We Investigated Hotcoinq: Legit or Scam? The Facts

Recently, Hotcoinq.com site popped up, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather reliable proof that clearly confirms it is, in truth, a deceptive service.

Contrary to the assertions of Hotcoinq.com, they will never return your capital. Regardless of the numbers displayed in the “member area”, there is no way to take out even a single cent. All commitments regarding crypto rewards are hollow as well.

It is better to prevent, than repair and repent!

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Hotcoinq Scam Overview

The primary offering that Hotcoinq strives to provide is a safe and convenient cryptocurrency wallet service. The site promises crypto exchange services, tools for controlling wallets, transfers, dashboards, and similar stuff. In fact, they endeavor to emulate the functionality of a crypto marketplace, like Binance or Coinbase. However, it in fact only serves as a shell needed to lull the vigilance.

Hotcoinq Scam

First and foremost, Hotcoinq imitates the appearance of multiple similar pages. There are quite a few examples, like Bybitfy, Bybitexno or Bstxstake. They are totally indistinguishable in terms of visual elements, with minor discrepancies in the site header. Other details, and at times even crypto wallet addresses, are the same. Probably, all these fraudulent sites are led by the same group of scammers.

Cryptocurrency Scam Summary

How the Hotcoinq Scam Works?

Hotcoinq is yet another webpage within a vast network of linked crypto fraudulent sites. The managers utilize various brand names and sites, like Hotcoinq.com, to capture victims. Nevertheless, these false sites possess matching website designs, terms of service, and About content. This reveals their beginnings as components of the identical criminal network, which promotes the identical mode of deception under diverse covers. The fraudsters just copy the same deceptive website under different names to deceive users into believing they are joining a new venture. However, in actuality, it’s the identical group of scammers orchestrating the deceptive pledges and attempts to grab deposited funds. The managers cleverly make use of psychological maneuvers and appealing offers to carry out their unscrupulous plots.

Step 1: Spreading

To begin the scam, criminals create and fill accounts on popular social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Utilizing bots and paid advertisements (when feasible), fraud actors increase the visibility of their fraudulent activities to potential victims. This strategy permits them to create a broad net and engage with their focused spectators. The public commonly consists of cryptocurrency fans looking for prospects to generate profits.

Users obtain an encouragement to sign up, attracted by the assurance of receiving crypto benefits valued at thousands of dollars, all free of charge. To increase the appeal of the offer, fake claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

People who show interest go to Hotcoinq.com via links present in advertisements or bot-generated posts. The webpage employs captivating visuals, design aspects that appear genuine, and assertions of possessing a official license, all aimed to present an initial perception of credibility.

Step 3: Data Gathering

To redeem their rewards, users are required to actively set up an profile on Hotcoinq and receive instructions to provide sensitive and private data throughout the sign-up procedure. This comprises linking their cryptocurrency wallets, sharing email addresses, specifying phone numbers, furnishing identification papers, and the like.

Step 4: Requesting funds

Once signed up, users notice substantial amounts of cryptocurrency, valued at hundreds of dollars, within their Hotcoinq wallets. Nonetheless, as is standard with such rewards, you cannot withdraw them ahead of topping up your account. Normally, a funds transfer of $100 is required to access the sign-up bonus. This stipulation serves as the snare that eventually culminates to the money loss.

Step 5: Disappear

The instant the payment is submitted, the deceivers halt all contact. They proceed to block users, delete accounts, and abscond with both the transferred funds and critical personal details. The phony prizes persist perpetually uncredited, as they lack real existence. They act exclusively as a deceptive ploy. This method forms the foundation for the fraudsters’ capability to deceive victims and embezzle hard-earned earnings through their double-dealing online crypto scam.

Signs of Scam

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

• Unsubstantiated Credibility. Hotcoinq employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Hotcoinq exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Hotcoinq as a scam.
• Dubious Corporate Information. Hotcoinq arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Hotcoinq.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Hotcoinq utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Hotcoinq 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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, scoundrels may contact you with particular files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto savings. As we already figured out, these deceivers have no intention of returning your capital. So, what can these emails and browser add-ons represent? Correct – that is another element of the fraudulent scheme designed to entice you into willingly running harmful software onto your computer.

Both extensions and attachments added to email messages can function as a shell for various malware. In this case, I expect the presence of spyware and stealers among all forms of malicious programs. While it is not mandatory for scammers to distribute malware, the likelihood is always significant. As stated, their conscience is of no concern, and their dignity is already neck deep in mud. They have nothing to lose and aim to boost revenues.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

To use Gridinsoft for remove malicious threats, follow the steps below:

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2.Once the Gridinsoft setup file (setup-gridinsoft-fix.exe) is downloaded, execute it by clicking on the file.

3.Follow the installation setup wizard's instructions diligently.

4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.

Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.

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6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.

8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.

Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.

Trojan Killer for “spyware” removal on locked PC

In situations where it becomes impossible to download antivirus applications directly onto the infected computer due to malware blocking access to websites, an alternative solution is to utilize the Trojan Killer application.

There is a really little number of security tools that are able to be set up on the USB drives, and antiviruses that can do so in most cases require to obtain quite an expensive license. For this instance, I can recommend you to use another solution of GridinSoft - Trojan Killer Portable. It has a 14-days cost-free trial mode that offers the entire features of the paid version. This term will definitely be 100% enough to wipe malware out.

Trojan Killer is a valuable tool in your cybersecurity arsenal, helping you to effectively remove malware from infected computers. Now, we will walk you through the process of using Trojan Killer from a USB flash drive to scan and remove malware on an infected PC. Remember, always obtain permission to scan and remove malware from a computer that you do not own.

Step 1: Download & Install Trojan Killer on a Clean Computer:

1. Go to the official GridinSoft website (gridinsoft.com) and download Trojan Killer to a computer that is not infected.

2. Insert a USB flash drive into this computer.

3. Install Trojan Killer to the "removable drive" following the on-screen instructions.

4. Once the installation is complete, launch Trojan Killer.

Step 2: Update Signature Databases:

5. After launching Trojan Killer, ensure that your computer is connected to the Internet.

6. Click "Update" icon to download the latest signature databases, which will ensure the tool can detect the most recent threats.

Step 3: Scan the Infected PC:

7. Safely eject the USB flash drive from the clean computer.

8. Boot the infected computer to the Safe Mode.

9. Insert the USB flash drive.

10. Run tk.exe

11. Once the program is open, click on "Full Scan" to begin the malware scanning process.

Step 4: Remove Found Threats:

12. After the scan is complete, Trojan Killer will display a list of detected threats.

13. Click on "Cure PC!" to remove the identified malware from the infected PC.

14. Follow any additional on-screen prompts to complete the removal process.

Step 5: Restart Your Computer:

15. Once the threats are removed, click on "Restart PC" to reboot your computer.

16. Remove the USB flash drive from the infected computer.

Congratulations on effectively removing spyware and the concealed threats from your computer! You can now have peace of mind, knowing that they won't resurface again. Thanks to Gridinsoft's capabilities and commitment to cybersecurity, your system is now protected.

Frequently asked questions

The truth about Hotcoinq

Name: Hotcoinq

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Hotcoinq, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Hotcoinq scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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