Coinmarketcap Scam Crypto Site Explained- See Red Flags!

Coinmarketcap.com is a scam crypto platform that lures people with fake crypto giveaway and high investment returns but doesn’t grant withdrawal after deposits are made. The website has numerous red flags such as not licensed, no company details, anonymous owners, recently registered website, and high-pressure tactics

This article provides a breakdown of the Coinmarketcap scam; how it works, what to do if you’re victim, and how to spot scam crypto investment sites.

What Is Coinmarketcap.com All About?

Coinmarketcap located at Coinmarketcap.com claims to be a platform where people can quickly and securely invest and make money digitally. The platform claims it is integrating pleasant trading environment with the finest technology, that can easily be used by both beginners and experts.

The Truth About Coinmarketcap.com Crypto Trading Platform

Though the website looks like the real deal. Coinmarketcap.com is actually among a chain of fraudulent crypto websites.  The scammers behind this scheme create multiple websites like Pegotex, Voxsu, Plywex, etc, which share same web design, terms of service, as well as “About us” text.

Then they use fake crypto giveaway and high returns to lure users on Tiktok, Instagram, Twitter, etc. The victims targeted are mostly cryptocurrency owners, young adults, and people who’ve little knowledge of investing and cryptocurrency.

Once they fall for the bait and create an account on the platform. Users are asked to pay a certain fee for either tax or processing fee which is often a minimum deposit of $100, before they can withdraw their earnings. However, after making the deposit – via cryptocurrency – they will be locked out from the website and can’t access their account again.

We’ve seen this scam play out many times.

Coinmarketcap.com Red flags That Stand Out

No Regulatory Watch Dogs Watching Over This Platform

Coinmarketcap.com is NOT LICENSED by any financial regulatory body. Cryptocurrency trading platforms are considered money service businesses (MSBs) by the U.S. Treasury and must register with the Financial Crimes Enforcement Network (FinCEN). Many states also have requirements for cryptocurrency trading websites to register.

However, when we checked the registration list, we discovered that Upellen is not registered. Hence, any deposit you make with them is a huge risk.

No Physical Address or Company Information

Coinmarketcap has no physical business address. There is a no address or company details provided on the website. This shows that the website is not trustworthy and cannot be reached if the users see need to do so.

Uses Fake Endorsement from Elon Musk

The scam crypto platform uses fake Elon Musk and Mr Beast endorsement to lure people. Victims are promised large rewards like 0.42 BTC if they sign up and deposit funds. However in reality, they wouldn’t earn anything as the images and videos of the celebrities used were created using photoshop.

Recently Registered Website

Coinmarketcap.com claims to have been in existence since 2018. But in real sense, the website was only recently registered on 10th October 2023. It is not even up to a month old.

No Customer Support

Aside from the contact us form on the website, there’s no telephone number. There is neither an email address nor phone number provided on the website. This simply means there is no information with which you can contact the platform.

Just like missing addresses, no customer service phone number is a sure indicator of a scam trading platform. Fraudulent trading websites might display messaging-app phone numbers, but these are easy to fake and easy to change. It’s also common for scam sites to only offer live chat (often a chat-bot), email addresses, or “contact us” web forms. But when scams are exposed, the websites disappear, along with any way of communicating with them.

What To Do If You’re a Victim Of Coinmarketcap Crypto Scam

Report The Scam to Authorities

The first step you should take is to report the scam to the appropriate authorities. This could include local law enforcement, the FBI, or the Federal Trade Commission (FTC). Reporting the scam helps to alert authorities to the problem and may also help them to identify and prosecute the scammer.

Contact Your Cryptocurrency Wallet Provider

You should contact the cryptocurrency exchange or wallet provider that you used. They may be able to freeze the scammer’s account or take other measures to recover your lost funds.

Warning Signs of a Crypto Trading Scam

Offers High Returns & Giveaway

One of the warning signs of a scam crypto trading site is high returns and crypto giveaway. It is just a tactic to pull people in and make them lower their guards. Everyone loves the idea of making huge rewards, so the scammers are exploiting this angle of human error.

Uses Celebrities To Endorse their Platform

Often times, scam crypto sites uses fake endorsement from celebrities like Elon Musk, Mr. Beast, etc. They do this by using  AI deepfake parodies. Victims might think Elon Musk or Mr. Beast is the one in the video, but the video has been manipulated. Never trust giveaways, even if they appear to be endorsed by celebrities. Remember, videos can be manipulated.

Unprofessional Trading Platform

One thing common with scam crypto sites are grammatical errors, spelling mistakes and poorly constructed claims. This of course cannot be seen in professional crypto sites like Binance and the rest.

Fake About Us Claims

The scam sites often claim to have been operating for a long time, sometimes as long as 5 years. However, when you use who.is (a domain checker tool) to check how old the website is, it often shows that the website was registered few months or weeks ago.

No Means of Contacting Customer Support

Another indicator is the lack of a working telephone number, email address or even physical address on the website. In most scenario, you’d see a live chat support option, but this only leaves you to the mercy of the scammers. They can chose to reply you or not.

Conclusion:

Coinmarketcap.com is not a legit crypto trading platform. The scam site lures victims with fake crypto giveaway and steals their money after they deposit a minimum fee to withdraw the fake earnings.