Lpgsgroup Reviewed: Real Deal or Total Ripoff? Read This First

Recently, Lpgsgroup.co website appeared, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather reliable proof that unmistakably reveals it is, actually, a scam site.

Regardless of the promises of the most convenient, dependable, and customer-centric service, Lpgsgroup.co does not offer any of them. All this is just a gilded wrap around a clear scam, which takes your funds and never gives them back. Any stories about gifts, endorsement from celebrities etc are nowhere to be found as well.

Lpgsgroup Scam Overview

Originally, Lpgsgroup poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another highlighted selling point for this site is partnerships with celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look real, con actors use deepfake videos with those celebs promote the fake crypto service as if it was the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

Lpgsgroup Scam

Initially, Lpgsgroup shares the appearance of many similar online platforms. There are quite a few examples, like Sanzolex, Saybex or Sayzex. They are completely indistinguishable in terms of visual elements, with small discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are matching. Presumably, all these fraudulent sites are managed by a single team of fraudsters.

Cryptocurrency Scam Summary

How the Lpgsgroup Scam Works?

Lpgsgroup is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use various website designs, which still share the identical overall layout. Another common 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To start the fraud, criminals establish and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Utilizing bots and sponsored advertisements (when feasible), scam actors intensify the exposure of their scam activities to possible victims. And as I said, scammers do not shy away using deepfake for creating videos with the mentioned celebs 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 Lpgsgroup in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

After following the promos, targets end up on a page filled with attractive offers. “Crypto starts with Lpgsgroup”, “Your crypto savings are secured with Lpgsgroup, “Start earning with Lpgsgroup – they look rather authoritative. To heat up the interest and make the users proceed to step 3, crooks say that retrieving the pledged bonus requires registration. And since nothing concerning happens at this point, unaware users happily proceed – especially as the reward appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you sign up using your personal data, crooks will not 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, scammers bait folks for registration with bonuses. And all the personal info needed for it – email, username, crypto wallet address – are valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

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

Step 4: Requesting funds

It is obvious that any crypto operations require you to have capital on your account. With Lpgsgroup, users are also compelled to top up to use the bonuses. And these top ups is what creates the majority of the cash flow to this fraudulent site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the credited funds and withdraw them.

This, however, is where the first obvious issues start to surface. When comparing the actual cryptocurrency wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers have no intentions to return your money. Though to make it look more realistic, they’ve crafted a whole pack of reasons to decline the withdrawal request. Most of them repeat what KYC guidelines say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal info, frauds 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 grand back. And each of these checks will reveal more and more information, 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 Lpgsgroup.co. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Lpgsgroup 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, its actors may get in touch with you with specific documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we already figured out, these deceivers have no intent of restoring your funds. So, what do these messages and browser plugins represent? You guessed it right – this is another element of the deceptive plan designed to entice you into deliberately running destructive software onto your computer.

Both extensions and files attached to email messages can act as a carrier for diverse malware. In this case, I anticipate the presence of spyware and stealers among all forms of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always significant. As stated, their ethics is of no concern, and their dignity is already deeply compromised. They have no principles to lose and aim to maximize revenues.

Frequently asked questions