Prizmacoin Reviewed: Legit or Total Ripoff? Read This First

Recently, Prizmacoin.com service popped up, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable proof that clearly reveals it is, in fact, a deceptive site.

Despite the promises of the most easy, reliable, and client-friendly service, Prizmacoin.com does not offer any of them. All this is just a golden wrap around a blatant scam, which takes your funds and never gives them back. Any tales about gifts, backing from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Prizmacoin Scam Overview

Originally, Prizmacoin poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another bright marketing point for this platform is partnerships with celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, con actors use deepfake videos with those celebs advertise the fraud as the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

Prizmacoin Scam

To begin with, Prizmacoin shares the appearance of many equivalent websites. There are quite a few examples, like Nosweu, Mefyx or Kotnejsnsnsnsn. They are completely identical in terms of graphic elements, with minor discrepancies in the website header. Other specific elements, and at times even crypto wallet addresses, are matching. Presumably, all these deceptive websites are led by a single gang of fraudsters.

Cryptocurrency Scam Summary

How the Prizmacoin Scam Works?

Prizmacoin is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use several website designs, which still share the similar 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 fraud, criminals create and fill accounts on popular social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and paid advertisements (when feasible), fraud actors intensify the visibility of their scam activities to possible victims. And as I said, fraudsters do not shy away using generative AI for creating videos 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 Prizmacoin 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 hundreds of dollars, all without cost. To enhance the appeal of the offer, fake claims of cooperation with a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon clicking the promotions, users end up on a page filled with appealing offers. “Crypto starts with Prizmacoin”, “Your crypto savings are secured with Prizmacoin, “Start earning with Prizmacoin – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that unlocking the promised bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily keep on – especially as 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 info, swindrels will not 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 mentioned, scammers bait folks into registration to get bonuses. And all the personal data needed for it – username, email, crypto wallet address – are valuable for user identification. Solely by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the claimed bonus is not available for withdrawal right away. To make at least crypto purchases on the platform with it, the user should top up the account with the equivalent sum. And this is what initiates the final stage of the scam.

Step 4: Requesting funds

Eventually, any cryptocurrency operations require you to have funds on your account. In the case of Prizmacoin, users are also forced to top up to get 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 participating on this website hoping to use all the transferred money and withdraw them.

This is where the issues start to surface. When keeping an eye on the actual crypto wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to retrieve the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have 0 intentions to send you money. Though to make it look more realistic, they’ve crafted a whole bunch of reasons to decline the wireout request. Most of them 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 data, scammers 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 should go through before getting your grand back. And each of these checks 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 Prizmacoin.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Prizmacoin 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 scam, scoundrels may contact you with particular documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency funds. As we earlier figured out, these scoundrels have no plan of restoring your money. So, what do these emails and browser plugins represent? You guessed – this is another element of the fraudulent scheme designed to throw you into deliberately running harmful programs onto your computer.

Both plugins and attachments added to emails can serve as a shell for various malicious code. In this situation, I anticipate the presence of spyware and stealers among other forms of malware. While it is not obligatory for scammers to distribute malware, the probability is always greater than zero. As stated, their morality is of little concern, and their reputation is already neck deep in mud. They have no scruples to give up and strive to maximize gains.

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