We Investigated Ethspecify: Legit or Scam? The Facts

Recently, Ethspecify.com service appeared, promoting itself as a platform to keep cryptocurrency and other assets safely. I managed to gather credible proof that clearly reveals it is, actually, a fraudulent platform.

Regardless of the promises of the most user-friendly, reliable, and customer-centric service, Ethspecify.com does not follow any of them. All this is just a shiny wrap around a blatant scam, which takes your money and never returns them. Any stories about gifts, sponsorship from celebrities etc are non-existent as well.

Ethspecify Scam Overview

Originally, Ethspecify poses as a crypto trading & cryptowallet service with exceptionally low commission fees. Another notable selling point for this platform 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 more realistic, frauds use AI-generated videos with those celebs advertise the scam as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a glaring wrap around an obvious scam.

Ethspecify Scam

To begin with, Ethspecify shares the appearance of numerous similar online platforms. There are quite a few examples, like Tradecipro100, Bitflara or Bigerix. They are completely indistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other details, and sometimes even crypto wallet addresses, are identical. Most likely, all these fraudulent online platforms are led by the same team of frauds.

Cryptocurrency Scam Summary

How the Ethspecify Scam Works?

Ethspecify is a part of a significant 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 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 complex psychological tricks that make the user believe in the authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To start the scam, criminals create and fill accounts on well-liked social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Using bots and paid promotions (when feasible), scam actors increase the visibility of their fraudulent activities to possible victims. And as I said, crooks do not disdain using deepfake for creating clips with the mentioned celebs that advertise 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 Ethspecify in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

Upon clicking the promos, victims end up on a page filled with attractive offers. “Crypto starts with Ethspecify”, “Your crypto savings are secured with Ethspecify, “Start earning with Ethspecify – they look rather reliable. To heat up the interest and make the users proceed to step 3, scammers say that obtaining the promoted bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily proceed – especially as the gift appears to be right behind the corner.

This is the last stage when it is possible to get away from the scam without any losses. Before you register using your personal data, rascals will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, frauds bait folks into signing up for bonuses. And all the personal data needed for it – username, email, 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 at least cryptocurrency purchases on the platform with it, the user should 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

Eventually, any crypto purchases require you to have money on your account. With Ethspecify, users are also coerced to top up to use the bonuses. And this is what creates the majority of the cash flow to this fraudulent site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the credited money and withdraw them.

This, however, is where the first obvious problems start to surface. When keeping an eye on the real crypto wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to pull out 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 are naught on intentions to return your money. But to make it look more legitimate, they’ve crafted a whole bunch of reasons to decline the transfer-out request. Most of them repeat what KYC requirements say, but in this case they are here only to make the wireout impossible.

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

• Cryptocurrency-Only Transactions. Ethspecify.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Ethspecify arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Ethspecify resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Ethspecify employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Ethspecify capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Ethspecify.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Ethspecify 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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 fraud, fraudsters may reach out to you with particular files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we already determined, these deceivers have no intention of restoring your money. So, what do these messages and browser extensions represent? You guessed – that is another side of the scam designed to throw you into deliberately installing destructive software onto your computer.

Both extensions and files attached to emails can serve as a shell for diverse malicious code. In this scenario, I expect the presence of spyware and stealers among other types of malicious programs. While it is not obligatory for scammers to distribute malware, the chance is always significant. As noted, their morality is of negligible importance, and their dignity is already severely tarnished. They have nothing to lose and strive to boost profits.

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