We Investigated Lynubit: Legit or Scam? The Facts

Recently, Lynubit.com website popped up, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather reliable supporting information that clearly reveals it is, actually, a scam platform.

Despite the promises of the most convenient, trustworthy, and client-friendly service, Lynubit.com does not fulfill any of them. All this is just a gilded wrap around a dirty scam, which steals your money and data and never gives them back. Any tales about bonuses, endorsement from celebrities etc are nowhere to be found as well.

Lynubit Scam Overview

Originally, Lynubit poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another notable marketing point for this site is partnerships with celebrities that are known as crypto activists. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, rascals use AI-generated videos where those celebrities advertise the scam 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 an obvious scam.

Lynubit Scam

Initially, Lynubit repeats the design of numerous similar websites. There are quite a few examples, like Elograil, 2ixa or Hubicoin. They are completely undistinguishable in terms of graphic elements, with small discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are the same. Presumably, all these fraudulent online platforms are operated by the same group of scoundrels.

Cryptocurrency Scam Summary

How the Lynubit Scam Works?

Lynubit is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use various website designs, which still share the identical overall layout. Another shared 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 advanced 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 deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and sponsored ads (when achievable), scam actors increase the presence of their scam activities to possible victims. And as I said, scammers do not disdain using generative AI for creating clips with the mentioned celebs 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 Lynubit in TikTok. Most of these videos are AI-generated deepfakes

Users obtain an encouragement to sign up, enticed by the commitment of receiving cryptocurrency rewards valued at thousands of dollars, all for free. To enhance the appeal of the offer, fake claims of sponsorship by a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

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

At this point, it is possible to get away from the scam without any losses. Before you sign up using your personal data, crooks will not earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, deceivers bait folks for registration with bonuses. And all the personal info needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Still, 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, the user should top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

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

This is where the victim notices the problems. When keeping an eye on the real cryptocurrency wallet vs what the site says, you can observe that no transactions are done whatsoever. And then, when you’d try to withdraw 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 fraudsters are naught on intentions to send you money. Though to make the fraud look more realistic, they’ve developed a whole pack of reasons to decline the wireout request. Usually, they repeat what KYC guidelines say, but for the Lynubit.com they are here exclusively to make the wireout impossible.

By asking for your personal data, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your funds back. And each of these checks will reveal more and more information, which – you guessed it right – will be then sold 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 Lynubit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Lynubit does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Lynubit like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Lynubit, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Lynubit is a definite scam.

What Should I do as a Victim?

If you had to deal with Lynubit 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 timeline of the fraud, scoundrels may reach out to you with particular files. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency assets. As we already determined, these scoundrels have no intent of giving back your funds. So, what can these emails and browser plugins represent? Correct – this is another component of the fraudulent scheme designed to throw you into willingly installing destructive programs onto your device.

Both extensions and files added to email messages can function as a carrier for various malicious software. In this situation, I anticipate the presence of spyware and stealers among other kinds of threats. While it is not mandatory for scammers to distribute malware, the likelihood is always existent. As noted, their ethics is of no concern, and their reputation is already seriously marred. They have no principles to give up and intend to maximize revenues.

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