The Truth About Upbeastcoin: Legit or Scam? Our Review

Recently, Upbeastcoin.com site popped up, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather reliable evidence that clearly indicates it is, in fact, a deceptive service.

Despite the promises of the most user-friendly, reliable, and customer-centric service, Upbeastcoin.com does not follow any of them. All this is just a golden wrap around a dirty scam, which steals your money and never gives them back. Any stories about bonuses, backing from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Upbeastcoin Scam Overview

Originally, Upbeastcoin poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another highlighted selling point for this platform is backing from celebrities that have relation to the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look real, con actors use AI-generated videos with those celebs promote the fake crypto service as the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a glaring wrap around a transparent scam.

Upbeastcoin Scam

To begin with, Upbeastcoin copies the design of numerous similar websites. There are quite a few examples, like Pluwex, Ragnarbit or Trustwex. They are completely identical in terms of graphic elements, with small discrepancies in the site header. Other details, and at times even crypto wallet addresses, are the same. Probably, all these deceptive online platforms are operated by the same group of scoundrels.

Cryptocurrency Scam Summary

How the Upbeastcoin Scam Works?

Upbeastcoin is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use several website designs, which still share the identical 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 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 start the scam, criminals create and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Utilizing bots and paid promotions (when feasible), fraud actors increase the visibility of their scam 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, frauds claim the bonus for every user who enrolls the service immediately.

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

Users obtain an incentive to register, drawn by the promise of receiving cryptocurrency benefits valued at hundreds of dollars, all free of charge. To augment the appeal of the offer, false suggestions of sponsorship by a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After following the promotions, users end up on a page filled with attractive offers. “Crypto starts with Upbeastcoin”, “Your crypto savings are secured with Upbeastcoin, “Start earning with Upbeastcoin – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that claiming the promised bonus requires registration. And as nothing questionable happens at this point, uninformed users happily proceed – especially since the gift appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal info, crooks will not 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 mentioned, frauds bait folks into signing up for bonuses. And all the personal information needed for it – email, username, crypto wallet address – is valuable for user identification. Only by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, the claimed bonus is not available to use right away. To make at least crypto purchases on the platform with it, the user should top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Obviously, any crypto purchases require having funds on your account. With Upbeastcoin, users are also compelled to top up to get the bonuses. And this is what creates most of the cash flow to this scam website. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the transferred funds and withdraw them.

This, however, is where the first obvious issues start to surface. When keeping an eye on the actual crypto wallet vs what the website says, you can spot 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 scoundrels are naught on intentions to send you money. But to make it look more legitimate, they’ve crafted a whole pack of reasons to decline the wireout request. Most of them repeat what Know Your Client regulations say, but in this case they are here exclusively to make the wireout impossible.

By requesting your personal information, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your money back. And every check will reveal more and more info of yours, which – you guessed it right – will be then traded 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 Upbeastcoin.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Upbeastcoin 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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 particular documents. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we previously determined, these scammers have no intent of restoring your capital. So, what can these email messages and browser extensions represent? You guessed it right – that is another component of the deceptive plan designed to throw you into willingly running malicious applications onto your device.

Both plugins and files attached to email messages can function as a carrier for various malicious code. In this case, I expect the presence of spyware and stealers among all forms of malicious programs. While it is not mandatory for scammers to distribute malware, the chance is always significant. As stated, their ethics is of no concern, and their dignity is already neck deep in mud. They have nothing to give up and strive to maximize profits.

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