Is TradeBaseCoin Legit or Another Scam? The Truth Revealed

Recently, Tradebasecoin.com service surfaced, promoting itself as a platform where you can safely keep cryptocurrency and other assets. I managed to gather reliable evidence that clearly indicates it is, in truth, a deceptive site.

Regardless of the promises of the most easy, dependable, and customer-centric service, Tradebasecoin.com does not fulfill any of them. In fact, all this is just a shiny wrap around a clear scam, which takes your funds and never returns them. Any stories about bonuses, sponsorship from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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TradeBaseCoin Scam Overview

Originally, TradeBaseCoin poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another notable marketing point for this site is backing from 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 real, con actors use deepfake videos with those celebs advertise the scam as the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

TradeBaseCoin Scam

To begin with, TradeBaseCoin repeats the appearance of many equivalent pages. There are quite a few examples, like Xoncex, Tenbax or Tensedex. They are completely identical in terms of visual elements, with slight discrepancies in the webpage header. Other specific elements, and at times even crypto wallet addresses, are matching. Probably, all these deceptive websites are led by a single team of scammers.

Cryptocurrency Scam Summary

How the TradeBaseCoin Scam Works?

TradeBaseCoin is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Scammers 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 complex 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 fraud, criminals create and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Employing bots and sponsored advertisements (when possible), fraud actors increase the visibility of their fraudulent activities to potential victims. And as I said, scammers do not shy away using generative AI for creating clips with the aforementioned celebs that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who joins the service immediately.

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

Users obtain an incentive to enroll, drawn by the commitment of getting crypto benefits valued at hundreds of dollars, all free of charge. To augment the appeal of the offer, fake suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After clicking the ads, users end up on a page filled with appealing offers. “Crypto starts with TradeBaseCoin”, “Your crypto savings are secured with TradeBaseCoin, “Start earning with TradeBaseCoin – they look rather authoritative. To heat up the interest and make the users proceed to step 3, crooks say that retrieving the pledged bonus requires registration. And since nothing concerning happens at this point, uninformed users happily move on – especially since the reward appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you register using your personal information, swindrels will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, scammers bait folks into signing up for bonuses. And all the personal data needed for it – email, username, crypto wallet address – are valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, crooks 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 sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Obviously, any cryptocurrency purchases require you to have money on your account. With TradeBaseCoin, users are also forced to top up to claim the bonuses. And this is what creates the majority of the money flow to this fraudulent site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the deposited money and withdraw them.

This is where the victim notices the issues. When comparing the actual crypto wallet vs what the site says, you can observe that no transactions are done whatsoever. And then, when you’d try to retrieve 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 scoundrels have zero intentions to give your money back. But to make the fraud look more realistic, they’ve developed a whole bunch of reasons to decline the withdrawal request. Usually, they repeat what Know Your Client guidelines say, but in this case they are here only to make the withdrawal impossible.

By asking for your personal info, 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 grand back. And every check will share more and more information, which – you guessed it right – will be then marketed 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 Tradebasecoin.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Tradebasecoin.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. TradeBaseCoin arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. TradeBaseCoin resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. TradeBaseCoin employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, TradeBaseCoin capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Tradebasecoin.com as a definite scam.

What Should I do as a Victim?

If you had to deal with TradeBaseCoin 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 fraud, its actors may get in touch with you with particular files. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we previously determined, these deceivers have no plan of returning your funds. So, what do these emails and browser extensions represent? You guessed – this is another element of the deceptive plan designed to throw you into willingly installing destructive programs onto your device.

Both extensions and files added to emails can act as a carrier for different malicious code. In this case, I anticipate the presence of spyware and stealers among other kinds of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As previously mentioned, their morality is of little concern, and their reputation is already seriously marred. They have no scruples to give up and aim to maximize revenues.

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