We Looked Into Spacedotrade: Scam or Trustworthy? The Verdict

Recently, Spacedotrade.com site surfaced, promoting itself as a platform where you can safely keep cryptocurrency and other assets. I managed to gather reliable proof that clearly indicates it is, actually, a deceptive platform.

Despite what Spacedotrade site states, they won’t pay off your money. Even though the figures displayed in the “member area”, there is zero ability to take out even a penny. All promises regarding crypto incentives are baseless as well.

Spacedotrade Scam Overview

The main offering that Spacedotrade attempts to provide is a safe and user-friendly cryptocurrency wallet service. The site promises crypto exchange facilities, tools for managing wallets, transfers, dashboards, and the like. In reality, they aim to emulate the functionality of a crypto marketplace, like Binance or Coinbase. However, it in fact solely serves as a shell needed to lull the vigilance.

Spacedotrade Scam

Initially, Spacedotrade imitates the layout of numerous equivalent online platforms. There are quite a few examples, like Wonbitc, Witesla or Wignex. They are entirely undistinguishable in terms of visual elements, with minor discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are the same. Presumably, all these fraudulent websites are operated by the same gang of swindrels.

Cryptocurrency Scam Summary

How the Spacedotrade Scam Works?

Spacedotrade is yet another online platform within a wide-ranging network of interconnected crypto deceptive webpages. The managers employ various brand identities and sites, like Spacedotrade.com, to ensnare victims. Nevertheless, these deceptive websites possess identical website designs, terms of service, and About Us information. This unveils their origins as components of the identical criminal network, which advocates the similar mode of fraud under different disguises. The deceivers merely replicate the identical fraudulent site under different names to fool users into assuming they are joining a fresh venture. However, in reality, it’s the identical system of fraudsters orchestrating the fraudulent promises and attempts to grab deposited money. The operators cleverly utilize psychological maneuvers and captivating invitations to carry out their unscrupulous plots.

Step 1: Spreading

To initiate the scam, criminals set up and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Using bots and sponsored advertisements (when achievable), scam actors intensify the visibility of their fraudulent activities to potential victims. This approach allows them to create a broad net and interact with their targeted spectators. This audience commonly consists of cryptocurrency enthusiasts looking for prospects to generate profits.

Step 2: Gaining Traffic

Individuals who express interest check out Spacedotrade.com via links present in promotions or bot-generated posts. The site employs captivating visuals, design aspects that appear authentic, and assertions of holding a official license, all intended to present an initial impression of credibility.

Step 3: Data Gathering

To redeem their benefits, users must actively create an profile on Spacedotrade and get instructions to provide sensitive and private data throughout the registration process. This includes linking their cryptocurrency wallets, providing email addresses, giving phone numbers, sending in identification papers, and the like.

Step 4: Requesting funds

Once registered, users observe significant amounts of cryptocurrency, valued at thousands of dollars, within their Spacedotrade wallets. Nonetheless, as is typical with such rewards, you are unable to withdraw them ahead of making a deposit. Usually, a payment of $100 is required to access the sign-up bonus. This condition serves as the snare that eventually leads to the money loss.

Step 5: Disappear

Signs of Scam

I gathered several facts that point at the scammy nature of the Spacedotrade.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Spacedotrade does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Spacedotrade like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Spacedotrade, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Spacedotrade is a definite scam.

What Should I do as a Victim?

If you had to deal with Spacedotrade 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 the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

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 specific files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we already figured out, these scoundrels have no intention of restoring your money. So, what can these emails and browser plugins represent? You guessed – this is another element of the deceptive plan designed to throw you into deliberately installing malicious applications onto your system.

Both add-ons and attachments attached to emails can act as a carrier for various malicious software. In this case, I expect the presence of spyware and stealers among other kinds of malware. While it is not mandatory for scammers to distribute malware, the chance is always significant. As stated, their morality is of little concern, and their dignity is already severely tarnished. They have nothing to give up and strive to boost revenues.

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