Saxful.com is a bogus cryptocurrency trading platform that is being advertised through a complex fraud through the social networks. Utilizing fake video clips of famous celebrities such as Cristiano Ronaldo, and Elon Musk as a bait, fraudsters deceive users to deposit Bitcoin through the fake website by offering free crypto giveaways that are activated with promotional codes. However, Saxful only exists to extort cash from those who are enticed by the false endorsements of celebrities and the too-good-to-be-true bonus.
Our investigation will reveal exactly how Saxful scam operates and offer ways to avoid becoming a victim. Let’s get started!
Overview of the Saxful Bitcoin Promo Code Scam
Saxful.com is the most recent fake cryptocurrency trading platform that is being advertised through a sophisticated fraud featuring celebrities on social media. By using fake or voice-dubbed video scammers impersonate celebrities such as Cristiano Ronaldo Elon Musk Bill Gates, Mark Zuckerberg and Drake to fool people into transferring Bitcoin.
The scam operates by disseminating false videos through YouTube, TikTok and Facebook. On the YouTube videos stars with the most revealing skins talk about a particular Bitcoin giveaway opportunity, in conjunction with Saxful.com.
The site provides step-by-step directions for users to sign up on the website and input promotional codes for example “CR7” or “Tiktok11” to get free Bitcoin money in their account.
The victims who use the codes following registration will see an amount of 0.31 BTC added to their Saxful dashboard. But, when they attempt to withdraw the money the message will tell them that they have to deposit a minimum amount in the amount of 0.005 BTC to “activate” the withdrawal capability.
This requirement to deposit money tricks unwary users into sending genuine Bitcoin transactions which scammers promptly get. Saxful: Saxful platform and the purported cryptocurrency giveaway by celebrities is not in fact existent.
The fake Saxful platform and the crypto giveaway are not real. It is a fake trading front that collects deposits into scammers’ wallets. Once enough money is collected the website disappears, and victims don’t have a way to get their money back.
By securing public trust through people such as Cristiano Ronaldo Elon Musk Bill Gates, Mark Zuckerberg and Drake The scammers give credibility to the claim that the viewers will make money on Bitcoin. In actuality, it’s an elaborate scheme to steal crypto-based deposits.
How the Saxful Bitcoin Promo Code Scam Works
The perpetrators behind Saxful.com use a combination of convincing fake video clips, manipulation of the mind and technical ruses to carry out the Saxful scam. Let’s look in depth at the steps to follow:
Step 1: Produce Fake Celebrity Endorsement Videos
The fraudsters employ artificial intelligence-based video editing to create fakes that seem to show celebrities such as Cristiano Ronaldo Elon Musk Bill Gates, Mark Zuckerberg or Drake supporting Saxful’s Bitcoin giveaway and the Saxful platform.
Two principal techniques are employed:
Deepfake uses AI algorithms to replace the face of the celebrity and voice, with a high level of authenticity that makes the videos appear 100% authentic.
Voice dubbing – Recorded interviews and applies software that simulates voice to create the illusion that a famous person is saying things they never actually said.
Both strategies allow scammers to create convincing video where celebrities look like they are directly talking to viewers and instructing them on how to get gratis Bitcoin through Saxful.com.
Step 2: Distribute Deceptive Videos on Social Platforms
After being created, fake endorsement videos of celebrities are widely shared on websites such as YouTube, TikTok, Instagram and Facebook using two primary strategies:
Paid ads – Fraudsters purchase videos that target users who are interested in investing in cryptocurrency or celebrities who are featured.
Hashtag campaigns Scammers employ similar hashtags for celebrities and crypto to attempt to make the videos viral in the communities they target.
A wide-spread distribution means that scam videos a better likelihood of obtaining potential victims.
Step 3: Direct Viewers to Saxful.com
The fake videos include hyperlinks that direct users to Saxful.com website. While the website appears professional from the first look but it’s a complete scam designed to make money.
The actual trading of cryptocurrency or exchange occurs. The balances and platform shown are faked and elaborately designed.
Step 4: Instruct Viewers to Use Promo Code
Following the steps in the fake celebrity’s film The users visit Saxful.com and type in the promo code when signing up like “CR7” or “TIktok11.”
By entering these codes, you can make the amount of 0.31 BTC to the user’s account dashboard. This makes it appear as if the promo code has added no cost Bitcoin to their account balance.
