Recently, Usdc.name website appeared, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably reveals it is, in truth, a fraudulent site.
Despite the promises of the most convenient, dependable, and customer-centric service, Usdc.name does not follow any of them. In fact, all this is just a shiny wrap around a clear scam, which steals your funds and never gives them back. Any stories about bonuses, sponsorship from celebrities etc are nowhere to be found as well.
Usdc Scam Overview
Originally, Usdc poses as a crypto trading & cryptowallet platform with exceptionally low commission fees. Another notable selling point for this service is partnerships with celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, con actors use deepfake videos where those celebrities 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 said in the introduction, all this is just a blatant wrap around a transparent scam.
Usdc Scam
To begin with, Usdc repeats the design of numerous equivalent online platforms. There are quite a few examples, like Stavelux, Metapool or Kipwex. They are totally undistinguishable in terms of visual elements, with small discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are unchanged. Probably, all these fraudulent websites are operated by the same gang of frauds.
Cryptocurrency Scam Summary
| Website | Usdc.name |
| Hosting | AS13335 Cloudflare, Inc. United States, San Francisco |
| IP Address | 104.21.16.1 |
| Threat Type | Scam/Fraud |
| Scam Type | Fraudulent offers of cryptocurrency services |
How the Usdc Scam Works?
Usdc is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous website designs, which still share the similar 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 complex 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 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 advertising campaign begins. Employing bots and paid ads (when achievable), scam actors intensify the exposure of their scam activities to possible victims. And as I said, crooks do not shy away using deepfake for creating videos with the aforementioned celebrities 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 Usdc in TikTok. Most of these videos are AI-generated deepfakes
Step 2: Gaining Traffic
After following the promos, victims end up on a page filled with enticing offers. “Crypto starts with Usdc”, “Your crypto savings are secured with Usdc, “Start earning with Usdc – they look rather reliable. To heat up the interest and make the users proceed to step 3, fraudsters say that unlocking the pledged bonus requires registration. And since nothing questionable 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 get away from the scam without any losses. Before you sign up using your personal info, frauds will not earn even a nickel from your presence on the website.
Step 3: Data Gathering
This is where the main fraud action begins. As I just mentioned, scammers bait folks into registration for bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Exclusively by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, 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, you need to top up the account with the equivalent sum. And this is what initiates the final stage of the scam.
Step 4: Requesting funds
Eventually, any crypto purchases require you to have capital on your account. With Usdc, users are also forced to top up to use the bonuses. And these top ups is what creates most 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 engaging on this website hoping to use all the credited money and withdraw them.
This, however, is where the issues start to surface. When keeping an eye on the real cryptocurrency wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to withdraw 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 are naught on intentions to return your money. But to make the fraud look more legitimate, they’ve developed a whole pack of reasons to decline the wireout request. Most of them repeat what Know Your Client requirements say, but in this case they are here only to make the withdrawal impossible.
By asking for your personal data, scammers 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 would desperately need to undergo before getting your money back. And each of these checks will share 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 Usdc.name. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- Cryptocurrency-Only Transactions. Usdc.name 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. Usdc 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. Usdc 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. Usdc 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%, Usdc capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Usdc.name as a definite scam.
What Should I do as a Victim?
If you had to deal with Usdc 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 course of the scam, its masters may contact you with specific files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we previously determined, these scoundrels have no intent of returning your money. So, what do these messages and browser add-ons represent? Correct – that is another component of the fraudulent scheme designed to entice you into willingly installing malicious applications onto your computer.
Both add-ons and files attached to emails can function as a carrier for diverse malicious code. In this scenario, I anticipate the presence of spyware and stealers among other types of threats. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As previously mentioned, their morality is of little concern, and their dignity is already deeply compromised. They have no principles to lose and aim to boost revenues.
