We Looked Into Lyscoin: Scam or Trustworthy? The Verdict

Recently, Lyscoin.com site 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 platform.

Despite what Lyscoin site says, they won’t pay off your funds. Regardless of the money displayed in the “member area”, there is zero possibility to take out even a single coin. All pledges regarding crypto rewards are hollow as well.

Lyscoin Scam Overview

The primary offering that Lyscoin strives to provide is a protected and user-friendly cryptocurrency wallet service. The website pledges crypto exchange facilities, tools for handling wallets, transfers, dashboards, and similar stuff. In fact, they endeavor to emulate the functionality of a crypto exchange, akin to Binance or Coinbase. However, it in fact exclusively serves as a shell intended to lull the vigilance.

Lyscoin Scam

To begin with, Lyscoin mimics the layout of many equivalent online platforms. There are quite a few examples, like Pfakklasfkljafskjlafs, Skyxmoon or Twiterex. They are completely indistinguishable in terms of graphic elements, with small discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Probably, all these fraudulent websites are operated by the same gang of scoundrels.

Cryptocurrency Scam Summary

How the Lyscoin Scam Works?

Lyscoin is yet another website within a wide-ranging network of associated crypto scam sites. The administrators employ various brand names and websites, like Lyscoin.com, to ensnare victims. Nonetheless, these fraudulent websites have in common identical website designs, terms of service, and About information. This reveals their origins as parts of the identical fraudulent network, which endorses the identical form of scam under diverse covers. The fraudsters just replicate the equal deceptive website under diverse names to fool users into believing they are enrolling a new venture. However, in actuality, it’s the same group of scammers orchestrating the misleading commitments and efforts to grab deposited cryptocurrency. The managers cleverly make use of psychological maneuvers and captivating offers to execute their dishonest plans.

Step 1: Spreading

To start 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 advertising campaign commences. Using bots and sponsored promotions (when achievable), scam actors intensify the visibility of their scam activities to potential victims. This strategy allows them to cast a wide net and interact with their aimed audience. The latter commonly consists of cryptocurrency enthusiasts looking for prospects to make profits.

Users obtain an incentive to enroll, drawn by the promise of obtaining crypto benefits valued at hundreds of dollars, all for free. To enhance the attractiveness of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Users who show interest visit Lyscoin.com via links featured in advertisements or bot-generated posts. The website employs captivating visuals, design elements that appear authentic, and claims of holding a valid license, all designed to present an initial impression of reliability.

Step 3: Data Gathering

To redeem their benefits, users must deliberately create an account on Lyscoin and receive instructions to submit sensitive and personal information throughout the registration procedure. This comprises linking their cryptocurrency wallets, sharing email addresses, supplying phone numbers, submitting identification documents, and more.

Step 4: Requesting funds

Once enrolled, users witness substantial amounts of cryptocurrency, valued at thousands of dollars, within their Lyscoin wallets. Nevertheless, as it usually happens with such rewards, you can’t withdraw them ahead of topping up your account. Typically, a funds transfer of $100 is asked to access the sign-up bonus. This prerequisite serves as the enticement that eventually leads to the money loss.

Step 5: Disappear

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Lyscoin 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, its masters may reach out to you with specific files. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we previously figured out, these deceivers have no plan of returning your money. So, what do these email messages and browser add-ons represent? You guessed – this is another component of the fraudulent scheme designed to throw you into deliberately installing harmful programs onto your computer.

Both plugins and files added to emails can serve as a carrier for different malicious code. In this case, I expect 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 significant. As previously mentioned, their ethics is of no concern, and their dignity is already severely tarnished. They have no scruples to lose and strive to maximize revenues.

Frequently asked questions