The Truth About MyTonly: Legit or Scam? Our Review

Recently, Mytonly.app service appeared, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather credible proof that unmistakably reveals it is, in truth, a deceptive site.

Regardless of the promises of the most user-friendly, dependable, and customer-centric service, Mytonly.app does not offer any of them. In fact, all this is just a shiny wrap around a blatant scam, which takes your funds and never returns them. Any tales about bonuses, sponsorship from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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MyTonly Scam Overview

Originally, MyTonly poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another bright selling point for this platform is backing from 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, con actors use AI-generated videos where those celebrities promote the scam as the best thing in the world. For obvious 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 a transparent scam.

MyTonly Scam

To begin with, MyTonly repeats the layout of multiple equivalent websites. There are quite a few examples, like Mytonly, Mosoyolo or Mordbit. They are entirely identical in terms of visual elements, with slight discrepancies in the website header. Other details, and at times even crypto wallet addresses, are unchanged. Probably, all these fraudulent websites are operated by the same gang of frauds.

Cryptocurrency Scam Summary

How the MyTonly Scam Works?

MyTonly is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use various 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 complex 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 start the fraud, criminals set up and fill accounts on well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Using bots and paid promotions (when achievable), fraud actors increase the visibility of their deceptive activities to potential victims. And as I said, scammers do not disdain using deepfake for creating videos with the mentioned celebrities that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users obtain a stimulus to enroll, drawn by the promise of obtaining cryptocurrency benefits valued at thousands of dollars, all without cost. To augment the attractiveness of the offer, false claims of cooperation with a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

After following the promos, targets end up on a page filled with attractive offers. “Crypto starts with MyTonly”, “Your crypto savings are secured with MyTonly, “Start earning with MyTonly – they look rather authoritative. To heat up users and make them proceed to step 3, crooks say that unlocking the promised bonus requires registration. And as nothing questionable happens at this point, uninformed users happily proceed – especially as the reward appears to be right behind the corner.

This is the last stage when it is possible to get away from the scam without any losses. Before you sign up using your personal info, crooks will not 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 info needed for it – email, username, crypto wallet address – are valuable for user identification. Only by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make at least cryptocurrency purchases on the platform with it, you need to 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

Obviously, any cryptocurrency operations require you to have capital on your account. In the case of MyTonly, users are also compelled to top up to claim the bonuses. And these top ups is what creates most of the money flow to this fraudulent site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the deposited capital and withdraw them.

This, however, is where the problems start to surface. When comparing the actual cryptocurrency wallet vs what the site says, you can notice 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

Needless to say that scoundrels are naught on intentions to return your money. Though to make the denial look more realistic, they’ve elaborated a whole bunch of reasons to decline the withdrawal request. Most of them repeat what KYC requirements say, but in this case they are here only to make the withdrawal impossible.

By asking for your personal information, frauds 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 funds back. And every check will uncover more and more info of yours, which – you guessed it right – will be then traded 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 Mytonly.app. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Mytonly.app 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. MyTonly 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. MyTonly 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. MyTonly 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%, MyTonly capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Mytonly.app as a definite scam.

What Should I do as a Victim?

If you had to deal with MyTonly 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 course of the fraud, fraudsters may get in touch with you with specific files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we previously figured out, these scoundrels have no intention of returning your capital. So, what can these email messages and browser add-ons represent? You guessed – that is another side of the fraudulent scheme designed to entice you into willingly installing malicious programs onto your system.

Both plugins and files attached to emails can function as a shell for various malicious software. In this scenario, I anticipate the presence of spyware and stealers among all forms of threats. While it is not mandatory for scammers to distribute malware, the probability is always greater than zero. As noted, their ethics is of negligible importance, and their reputation is already seriously marred. They have no principles to give up and strive to maximize gains.

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