We Investigated GlobalIBTrades: Legit or Scam? The Facts

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

Regardless of the promises of the most user-friendly, trustworthy, and customer-centric service, Globalibtrades.com does not follow any of them. All this is just a gilded wrap around a clear scam, which steals your money and never gives them back. Any stories about bonuses, backing from celebrities etc are non-existent as well.

GlobalIBTrades Scam Overview

Originally, GlobalIBTrades poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another highlighted selling point for this service is backing from celebrities that have relation to the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – 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. For obvious reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

GlobalIBTrades Scam

First and foremost, GlobalIBTrades repeats the appearance of numerous similar online platforms. There are quite a few examples, like Bitco, Geldbost or Fonalax. They are totally undistinguishable in terms of visual elements, with slight discrepancies in the website header. Other details, and at times even crypto wallet addresses, are the same. Presumably, all these fraudulent websites are operated by the same group of scoundrels.

Cryptocurrency Scam Summary

How the GlobalIBTrades Scam Works?

GlobalIBTrades is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous website designs, which still share the similar overall layout. Another shared 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 legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To begin the fraud, criminals establish and fill accounts on popular social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Utilizing bots and sponsored advertisements (when possible), scam actors increase the exposure of their fraudulent activities to possible victims. And as I said, crooks do not disdain using deepfake for creating videos with the mentioned celebrities 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 GlobalIBTrades in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

After following the ads, victims end up on a page filled with enticing offers. “Crypto starts with GlobalIBTrades”, “Your crypto savings are secured with GlobalIBTrades, “Start earning with GlobalIBTrades – they look rather credible. To heat up the interest and make the users proceed to step 3, crooks say that retrieving the promised bonus requires registration. And since nothing suspicious happens at this point, uninformed users happily keep on – especially since the gift appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you sign up using your personal information, swindrels will not be able to 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, deceivers bait folks into signing up for bonuses. And all the personal info needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

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

Step 4: Requesting funds

Eventually, any crypto operations require you to have funds on your account. In the case of GlobalIBTrades, users are also compelled to top up to use the bonuses. And this is what creates most of the money flow to this scam website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the deposited funds and withdraw them.

This, however, is where the issues start to surface. When comparing the actual cryptocurrency wallet vs what the site says, you can notice 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

Needless to say that fraudsters have no intentions to give your money back. Though to make it look more legitimate, they’ve elaborated a whole pack of reasons to decline the withdrawal request. Usually, they repeat what KYC requirements say, but for the Globalibtrades.com they are here exclusively to make the wireout impossible.

By requesting 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 a dozen other checks you would desperately need to undergo before getting your money back. And every check will reveal more and more info of yours, which – you guessed it right – will be then marketed 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 Globalibtrades.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with GlobalIBTrades 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 fraud, its actors may contact you with specific files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we earlier determined, these scammers have no intention of returning your funds. So, what do these emails and browser add-ons represent? You guessed – that is another side of the deceptive plan designed to entice you into willingly installing destructive software onto your system.

Both plugins and attachments included to emails can serve as a shell for various malware. In this scenario, I anticipate the presence of spyware and stealers among other types of malicious programs. While it is not mandatory for scammers to distribute malware, the chance is always greater than zero. As noted, their conscience is of no concern, and their reputation is already seriously marred. They have nothing to lose and intend to boost profits.

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