The Nydeu Scam – Don’t Become the Next Victim

Recently, Nydeu.com website surfaced, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather credible evidence that unmistakably confirms it is, actually, a deceptive site.

Regardless of the promises of the most convenient, reliable, and client-friendly service, Nydeu.com does not fulfill 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 tales about gifts, sponsorship from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Nydeu Scam Overview

Originally, Nydeu poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another bright selling point for this platform is partnerships with celebrities that are known in the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, rascals use AI-generated videos where those celebrities promote the fraud 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 a transparent scam.

Nydeu Scam

Initially, Nydeu shares the appearance of numerous equivalent websites. There are quite a few examples, like Nobison, Cryptoxforge or Coinstrustby. They are totally undistinguishable in terms of visual elements, with small discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are unchanged. Presumably, all these scam websites are operated by a single group of scoundrels.

Cryptocurrency Scam Summary

How the Nydeu Scam Works?

Nydeu is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous 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 sophisticated 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 scam, criminals set up and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Utilizing bots and sponsored promotions (when possible), fraud actors intensify the presence of their scam activities to possible victims. And as I said, scammers do not disdain using deepfake for creating clips with the mentioned celebrities that advertise 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 Nydeu in TikTok. Most of these videos are AI-generated deepfakes

Users obtain an incentive to enroll, attracted by the promise of obtaining cryptocurrency benefits valued at hundreds of dollars, all for free. To enhance the attractiveness of the offer, fake suggestions of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After following the ads, victims end up on a page filled with appealing offers. “Crypto starts with Nydeu”, “Your crypto savings are secured with Nydeu, “Start earning with Nydeu – they look rather credible. To heat up users and make them proceed to step 3, scammers say that obtaining the promoted bonus requires registration. And as nothing suspicious happens at this point, unaware users happily proceed – especially since the gift appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you register using your personal info, swindrels will not be able to earn even a penny 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 signing up to get bonuses. And all the personal info needed for it – username, email, crypto wallet address – is valuable for user identification. Solely by gathering this data and selling it further into the Darknet, crooks 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 sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Eventually, any crypto operations require having capital on your account. In the case of Nydeu, users are also coerced to top up to use the bonuses. And this is what creates the majority of the money flow to this fraudulent website. 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 transferred capital and withdraw them.

This, however, is where the first obvious issues start to surface. When comparing the real cryptocurrency wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to retrieve the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers have no intentions to give your money back. Though to make the denial look more legitimate, they’ve elaborated a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client requirements say, but in this case they are here exclusively to make the wireout impossible.

By requesting your personal info, frauds 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 share more and more information, 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 Nydeu.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Nydeu employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Nydeu exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Nydeu as a scam.
• Dubious Corporate Information. Nydeu arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Nydeu.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Nydeu utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Nydeu 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 course of the fraud, its masters may contact you with specific documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency savings. As we previously determined, these deceivers have no plan of restoring your funds. So, what can these messages and browser plugins represent? Correct – this is another component of the scam designed to throw you into deliberately installing harmful programs onto your device.

Both extensions and attachments attached to emails can function as a carrier for diverse malicious code. 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 chance is always above zero. As stated, their ethics is of no concern, and their dignity is already seriously marred. They have no principles to lose and aim to maximize profits.

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