We Investigated Hennycoin: Legit or Scam? The Facts

Recently, Hennycoin.com site surfaced, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather credible evidence that clearly reveals it is, actually, a scam platform.

Contrary to the assertions of Hennycoin.com, they will never return your money. Despite the money displayed in the “member area”, there is no possibility to withdraw even a cent. All pledges regarding crypto rewards are hollow as well.

Hennycoin Scam Overview

The main offering that Hennycoin strives to provide is a safe and user-friendly crypto wallet service. The site promises crypto exchange solutions, tools for handling wallets, transfers, dashboards, and the like. In truth, they endeavor to emulate the functionality of a crypto exchange, akin to Binance or Coinbase. However, it in fact exclusively serves as a shell needed to mislead the cautious.

Hennycoin Scam

First and foremost, Hennycoin mimics the design of multiple similar online platforms. There are quite a few examples, like Gemycoin, Frosbit or Fevtex. They are completely undistinguishable in terms of graphic elements, with small discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Probably, all these deceptive online platforms are led by a single gang of scammers.

Cryptocurrency Scam Summary

How the Hennycoin Scam Works?

Hennycoin is yet another webpage within a wide-ranging network of associated crypto fraudulent platforms. The operators employ diverse brand names and websites, like Hennycoin.com, to trap victims. Nevertheless, these deceptive websites possess the same designs, terms of service, and About Us content. This reveals their origins as components of the identical criminal network, which endorses the similar form of fraud under various covers. The fraudsters simply copy the same fraudulent website under different names to mislead users into thinking they are enrolling a fresh opportunity. However, in reality, it’s the equal group of swindlers orchestrating the fraudulent promises and efforts to seize deposited money. The operators cleverly employ psychological tactics and appealing invitations to implement their deceitful schemes.

Step 1: Spreading

To initiate the deceptive scheme, criminals create and fill accounts on popular social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Utilizing bots and sponsored advertisements (when possible), fraud actors increase the visibility of their deceptive activities to possible victims. This strategy enables them to create a broad net and connect with their focused viewers. The latter commonly consists of cryptocurrency fans searching for opportunities to earn profits.

Users get an encouragement to enroll, enticed by the promise of obtaining crypto benefits valued at hundreds of dollars, all without cost. To enhance the attractiveness of the offer, fake suggestions of cooperation with a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Users who show interest visit Hennycoin.com via links present in promotions or bot-generated posts. The site uses captivating visuals, design features that appear legitimate, and assertions of holding a legitimate license, all aimed to present an initial impression of reliability.

Step 3: Data Gathering

To claim their benefits, users need to actively sign up on Hennycoin and receive prompts to provide sensitive and private information during the sign-up procedure. This includes linking their cryptocurrency wallets, sharing email addresses, specifying phone numbers, sending in identification papers, and the like.

Step 4: Requesting funds

Once registered, users witness substantial amounts of cryptocurrency, valued at thousands of dollars, within their Hennycoin wallets. Nonetheless, as it usually happens with such bonuses, you are unable to withdraw them prior to topping up your account. Usually, a payment of $100 is asked to get the sign-up bonus. This stipulation serves as the trap that eventually culminates to the money loss.

Step 5: Disappear

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Hennycoin 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 duration of the scam, rascals may contact you with particular files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency assets. As we already figured out, these deceivers have no intention of giving back your funds. So, what do these messages and browser plugins represent? You guessed – that is another element of the scam designed to throw you into deliberately installing destructive applications onto your system.

Both plugins and attachments attached to email messages can function as a carrier for diverse malicious code. In this case, I foresee the presence of spyware and stealers among other types of threats. While it is not obligatory for scammers to distribute malware, the chance is always existent. As noted, their ethics is of little concern, and their dignity is already seriously marred. They have no principles to give up and intend to maximize profits.

Frequently asked questions