We Investigated SerenityToken: Legit or Scam? The Facts

Recently, Serenitytoken.co service popped up, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather credible proof that unmistakably reveals it is, in truth, a fraudulent platform.

Regardless of the promises of the most user-friendly, dependable, and customer-centric service, Serenitytoken.co does not follow any of them. In fact, all this is just a golden wrap around a blatant scam, which steals your money and never gives them back. Any stories about gifts, endorsement from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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SerenityToken Scam Overview

Originally, SerenityToken poses as a crypto trading & cryptowallet service with exceptionally low commission fees. Another notable selling point for this platform is partnerships with celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look real, con actors use AI-generated videos where those celebrities promote the fraud as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around a transparent scam.

SerenityToken Scam

To begin with, SerenityToken copies the design of multiple equivalent websites. There are quite a few examples, like Swap, Reelsbit or Fulenix. They are totally indistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other specific elements, and at times even crypto wallet addresses, are identical. Presumably, all these scam websites are operated by the same team of frauds.

Cryptocurrency Scam Summary

How the SerenityToken Scam Works?

SerenityToken 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 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the scam, criminals establish and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Employing bots and sponsored advertisements (when feasible), fraud actors increase the presence of their scam activities to possible victims. And as I said, fraudsters do not shy away using deepfake for creating clips with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who registers the service immediately.

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

Users get a stimulus to enroll, attracted by the promise of obtaining cryptocurrency benefits valued at hundreds of dollars, all free of charge. To increase the attractiveness of the offer, fake claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After following the ads, targets end up on a page filled with enticing offers. “Crypto starts with SerenityToken”, “Your crypto savings are secured with SerenityToken, “Start earning with SerenityToken – they look rather reliable. To heat up the interest and make the users proceed to step 3, fraudsters say that unlocking the pledged bonus requires registration. And as nothing concerning happens at this point, unaware users happily proceed – especially since the reward 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 data, crooks 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, scammers bait folks for registration with bonuses. And all the personal info needed for it – email, username, crypto wallet address – is valuable for user identification. Solely by gathering this data and selling it further into the Darknet, fraudsters can earn quite a penny. Still, 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, the user should top up the account with the equivalent sum. And this is what starts the final stage of the scam.

Step 4: Requesting funds

Eventually, any crypto purchases require you to have capital on your account. In the case of SerenityToken, users are also compelled to top up to get 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 pledged 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 first obvious issues start to surface. When comparing the real cryptocurrency wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to pull out the money 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. Though to make it look more legitimate, they’ve made up a whole pack of reasons to decline the withdrawal request. Usually, they repeat what Know Your Client requirements say, but in this case they are here only to make the withdrawal impossible.

By asking for your personal information, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your funds 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 Serenitytoken.co. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with SerenityToken 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 course of the scam, its masters may get in touch with you with specific documents. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we already determined, these rascals have no intent of giving back your money. So, what can these emails and browser add-ons represent? You guessed it right – this is another element of the scam designed to throw you into willingly installing malicious applications onto your system.

Both extensions and attachments included to emails can function as a carrier for diverse malicious software. In this situation, I expect the presence of spyware and stealers among other kinds of malware. While it is not mandatory for scammers to distribute malware, the likelihood is always significant. As stated, their ethics is of negligible importance, and their dignity is already seriously marred. They have no principles to give up and strive to boost gains.

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