Step 5: Prevent Withdrawals Until Deposit
If users try to transfer those funds into the external account, an error message requires them to make an initial deposit in the amount of 0.005 BTC to “activate” the withdrawal capability.
It tricked victims into putting real cryptocurrency into the scam site, as if they were simply completing an identification verification.
Red Flags of the Saxful Scam
Beyond the obvious dubious notion of celebrities offering bitcoin using YouTube coupons, you can find a myriad of evident signs of Saxful is a fraud:
Saxful has no web presence or documents aside of the promotional videos. There are no legitimate information about Saxful is available.
The website doesn’t provide credible evidence to show that the bitcoin rewards that are free were previously paid out.
The celebrities featured have not confirmed the campaign. The videos make use of their unlicensed image.
The requirement for account activation that involves the deposit of bitcoin in advance is a big warning. There is no regulated trading platform that is like this.
It is believed that the Saxful Domain name has been recently registered and will soon be canceled. This isn’t how legitimate businesses function.
There is no email, phone number, address, or other source of contact is listed the contact form is all that’s provided.
Free bitcoin offers that seem too good to be true are not real. If the offer seems unbelievable then it’s a fraud.
With all the clear indications of fraud social media users must be cautious about the fake celebrity endorsements for the Saxful bitcoin prize.
Frequently Asked Questions About the Saxful Bitcoin Promo Code Scam
1. How do I know if this Saxful Bitcoin promo coupon scam?
This is a risky cryptocurrency scam that employs deceitfully edited videos of famous people to lure victims into making Bitcoin money to the fake website for trading Saxful.com.
The scammers make video clips that depict famous people such as Cristiano Ronaldo Elon Musk Bill Gates, Mark Zuckerberg and Drake signing the Bitcoin giveaway deal in collaboration with Saxful.com.
In the videos, voice-dubbed or deepfaked celebrities offer an exclusive promo code, like “CR7” or “Tiktok11” They claim that viewers can apply on Saxful.com to receive free Bitcoin money in their accounts.
The truth is, Saxful.com does not actually allow any genuine transactions or trading. It’s a scam platform created to gather and steal Bitcoin deposits from innocent users who have been lured in by false video endorsements of celebrities.
2. Who is the most frequently impersonated celebrity in fraudulent videos?
The most frequently-used celebrities that are targeted in fraudulent videos include:
Cristiano Ronaldo
Elon Musk
Bill Gates
Mark Zuckerberg
Drake
The scammers choose the celebrities based on their mass popularity and trust in the public this creates a false sense of legitimacy to the fraudulent Bitcoin giveaway. Celebrities’ popularity makes it more likely that the target will end up being sucked into the scam.
3. How do fake endorsement videos of celebrities created?
The fraudsters rely on two principal strategies:
The latest deepfake artificial intelligence technology that effortlessly replaces the real-life voice and face of a celebrity with an artificially created imitation that is created to appear and sound totally real and authentic.
Voice dubbing, which is the process of taking real interview footage of a celebrity and utilizes software for voice mimicry to make it appear as if they are speaking in a different way.
Both strategies allow fraudsters to create convincing videos that accurately portray celebrities directly speaking to viewers, and also promoting the Bitcoin giveaway.
4. What and how do fraudsters promote their fraudulent videos?
Once they were created, the fake videos were distributed across social media platforms like YouTube, Facebook, Instagram and TikTok by using two strategies:
Paid video advertisements targeted to people who are interested in trading cryptocurrency and investing.
Hashtag campaigns that use related terms like #Bitcoin the #ElonMusk hashtag, and #CryptoGiveaway are used larger audiences.
Mass distribution via organic and paid-for reach allows the videos of scams to be watched by the most potential victims possible.
5. What happens if a victim uses the Saxful.com coupon code?
After being enticed by fake endorsements of celebrities, people visit Saxful.com and enter the promo code when they register like “CR7” or “Tiktok11”.
The code you enter will add the amount of 0.31 BTC to the user’s Saxful account dashboard. The idea is to fool the user into thinking that the promo code has successfully added free Bitcoin to the balance of their account.
In reality, there is the actual Bitcoin is actually deposited. The balance is fake, and only designed to further deceive the people who are the victims. No trading occurs.
