We Investigated Quantumtrading: Legit or Scam? The Facts

Recently, Quantumtrading.io website popped up, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable proof that unmistakably reveals it is, actually, a deceptive service.

Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Quantumtrading.io does not fulfill any of them. All this is just a golden wrap around a clear scam, which takes your funds and never returns them. Any stories about gifts, endorsement from celebrities etc are non-existent as well.

Quantumtrading Scam Overview

Originally, Quantumtrading poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another bright selling point for this service is partnerships with celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, frauds use deepfake videos where those celebrities promote the fake crypto service as the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a glaring wrap around an obvious scam.

Quantumtrading Scam

To begin with, Quantumtrading copies the appearance of multiple similar websites. There are quite a few examples, like Rolltemp, Coinbixe or Alocrypto. They are entirely undistinguishable in terms of graphic elements, with small discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are unchanged. Most likely, all these deceptive online platforms are operated by the same team of frauds.

Cryptocurrency Scam Summary

How the Quantumtrading Scam Works?

Quantumtrading is a part of a significant 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 mutual 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 initiate the fraud, criminals create and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Employing bots and paid promotions (when achievable), scam actors intensify the presence of their fraudulent activities to potential victims. And as I said, fraudsters do not disdain using deepfake for creating videos with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who registers the service immediately.

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

Users obtain an incentive to register, drawn by the promise of obtaining crypto benefits valued at thousands of dollars, all for free. To increase the appeal of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, victims end up on a page filled with attractive offers. “Crypto starts with Quantumtrading”, “Your crypto savings are secured with Quantumtrading, “Start earning with Quantumtrading – they look rather credible. To heat up users and make them proceed to step 3, scammers say that unlocking the promoted bonus requires registration. And as nothing suspicious happens at this point, uninformed users happily keep on – 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 register using your personal data, 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 said, scammers bait folks into signing up to get bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Exclusively 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, you cannot use the promised bonus right away. To make at least crypto 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

Eventually, any cryptocurrency operations require having funds on your account. In the case of Quantumtrading, users are also coerced to top up to use the bonuses. And this is what creates the majority of the money flow to this scam website. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the deposited funds and withdraw them.

This is where the issues start to surface. When keeping an eye on the actual 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 fraudsters are naught on intentions to return your money. But to make the denial look more realistic, they’ve crafted a whole bunch of reasons to decline the withdrawal request. Usually, they repeat what KYC requirements say, but in this case they are here only to make the wireout impossible.

By asking for 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 would desperately need to undergo before getting your money back. And each of these checks 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 Quantumtrading.io. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Quantumtrading 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%, Quantumtrading exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Quantumtrading as a scam.
• Dubious Corporate Information. Quantumtrading 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. Quantumtrading.io 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. Quantumtrading 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 Quantumtrading 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 duration of the fraud, its actors may contact you with particular documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we already determined, these scammers have no intent of giving back your funds. So, what can these messages and browser add-ons represent? Correct – that is another side of the fraudulent scheme designed to throw you into deliberately installing destructive programs onto your computer.

Both extensions and files included to email messages can function as a shell for different malicious code. In this situation, I anticipate the presence of spyware and stealers among other forms of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always above zero. As previously mentioned, their morality is of little concern, and their reputation is already seriously marred. They have no principles to lose and intend to maximize gains.

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