The Truth About Multiminer: Legit or Scam? Our Review

Recently, Multiminer.net website popped up, promoting itself as a platform to keep cryptocurrency and other assets safely. I managed to gather credible supporting information that clearly confirms it is, actually, a deceptive platform.

Regardless of the promises of the most convenient, dependable, and customer-centric service, Multiminer.net does not offer any of them. All this is just a shiny wrap around a clear scam, which takes your money and never gives them back. Any tales about gifts, endorsement from celebrities etc are nowhere to be found as well.

Multiminer Scam Overview

Originally, Multiminer poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another bright marketing point for this service is backing from celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look real, frauds employ AI-generated videos where those celebrities 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 mentioned above, all this is just a blatant wrap around a transparent scam.

Multiminer Scam

Initially, Multiminer repeats the design of many similar websites. There are quite a few examples, like Yunji815, Cggig or Uvemlo. They are totally undistinguishable in terms of graphic elements, with slight discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are unchanged. Presumably, all these deceptive sites are managed by the same gang of fraudsters.

Cryptocurrency Scam Summary

How the Multiminer Scam Works?

Multiminer is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous website designs, which still share the identical 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 advanced 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 initiate the deceptive scheme, criminals set up and fill accounts on popular social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Employing bots and paid promotions (when feasible), fraud actors intensify the visibility of their fraudulent activities to possible victims. And as I said, scammers do not shy away using generative AI for creating clips 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 enrolls the service immediately.

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

Step 2: Gaining Traffic

Upon following the promos, users end up on a page filled with enticing offers. “Crypto starts with Multiminer”, “Your crypto savings are secured with Multiminer, “Start earning with Multiminer – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that obtaining the promoted bonus requires registration. And since nothing suspicious happens at this point, unexperienced users happily keep on – especially since the bonus 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 information, swindrels will not be able to earn even a nickel 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 registration to get bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Only by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the alleged bonus is not available for withdrawal right away. To make at least cryptocurrency purchases on the platform with it, 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 purchases require having money on your account. With Multiminer, users are also forced to top up to use the bonuses. And this is what creates the majority of the cash 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 engaging on this website hoping to use all the deposited capital and withdraw them.

This is where the issues start to surface. When keeping an eye on the real cryptocurrency wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out the capital 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 the denial look more realistic, they’ve elaborated a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client guidelines say, but in this case they are here exclusively to make the wireout impossible.

By requesting your personal data, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your grand back. And each of these checks will uncover 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 Multiminer.net. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Multiminer 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 course of the scam, its actors may reach out to you with specific documents. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency assets. As we previously determined, these scoundrels have no intention of giving back your money. So, what can these messages and browser plugins represent? Correct – that is another element of the scam designed to throw you into deliberately running malicious software onto your device.

Both plugins and attachments included to email messages can function as a carrier for different malware. In this scenario, I expect the presence of spyware and stealers among other forms of threats. While it is not obligatory for scammers to distribute malware, the chance is always above zero. As previously mentioned, their ethics is of negligible importance, and their dignity is already seriously marred. They have no scruples to give up and intend to boost profits.

Frequently asked questions