We Looked Into Koywin: Scam or Trustworthy? The Verdict

Recently, Koywin.com website appeared, promoting itself as a platform to keep cryptocurrency and other assets safely. I managed to gather reliable proof that unmistakably reveals it is, actually, a scam site.

Despite the promises of the most easy, reliable, and client-friendly service, Koywin.com does not follow any of them. All this is just a golden wrap around a dirty scam, which steals your funds and never returns them. Any stories about gifts, sponsorship from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Koywin Scam Overview

Originally, Koywin poses as a crypto trading & cryptowallet platform with exceptionally low commission fees. Another bright marketing point for this platform is partnerships with celebrities that are known in the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look real, con actors use AI-generated videos where those celebrities promote the scam as if it was the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

Koywin Scam

Initially, Koywin shares the design of many similar online platforms. There are quite a few examples, like Dexbit, Bosladex or Bitroboto. They are totally indistinguishable in terms of visual elements, with slight discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are matching. Probably, all these deceptive websites are led by a single team of scoundrels.

Cryptocurrency Scam Summary

How the Koywin Scam Works?

Koywin is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use several 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 sophisticated 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 deceptive scheme, criminals set up and fill accounts on popular social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Utilizing bots and sponsored promotions (when possible), fraud actors intensify the presence of their fraudulent activities to potential victims. And as I said, scammers do not disdain using deepfake for creating clips with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

Promotions of cryptoscams like Koywin in TikTok. Most of these videos are AI-generated deepfakes

Users obtain an incentive to register, enticed by the promise of receiving crypto rewards valued at thousands of dollars, all free of charge. To augment the attractiveness of the offer, false suggestions of sponsorship by a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After clicking the promotions, targets end up on a page filled with enticing offers. “Crypto starts with Koywin”, “Your crypto savings are secured with Koywin, “Start earning with Koywin – they look rather reliable. To heat up users and make them proceed to step 3, fraudsters say that unlocking the pledged bonus requires registration. And since nothing suspicious happens at this point, unaware users happily proceed – especially as the bonus appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you register using your personal info, swindrels will not be able to 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 said, scammers bait folks for registration with bonuses. And all the personal data needed for it – username, email, crypto wallet address – are valuable for user identification. Exclusively 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 promised bonus is not available to use right away. To make it at least usable for crypto purchases, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any crypto operations require you to have funds on your account. With Koywin, 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 site hoping to use all the credited capital and withdraw them.

This is where the victim notices the problems. When keeping an eye on the real crypto wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to withdraw the funds 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 send you money. But to make the denial look more legitimate, they’ve crafted a whole pack of reasons to decline the transfer-out request. Most of them repeat what KYC guidelines say, but in this case they are here only to make the withdrawal impossible.

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

• Unsubstantiated Credibility. Koywin 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%, Koywin exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Koywin as a scam.
• Dubious Corporate Information. Koywin 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. Koywin.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. Koywin 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 Koywin 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 course of the scam, rascals may reach out to you with specific documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto assets. As we earlier determined, these rascals have no intention of restoring your capital. So, what do these email messages and browser plugins represent? You guessed it right – that is another element of the deceptive plan designed to entice you into willingly running destructive programs onto your computer.

Both add-ons and attachments attached to email messages can function as a shell for diverse malicious software. In this case, I anticipate the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As previously mentioned, their morality is of negligible importance, and their reputation is already deeply compromised. They have nothing to lose and aim to boost gains.

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