Investigating Vaultspincrypto: Legit or Scam? The Truth Exposed

Recently, Vaultspincrypto.com website appeared, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather credible evidence that clearly indicates it is, in fact, a scam site.

Despite the promises of the most user-friendly, reliable, and customer-centric service, Vaultspincrypto.com does not offer any of them. All this is just a golden wrap around a dirty scam, which takes your funds and never returns them. Any tales about bonuses, sponsorship from celebrities etc are non-existent as well.

Vaultspincrypto Scam Overview

Originally, Vaultspincrypto poses as a crypto trading & cryptowallet service with exceptionally low commission fees. Another bright marketing point for this service is partnerships with celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look more realistic, rascals employ deepfake videos with those celebs advertise the scam as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

Vaultspincrypto Scam

First and foremost, Vaultspincrypto copies the design of numerous equivalent websites. There are quite a few examples, like Lucky, Gearsplay or Velon. They are completely indistinguishable in terms of graphic elements, with slight discrepancies in the site header. Other details, and sometimes even crypto wallet addresses, are identical. Probably, all these deceptive websites are managed by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Vaultspincrypto Scam Works?

Vaultspincrypto is a part of a large 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 advanced psychological tricks that make the user believe in the legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the fraud, criminals set up and fill accounts on popular social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Using bots and sponsored ads (when achievable), scam actors increase the visibility of their fraudulent 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, frauds claim the bonus for every user who registers the service immediately.

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

Step 2: Gaining Traffic

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

At this point, it is possible to skip the scam without any losses. Before you register using your personal information, frauds 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, deceivers bait folks into registration to get bonuses. And all the personal information needed for it – email, username, crypto wallet address – are valuable for user identification. Solely by gathering this data 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, you need to top up the account with the equivalent sum. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency purchases require you to have capital on your account. With Vaultspincrypto, users are also compelled to top up to get the bonuses. And this is what creates most of the cash flow to this fraudulent site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the credited capital and withdraw them.

This, however, is where the issues start to surface. When keeping an eye on the actual cryptocurrency wallet vs what the site says, you can notice 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 have zero intentions to send you money. But to make the fraud look more realistic, they’ve developed a whole pack of reasons to decline the withdrawal request. Most of them repeat what KYC regulations say, but for the Vaultspincrypto.com they are here only to make the wireout impossible.

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

• Unsubstantiated Credibility. Vaultspincrypto employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Vaultspincrypto exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Vaultspincrypto as a scam.
• Dubious Corporate Information. Vaultspincrypto arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Vaultspincrypto.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Vaultspincrypto utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Vaultspincrypto 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 scam, its masters may contact you with particular documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we earlier figured out, these scammers have no intent of restoring your funds. So, what do these email messages and browser extensions represent? You guessed it right – this is another side of the fraudulent scheme designed to entice you into deliberately installing destructive software onto your device.

Both add-ons and files added to email messages can function as a shell for diverse malicious code. In this case, I expect the presence of spyware and stealers among other kinds of malware. While it is not obligatory for scammers to distribute malware, the probability is always above zero. As previously mentioned, their morality is of no concern, and their reputation is already neck deep in mud. They have nothing to lose and strive to maximize revenues.

Frequently asked questions