Unfortunately, MoonPay, trusted worldwide for its secure cryptocurrency transactions, attracts malicious “MoonPay scams“. These fraudsters exploit its popularity to deceive investors. As these scams rise, it’s critical to recognize the genuine platform and remain vigilant.
As MoonPay’s prominence rises, so does a troubling trend of scams exploiting its reputation. These schemes, posing as MoonPay, trick unsuspecting investors into financial losses.
Several particularly harmful impostors have surfaced recently, including:
- dexmoonpay.com
- dexxmoonpay.com
- moonpytrades.com
Fraudulent platforms cleverly mimic MoonPay, confusing many individuals. This article aims to expose these deceptive tactics and equip readers to identify and avoid such scams.
Understanding MoonPay
MoonPay is a highly esteemed platform serving as the linchpin between traditional financial structures and the burgeoning world of cryptocurrencies. Its core mission is to make cryptocurrencies accessible anywhere and at any time.
As a trusted gateway to Web3, MoonPay offers an intuitive user experience, making it easy for anyone to start buying crypto and NFTs, even without any prior knowledge.
The platform boasts several products that cater to a variety of user needs:
- On & Off Ramps: These allow users to convert their fiat currency into cryptocurrencies and vice versa seamlessly.
- NFT Checkout: This service facilitates the purchase of Non-Fungible Tokens (NFTs), unique digital assets that have gained significant popularity in recent years.
- Web3 Passport: A unique product that provides users with a digital identity for decentralized web services.
- Concierge: A premium service for those seeking a more personalized and guided experience.
- HyperMint: This service aids developers and businesses in creating and issuing their own tokens.
MoonPay is a secure and trusted platform for purchasing various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. Its strong security measures, regulatory compliance, and extensive user base make it reliable.
However, its popularity also attracts scammers who impersonate MoonPay to defraud unsuspecting investors. As cryptocurrency scams rise, it’s crucial to identify legitimate platforms and remain vigilant against impostors.
Could MoonPay be a scam?
On Trustpilot, MoonPay has a TrustScore of 4 out of 5 and is rated ‘Great’ based on 73,779 reviews. 72% of the reviews are 5-star, while 13% are 1-star.
Get in touch with our affiliated Cryptocurrency Forensic Specialists at CNC Intelligence for free by filling out the form below.
From the 1-star reviews, it appears that some users have significant issues with MoonPay.
Complaints include:
- Unauthorized transactions: Users reported that MoonPay allowed unauthorized use of their debit cards for Bitcoin purchases.
- Poor communication: Users reported difficulty getting timely and sensible responses from MoonPay, particularly when transactions were declined due to identity checks.
- Refund issues: Users reported that when transactions fail, or errors occur, MoonPay is slow to refund the money.
- Inflated prices: Some users claimed that MoonPay inflates the price of cryptocurrencies it sells to make up for lower transaction fees.
- KYC/AML issues: Some users were frustrated with the extent of personal information required for transactions. MoonPay responded that these are required for KYC/AML regulations.
- Delivery delays: Some users complained about long delays in receiving their purchased cryptocurrencies.
MoonPay typically responded to these complaints by asking users to submit a ticket to their support team.
Examples of MoonPay Scams
Dexmoonpay.com
Dexmoonpay.com appears to be a website that has been associated with cryptocurrency scams as per the multiple user reports and scam detection websites.
- Website Creation Date: As per the Reddit thread on r/CryptoScams, the domain was registered recently (on March 3, 2023), which can be a red flag because many scam websites have a recent creation date.
- Trust Ratings: The website has low trust ratings on scam detection sites. For instance, it has the lowest trust rating on Scam Detector. On Scamdoc.com, its trust index is a mere 1%, which is extremely poor.
- User Reports: Multiple users have reported Dexmoonpay.com as a scam. In one particular report on Reddit, a user cautioned others to stay away from the website, referring to it as a “pig butchering scam.” The user even provided some wallet public keys allegedly involved in the scam.
- Lack of Authentic Information: There seems to be no authentic information about the website’s operations. Details regarding its legitimacy, the exact nature of its operations, or the individuals or organization behind it remain unclear.
