We Looked Into Specttrade: Scam or Trustworthy? The Verdict

Recently, Specttrade.com service appeared, promoting itself as a platform to keep cryptocurrency and other assets safely. I managed to gather credible proof that clearly reveals it is, in truth, a fraudulent service.

Despite what Specttrade site states, they will never give back your capital. Even though the numbers displayed in the “member area”, there is zero possibility to retrieve even a cent. All pledges regarding crypto rewards are baseless as well.

Specttrade Scam Overview

The primary service that Specttrade strives to provide is a protected and user-friendly cryptocurrency wallet service. The site promises exchange facilities, tools for managing wallets, transfers, dashboards, and similar stuff. In reality, they aim to emulate the functionality of a crypto trading platform, akin to Binance or Coinbase. However, it in actuality only serves as a cover needed to lull the vigilance.

Specttrade Scam

First and foremost, Specttrade reproduces the layout of multiple equivalent websites. There are quite a few examples, like Empirexs, Corleox or Elxbit. They are completely indistinguishable in terms of graphic elements, with minor discrepancies in the site header. Other particulars, and at times even crypto wallet addresses, are identical. Probably, all these fraudulent websites are led by a single team of swindrels.

Cryptocurrency Scam Summary

How the Specttrade Scam Works?

Specttrade is yet another online platform within a vast network of interconnected crypto deceptive sites. The operators utilize diverse brand identities and sites, like Specttrade.com, to capture victims. Nonetheless, these fraudulent sites share matching website designs, terms of service, and About Us information. This exposes their beginnings as a part of the identical scam network, which endorses the same mode of fraud under various covers. The scammers merely replicate the same deceptive site under different names to mislead users into believing they are joining a fresh venture. However, in reality, it’s the equal group of swindlers orchestrating the misleading commitments and efforts to seize deposited funds. The administrators shrewdly make use of psychological maneuvers and appealing offers to execute their unscrupulous schemes.

Step 1: Spreading

To initiate the deceptive scheme, criminals establish and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Utilizing bots and paid promotions (when possible), scam actors boost the presence of their deceptive activities to possible victims. This approach allows them to cast a broad net and engage with their aimed audience. The audience typically comprises of cryptocurrency fans seeking chances to make profits.

Users get a stimulus to sign up, drawn by the promise of receiving crypto rewards valued at hundreds of dollars, all for free. To enhance the appeal of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Individuals who show interest visit Specttrade.com via links included in ads or bot-generated posts. The website utilizes captivating visuals, design elements that appear authentic, and claims of possessing a official license, all designed to convey an initial perception of reliability.

Step 3: Data Gathering

To claim their benefits, users need to actively create an account on Specttrade and receive guidance to submit sensitive and private data throughout the sign-up procedure. This comprises linking their cryptocurrency wallets, providing email addresses, giving phone numbers, submitting identification papers, and the like.

Step 4: Requesting funds

Once registered, users notice significant amounts of cryptocurrency, valued at thousands of dollars, within their Specttrade wallets. However, as is common with such bonuses, you are unable to withdraw them ahead of topping up your account. Usually, a deposit of $100 is asked to withdraw the sign-up bonus. This stipulation serves as the snare that ultimately leads to the money loss.

Step 5: Disappear

The instant the funds transfer is sent, the deceivers terminate all interaction. They proceed to block users, erase accounts, and vanish with both the transferred funds and critical private information. The phony prizes persist perpetually uncredited, as they lack real existence. They function purely as a phishing ploy. This technique forms the foundation for the fraudsters’ capacity to deceive victims and embezzle hard-earned money through their deceptive online crypto scheme.

Signs of Scam

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

• Absent company details. Specttrade 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 Specttrade 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 Specttrade, 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 Specttrade is a definite scam.

What Should I do as a Victim?

If you had to deal with Specttrade 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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 fraud, its masters may reach out to you with specific documents. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we already determined, these scoundrels have no plan of giving back your capital. So, what can these messages and browser add-ons represent? Correct – that is another element of the scam designed to entice you into willingly running destructive software onto your system.

Both add-ons and files added to emails can serve as a carrier for different malicious code. In this situation, I foresee the presence of spyware and stealers among other types of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As stated, their morality is of no concern, and their dignity is already severely tarnished. They have nothing to give up and intend to maximize profits.

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