The Lynomex Scam – What You Need To Know

Recently, Lynomex.com site surfaced, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather credible supporting information that clearly reveals it is, in fact, a fraudulent site.

Regardless of the promises of the most convenient, reliable, and client-friendly service, Lynomex.com does not fulfill any of them. In fact, all this is just a gilded wrap around a blatant scam, which steals your money and never returns them. Any stories about bonuses, endorsement from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Lynomex Scam Overview

Originally, Lynomex poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another notable selling point for this platform is partnerships with celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look real, rascals employ deepfake videos where those celebrities advertise 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 vivid wrap around a transparent scam.

Lynomex Scam

First and foremost, Lynomex repeats the design of multiple equivalent pages. There are quite a few examples, like Lelonex, Bitminz or Wulbit. They are entirely indistinguishable in terms of visual elements, with minor discrepancies in the webpage header. Other particulars, and sometimes even crypto wallet addresses, are identical. Probably, all these fraudulent online platforms are led by a single group of scoundrels.

Cryptocurrency Scam Summary

How the Lynomex Scam Works?

Lynomex is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use numerous website designs, which still share the same 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 sophisticated 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 initiate the scam, criminals set up and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Using bots and paid ads (when achievable), scam actors increase the visibility of their deceptive activities to possible victims. And as I said, fraudsters do not shy away using generative AI for creating videos with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who registers the service immediately.

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

Users get an incentive to register, enticed by the assurance of getting crypto benefits valued at hundreds of dollars, all free of charge. To enhance the attractiveness of the offer, fake suggestions of sponsorship by a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon clicking the promotions, victims end up on a page filled with attractive offers. “Crypto starts with Lynomex”, “Your crypto savings are secured with Lynomex, “Start earning with Lynomex – they look rather credible. To heat up users and make them proceed to step 3, scammers say that unlocking the promoted bonus requires registration. And since nothing suspicious happens at this point, uninformed users happily move on – especially since the gift appears to be right behind the corner.

This is the last stage when it is possible to get away from the scam without any losses. Before you sign up using your personal data, frauds will not earn even a penny from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, deceivers bait folks into signing up to get bonuses. And all the personal info needed for it – username, email, crypto wallet address – is valuable for user identification. Exclusively by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make at least crypto purchases on the platform with it, you need to top up the account with the sum of a bonus. And this is what starts the final step of the scam.

Step 4: Requesting funds

It is obvious that any cryptocurrency purchases require you to have funds on your account. In the case of Lynomex, users are also coerced to top up to use the bonuses. And this is what creates most of the cash 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 engaging on this website hoping to use all the transferred capital and withdraw them.

This, however, is where the issues start to surface. When comparing the real 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 money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that swindlers are naught on intentions to give your money back. But to make it look more realistic, they’ve made up a whole bunch of reasons to decline the transfer-out request. Most of them repeat what KYC regulations say, but in this case they are here exclusively to make the wireout impossible.

By requesting your personal info, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your money back. And every check will share 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 Lynomex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Lynomex 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 duration of the fraud, scoundrels may get in touch with you with particular files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we earlier figured out, these deceivers have no intention of giving back your funds. So, what can these emails and browser plugins represent? You guessed it right – this is another component of the scam designed to entice you into willingly running malicious software onto your computer.

Both add-ons and attachments included to email messages can serve as a carrier for different malicious software. In this scenario, I foresee the presence of spyware and stealers among all kinds of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always above zero. As previously mentioned, their conscience is of no concern, and their dignity is already seriously marred. They have nothing to give up and strive to boost revenues.

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