewdly employ psychological strategies and appealing invitations to carry out their dishonest plots.

Step 1: Spreading

To start the fraud, criminals create and fill accounts on well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Using bots and paid advertisements (when feasible), scam actors intensify the visibility of their scam activities to possible victims. This tactic permits them to cast an extensive net and connect with their focused audience. The latter typically consists of cryptocurrency enthusiastic individuals seeking chances to generate profits.

Step 2: Gaining Traffic

People who show interest check out Cryptoverum.com via links present in promotions or bot-generated posts. The webpage employs captivating visuals, design features that appear authentic, and claims of possessing a valid license, all aimed to present an initial image of reliability.

Step 3: Data Gathering

To collect their rewards, users need to actively set up an profile on Cryptoverum and get guidance to submit sensitive and private information throughout the registration procedure. This comprises linking their cryptocurrency wallets, sharing email addresses, supplying phone numbers, submitting identification papers, and the like.

Step 4: Requesting funds

Once enrolled, users observe significant amounts of cryptocurrency, valued at hundreds of dollars, within their Cryptoverum wallets. Nevertheless, as it usually happens with such rewards, you are unable to withdraw them prior to making a deposit. Normally, a funds transfer of $100 is required to withdraw the sign-up bonus. This prerequisite serves as the trap that eventually results to the money loss.

Step 5: Disappear

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Cryptoverum 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 timeline of the scam, fraudsters may reach out to you with specific documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we earlier determined, these scoundrels have no intention of giving back your money. So, what do these messages and browser extensions represent? You guessed – that is another side of the fraudulent scheme designed to throw you into deliberately running destructive programs onto your system.

Both plugins and attachments attached to emails can function as a carrier for diverse malicious code. In this situation, I expect the presence of spyware and stealers among all forms of malware. While it is not mandatory for scammers to distribute malware, the chance is always greater than zero. As stated, their morality is of negligible importance, and their reputation is already deeply compromised. They have no principles to lose and aim to boost profits.

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