The Moonbax Scam – Don’t Become the Next Victim

Recently, Moonbax.com service appeared, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather credible proof that clearly reveals it is, actually, a fraudulent service.

Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Moonbax.com does not follow any of them. In fact, all this is just a gilded wrap around a clear scam, which steals your money and data and never gives them back. Any tales about gifts, backing from celebrities etc are nowhere to be found as well.

Moonbax Scam Overview

Originally, Moonbax poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another notable marketing point for this platform is partnerships with celebrities that have relation to 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, frauds use deepfake videos where those celebrities advertise the fake crypto service as 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.

Moonbax Scam

To begin with, Moonbax shares the design of many similar websites. There are quite a few examples, like Nedobit, Unezex or Tradebasecoin. They are entirely undistinguishable in terms of graphic elements, with minor discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are the same. Probably, all these scam websites are operated by the same team of frauds.

Cryptocurrency Scam Summary

How the Moonbax Scam Works?

Moonbax is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use several website designs, which still share the same 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 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 set up and fill accounts on popular social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Employing bots and paid ads (when feasible), fraud actors boost the visibility of their fraudulent activities to potential victims. And as I said, scammers do not shy away using generative AI for creating clips with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

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

Step 2: Gaining Traffic

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

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal info, crooks will not be able to 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 data needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Only by gathering this data and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Eventually, any cryptocurrency operations require having money on your account. In the case of Moonbax, users are also compelled to top up to use the bonuses. And these top ups is what creates the majority of the money flow to this fraudulent site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the credited capital and withdraw them.

This, however, is where the victim notices the problems. When keeping an eye on the actual crypto 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 fraudsters are naught on intentions to give your money back. Though to make the denial look more realistic, they’ve developed a whole pack of reasons to decline the withdrawal request. Usually, they repeat what Know Your Client guidelines say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for 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 should go through before getting your funds back. And every check will reveal more and more info of yours, 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 Moonbax.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Moonbax 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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 duration of the fraud, its masters may contact you with particular documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency savings. As we already figured out, these deceivers have no plan of giving back your money. So, what do these emails and browser plugins represent? Correct – this is another element of the fraudulent scheme designed to throw you into deliberately installing destructive software onto your system.

Both plugins and attachments attached to emails can function as a carrier for various malware. In this scenario, I anticipate the presence of spyware and stealers among other forms of malware. While it is not mandatory for scammers to distribute malware, the probability is always above zero. As previously mentioned, their conscience is of negligible importance, and their dignity is already severely tarnished. They have no principles to lose and intend to boost gains.

Frequently asked questions