Investors are constantly on the search for the next big thing that promises significant gains in this modern world where cryptocurrency is gaining huge popularity among every generation. Unfortunately, this desire for financial gain frequently results in the spread of false practices, as seen in the latest DropsHunter or Drops Hunter cryptocurrency scam. This dishonest company used a deepfake video ad to entice unknowing victims and falsely claimed an endorsement from none other than Elon Musk. In this blog, we will examine the specifics of this scam, its methodology, and the reasons why people should take care when going through risky investments. Let’s expose the scam!
What Is Drops Hunter Crypto Scam?
Drops Hunter is a cryptocurrency scam that operates through the websites DropsHunter.com and DropsHunter.net. On the website, customers are promised early access to valuable new currencies as well as tools to find successful crypto airdrops and private pools.
However, Drops Hunter is a fraudulent website created to defraud people of their money. To look respectable and reliable, it makes use of misleading strategies including deepfake videos and fake celebrity endorsements.
How DropsHunter Works
The DropsHunter website works by initially enticing users with claims of quick cryptocurrency gains through special incentive programs, airdrops, and other services. The appearance of credibility is given by fake celebrity endorsements.
After money has been received, consumers discover they are unable to access any real services. Their money has been lost, their accounts have been deleted, and the website has been given up by the proprietors, who then move on to commit the fraud again.
Fake DropsHunter Endorsement From Elon Musk
Elon Musk appears in a deepfake video intended to advertise Drops Hunter. Musk appears to be praising the site and urging people to sign up in the advertisement. But this is a misleading marketing ploy. Drops Hunter is not affiliated with Elon Musk. The video is a scam intended to trick viewers into believing he has promoted it.
The Ad Featured The Following Statements:
“How to get a million dollars: take part in test Nets and airdrops for new projects, then hold the coin for a couple of months.”
“Elon Musk creates new opportunities for everyone.” It is the first automated solution for gathering tokens from the most promising blockchain products. It is now feasible to detect potential coins using artificial intelligence.”
But it’s important to stress that this endorsement was wholly faked. Elon Musk had no connection to DropsHunter or Drops Hunter, and deepfake technology was used to distort his voice and picture in order to give this fraudulent enterprise some legitimacy.
Dropshunter – Uncovering The Scam
The DropsHunter website, which is where victims were told to invest their money, must be looked at in order to comprehend the scope of this scam. The website, which can be accessed at dropshunter.com, made a false claim about how easy it would be for consumers to gain significant money through Cryptocurrency investments.
The Website’s Key Features Included:
- Connection of Wallets: Users were prompted to link their Cryptocurrency wallets to the DropsHunter platform, which is a procedure that is usually cause for concern when using unreliable services.
- Payment of Entry Fee: Individuals have to deposit $50 in any accepted cryptocurrency coin once to use DropsHunter’s services. This charge was expected to open the door to enormous revenues.
- Promises of High Returns: DropsHunter captured victims with claims that it could quickly generate a million dollars worth of Cryptocurrency. Their plan involved joining test networks for new projects and then holding onto the money for a while.
- Artificial Intelligence Claim: In order to identify possible coins, DropsHunter claimed to use artificial intelligence. That claim gave the scam an extra level of difficulty that was intended to give it a more trustworthy appearance.
How The Dropshunter Scam Works
DropsHunter carries out its cryptocurrency stealing plan in phases, as follows:
Step 1: Advertising
To find potential victims, DropsHunter largely depends on social media advertisements. These advertisements claim fake promotions by famous people, enormous potential profits, and exclusive early access chances. FOMO techniques are used to bring clicks.
Step 2: Landing Page
With the help of testimonials, fake scarcity, and profits, the landing page keeps gaining trust. In order to gain access, visitors are urged to link their cryptocurrency wallet.
Step 3: Fake Dashboard
Users see a dashboard after submitting a wallet and paying for anything, but it contains features, statistics, and insights that don’t exist. This increases the illusion.
Step 4: Theft
The cryptocurrency is taken once the payment is delivered, which is often 0.5 ETH or more. Before the victims are aware of what has transpired, the account has been deactivated, the website has been abandoned.
Step 5: Shutdown
When enough stolen money has accumulated, the DropsHunter website goes down. Under a new identity, creators launch a new fraudulent company.
Exposing The Scam
There were several red flags that clearly show DropsHunter is a scam. To prevent becoming a victim of fraud schemes similar to these, it is crucial to notice these signs:
No Legitimate News Coverage
The absence of legitimate news coverage is one of the most obvious indicators of a scam. A cryptocurrency project would surely receive a lot of media attention if someone of Elon Musk’s prominence actually supported it. The dearth of reliable reporting about DropsHunter sparked suspicions.
Russian Domain Registrar
According to a WHOIS domain search, Dropshunter.com (Another Domain http://dropshunter.net) was registered with a Russian domain registrar. This registration site added to skepticism over the platform’s credibility because credible cryptocurrency initiatives normally register through well-known and open channels.
Lack Of Transparency
DropsHunter ignored crucial details about its founders and operators. In the realm of cryptocurrencies, where trust is a key factor in investing choices, transparency is essential. A huge warning sign is the lack of information about the individuals responsible for the project.
Links to other platforms, such as “earn3.me,” on the website raised questions about whether these con artists had replicated or cloned reputable services in order to trick potential victims.
Inactive Social Media
The social media presence of DropsHunter was at best sketchy. The project’s validity was questioned in part because of their Twitter account’s small following and occasional updates.
Potential victims were unable to express their worries or share their experiences in the comments area of the YouTube video that included the deepfake ad. This lack of openness increased misgivings even further.
Social media sites, including Facebook and Instagram, which are owned by Meta (formerly Facebook, Inc.), play a crucial part in the spread of this scam. These sites made it possible for scam artists to promote the fake Drops Hunter initiative. However, with all these running scams, this raises essential questions:
- Why don’t regulatory agencies take greater action to stop these frauds? On these networks, there aren’t any strict regulations and that’s the main reason behind spreading these scams.
- How much money does Meta make from these con artists placing ads on their websites? Despite having significant financial resources, Meta’s approach to preventing fraud is still debatable.
- Shouldn’t Meta put its customers’ safety against scams and deceptive advertising at the top of its priority list? When using social media networks, users anticipate some level of security, yet the increasing number of scams destroys this confidence.
Red Flags For Deopshunter Crypto Scam
- Deepfake videos that use fictitious celebrity endorsements.
- Sleek, professional website design to seem trustworthy.
- Fake claims of lack of slots or access.
- Fake user reviews that promote enormous profits.
- Techniques that put pressure on users to take quick actions.
These cunning tricks are used to trick victims into thinking the platform is a genuine, limited-access opportunity and make them easily fall into the trap.
The cryptocurrency scam known as DropsHunter serves as a lesson on the value of doing your research before investing. Scams and fraudulent schemes will thrive as long as investors are drawn to the promise of large gains. The deepfake Elon Musk video advertisement serves as a sobering reminder of the extent that con artists would go to in order to fool potential victims.
When thinking about investing in cryptocurrencies, it is essential to independently verify facts and rely on reliable news sources. Scam victims suffer money losses, but they also damage the reputation of the whole cryptocurrency sector. At scamlegit.com, it is our responsibility to be on the lookout for frauds like DropsHunter to make everyone safe.
Pawan Kumar a full-time tech Blogger. He did Computer Science at Delhi University. A co-founder of Elbestor (A digital marketing company) He has more than 5+ years of experience in the tech field. Worked as Freelancer, and digital marketing service provider too.