The Fsvipcoin Scam – Don’t Become the Next Victim

Recently, Fsvipcoin.com service appeared, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather credible supporting information that unmistakably confirms it is, actually, a scam service.

Despite the promises of the most easy, trustworthy, and customer-centric service, Fsvipcoin.com does not offer any of them. All this is just a shiny wrap around a dirty scam, which takes your money and never gives them back. Any tales about gifts, endorsement from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Fsvipcoin Scam Overview

Originally, Fsvipcoin poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another highlighted selling point for this platform is backing from 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, frauds employ deepfake videos with those celebs promote the fraud as the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

Fsvipcoin Scam

Initially, Fsvipcoin shares the design of many equivalent websites. There are quite a few examples, like Ethtri, Ethspecify or Tradecipro100. They are completely identical in terms of visual elements, with small discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are unchanged. Most likely, all these scam sites are managed by the same gang of scammers.

Cryptocurrency Scam Summary

How the Fsvipcoin Scam Works?

Fsvipcoin is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use numerous website designs, which still share the similar 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 advanced 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 initiate the fraud, criminals establish and fill accounts on well-liked social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Employing bots and sponsored advertisements (when achievable), fraud actors increase the presence of their scam activities to possible victims. And as I said, crooks do not disdain using generative AI for creating videos with the aforementioned celebrities 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 Fsvipcoin in TikTok. Most of these videos are AI-generated deepfakes

Users receive a stimulus to sign up, drawn by the promise of getting cryptocurrency benefits valued at hundreds of dollars, all free of charge. To enhance the attractiveness of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After clicking the promos, users end up on a page filled with enticing offers. “Crypto starts with Fsvipcoin”, “Your crypto savings are secured with Fsvipcoin, “Start earning with Fsvipcoin – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that retrieving the pledged bonus requires registration. And as nothing concerning happens at this point, unaware users happily keep on – especially since the reward 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 information, frauds 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, frauds bait folks into signing up to get bonuses. And all the personal data needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this info and selling it further into the Darknet, fraudsters 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 equivalent sum. And this is what starts the final stage of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency operations require you to have capital on your account. With Fsvipcoin, users are also compelled to top up to get the bonuses. And these top ups is what creates the majority of the money flow to this fraudulent site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the deposited funds and withdraw them.

This is where the issues start to surface. When comparing the real crypto wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers are naught on intentions to send you money. Though to make it look more realistic, they’ve elaborated a whole bunch of reasons to decline the wireout request. Usually, they repeat what KYC regulations say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal information, scammers 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 would desperately need to undergo before getting your money back. And each of these checks will share more and more information, 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 Fsvipcoin.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Fsvipcoin 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 fraud, scoundrels may get in touch with you with particular documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we earlier figured out, these rascals have no intention of restoring your capital. So, what do these emails and browser add-ons represent? You guessed it right – this is another component of the scam designed to throw you into willingly running destructive programs onto your device.

Both extensions and attachments added to emails can serve as a carrier for diverse malware. In this case, I expect the presence of spyware and stealers among all kinds of malware. While it is not obligatory for scammers to distribute malware, the probability is always above zero. As stated, their conscience is of negligible importance, and their reputation is already severely tarnished. They have nothing to give up and aim to boost profits.

Remove spyware with Gridinsoft Anti-Malware

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