The Tradestar Scam – What You Need To Know

Recently, Tradestar.top site appeared, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather credible proof that unmistakably indicates it is, actually, a deceptive site.

Regardless of the promises of the most easy, trustworthy, and client-friendly service, Tradestar.top does not offer any of them. In fact, all this is just a gilded wrap around a dirty scam, which takes your funds and never gives them back. Any stories about bonuses, sponsorship from celebrities etc are non-existent as well.

Tradestar Scam Overview

Originally, Tradestar poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another bright selling point for this site is backing from celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, frauds employ AI-generated videos with those celebs advertise the fake crypto service as the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around a transparent scam.

Tradestar Scam

Initially, Tradestar shares the layout of numerous similar websites. There are quite a few examples, like Peakgainsintl, Muskto or Marswex. They are totally undistinguishable in terms of visual elements, with minor discrepancies in the website header. Other particulars, and at times even crypto wallet addresses, are matching. Most likely, all these deceptive websites are led by a single team of scammers.

Cryptocurrency Scam Summary

How the Tradestar Scam Works?

Tradestar is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use various website designs, which still share the same overall layout. Another shared 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 sophisticated psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.

Step 1: Promotion

To begin the fraud, criminals create and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Utilizing bots and paid advertisements (when possible), scam actors increase the exposure of their deceptive activities to possible victims. And as I said, scammers do not disdain using generative AI for creating clips with the mentioned celebs that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

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

Users obtain a stimulus to sign up, enticed by the commitment of receiving crypto benefits valued at hundreds of dollars, all free of charge. To increase the appeal of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

After following the promotions, users end up on a page filled with attractive offers. “Crypto starts with Tradestar”, “Your crypto savings are secured with Tradestar, “Start earning with Tradestar – they look rather reliable. To heat up users and make them proceed to step 3, fraudsters say that claiming the promoted bonus requires registration. And as nothing concerning happens at this point, unaware users happily move on – especially as the bonus 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 data, crooks will not be able to 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 for bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this info 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 cryptocurrency purchases on the platform with it, the user should top up the account with the sum of a bonus. And this is what starts the final stage of the scam.

Step 4: Requesting funds

It is obvious that any crypto purchases require having money on your account. In the case of Tradestar, users are also coerced to top up to use the bonuses. And these top ups is what creates most 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 trading on this website hoping to use all the credited money and withdraw them.

This, however, is where the problems start to surface. When comparing the actual cryptocurrency wallet vs what the site 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

Needless to say that swindlers have zero intentions to return your money. Though to make it look more realistic, they’ve made up a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what KYC requirements say, but for the Tradestar.top they are here only to make the withdrawal impossible.

By asking for your personal info, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your grand back. And every check will uncover more and more info of yours, 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 Tradestar.top. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Tradestar 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 timeline of the scam, its masters may reach out to you with particular documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto funds. As we already determined, these scoundrels have no intention of giving back your capital. So, what do these email messages and browser plugins represent? Correct – this is another element of the deceptive plan designed to entice you into deliberately installing destructive applications onto your computer.

Both plugins and files added to email messages can function as a shell for various malware. In this scenario, I expect the presence of spyware and stealers among other forms of threats. While it is not obligatory for scammers to distribute malware, the probability is always above zero. As stated, their conscience is of no concern, and their dignity is already severely tarnished. They have no principles to lose and intend to boost profits.

Frequently asked questions