Investigating Mbfeast: Legit or Scam? The Truth Exposed

Recently, Mbfeast.com site popped up, promoting itself as a platform where you can safely keep cryptocurrency and other assets. I managed to gather reliable proof that unmistakably confirms it is, in truth, a fraudulent service.

Regardless of the promises of the most user-friendly, trustworthy, and client-friendly service, Mbfeast.com does not offer any of them. In fact, all this is just a shiny wrap around a clear scam, which takes your money and never returns them. Any stories about bonuses, endorsement from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Mbfeast Scam Overview

Originally, Mbfeast poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another highlighted marketing point for this platform is partnerships with celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look real, frauds use deepfake videos with those celebs promote the scam as if it was the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around an obvious scam.

Mbfeast Scam

Initially, Mbfeast repeats the design of numerous equivalent pages. There are quite a few examples, like Zilmex, Coinryzen or Qufoo. They are completely identical in terms of graphic elements, with slight discrepancies in the website header. Other particulars, and at times even crypto wallet addresses, are identical. Presumably, all these scam sites are managed by a single gang of scoundrels.

Cryptocurrency Scam Summary

How the Mbfeast Scam Works?

Mbfeast is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use several website designs, which still share the identical 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To start the fraud, criminals set up and fill accounts on popular social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Using bots and sponsored ads (when possible), scam actors intensify the presence of their scam activities to possible victims. And as I said, crooks do not shy away using deepfake for creating clips with the aforementioned celebs that promote 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 Mbfeast in TikTok. Most of these videos are AI-generated deepfakes

Users get an incentive to enroll, drawn by the promise of receiving crypto prizes valued at hundreds of dollars, all without cost. To enhance the appeal of the offer, false suggestions of sponsorship by a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Upon following the ads, users end up on a page filled with attractive offers. “Crypto starts with Mbfeast”, “Your crypto savings are secured with Mbfeast, “Start earning with Mbfeast – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that getting the promoted bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily move on – especially since the bonus appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you register using your personal info, swindrels 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 mentioned, scammers bait folks into signing up to get 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, fraudsters 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 it at least usable for cryptocurrency purchases, 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

Eventually, any cryptocurrency operations require you to have capital on your account. With Mbfeast, users are also forced to top up to use the bonuses. And these top ups is what creates the majority of the money flow to this fraudulent website. 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 transferred funds and withdraw them.

This, however, is where the victim notices the problems. When comparing the real crypto wallet vs what the site says, you can observe 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 fraudsters have no intentions to send you money. But to make it look more legitimate, they’ve developed a whole bunch of reasons to decline the withdrawal request. Usually, they repeat what Know Your Client regulations say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal information, 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 grand back. And every check will share more and more info of yours, 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 Mbfeast.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Mbfeast.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Mbfeast arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Mbfeast resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Mbfeast employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Mbfeast capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Mbfeast.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Mbfeast 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional financial setbacks.

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 specific files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency funds. As we previously figured out, these scammers have no plan of giving back your funds. So, what do these email messages and browser add-ons represent? Correct – that is another element of the deceptive plan designed to entice you into willingly running harmful programs onto your device.

Both plugins and files added to emails can serve as a shell for diverse malware. In this case, I anticipate the presence of spyware and stealers among all kinds of threats. While it is not mandatory for scammers to distribute malware, the probability is always above zero. As previously mentioned, their ethics is of no concern, and their dignity is already seriously marred. They have nothing to lose and strive to boost profits.

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