- Scam Warnings: Various online platforms like Scam Adviser, Scam Detector, IsLegitSite, and Scamdoc have flagged Dexmoonpay.com as potentially malicious or scammy.
- Cryptocurrency Scams: It seems to be involved in cryptocurrency scams. Often, these types of scams involve misleading users to transfer cryptocurrencies to specific addresses with the false promise of high returns.
Dexxmoonpay.com
According to Whois data, the domain was registered with NameSilo, LLC on May 22, 2023, and will expire on the same date in 2024.
It is protected by Cloudflare and a privacy service provided by PrivacyGuardian.org LLC.
A Wayback Machine search reveals that dexxmoonpay.com looks exactly like dexmoonpay.com used to.
According to SEMrush, the website has 7 backlinks from 2 referring domains. A lack of organic search traffic, no paid advertising, and a low number of backlinks suggest that the website is either new, not well-optimized for search engines, or not very active in terms of content or user engagement.
According to online reviews, Dexxmoonpay.com appears to be a website involved in high-risk activities, potentially related to cryptocurrency, investments, or casinos.
Some review platforms, such as Scam Adviser and Web Paranoid, offer tools to assess the site’s legitimacy. However, multiple sources, including Reddit users and Scamdoc.com, have warned against the site, claiming it to be a scam. Scamdoc.com even rates it with a bad trust score of 1%.
Currently, the general consensus seems to be negative, cautioning potential users to be wary of Dexxmoonpay.com.
BeerMoneyForum
On BeerMoneyForum.com, a post by user Monisha Shetty from June 21, 2023, reviews dexxmoonpay.com as a newly launched high-yield investment website. The platform promises daily returns ranging from 0.8% to 3.5%. The minimum deposit and withdrawal limits are set at $1, with no maximum deposit limit stated. The site also offers a referral commission of 5%.
The platform offers diverse payment options such as Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, Ripple, BUSD, USDT, Tron, Zcash, Bitcoin Gold, Perfect Money, and Payeer. Moreover, it also accepts conventional payment methods like Visa, MasterCard, and Maestro.
In response to the review, a user named Drunkandlost posted a comment on July 5, 2023, labeling dexxmoonpay.com as a “Scam”.
Scamadviser
Scamadviser, an online platform assessing site reliability, has marked Dexxmoonpay.com as potentially fraudulent with a low trust score of 1/100 due to several worrying elements:
- The site owner’s concealed identity through a paid service.
- The site’s low web traffic.
- The site’s registrar is known to manage other scam-related sites.
- Its association with high-risk cryptocurrency services.
- The presence of anonymous payment methods complicates consumer money recovery.
- The site’s recent registration hints at its newness.
Reddit on MoonPay Scams
In a thread on the subreddit r/CryptoScams, user u/Apprehensive-Ebb9602 alerts others about a potential scam involving cryptocurrency operation dexxmoonpay. They share two URLs and public keys, claiming they’re connected to the scam.
A user named fedput highlights that the website was created recently, a common trait of scam platforms.
A Related Scam – Moonpy Impostors (Moonpytrades.com)
Recently, we received the following complaint regarding moonpytrades.com:
A man named Richard Duarte contacted me on Facebook about moonpytrades.com. Regrettably, I was taken in by his claims, so I made a small investment which seemed to grow. However, when it was time to withdraw, he insisted that I needed to pay additional fees – first taxes, which I paid, then a signal fee, which I also paid, and then a P2P fee, which I paid. As he requested more payments, I realized something wasn’t right. Unfortunately, I’m new to this and didn’t spot the signs of a scam earlier. I still have all the messages he sent me.
What is Moonpy Trades?
According to moonpytrades.com, Moonpy Trades is a cryptocurrency trading and investment platform that simplifies the process of investing in various digital assets. The platform boasts of having helped over 10,000 people build their futures by investing in multiple types of assets.
They claim to be regulated by multiple authorities, including CySEC in the EU, FCA in the UK, FinCEN in the US, and ASIC in Australia, ensuring the security and privacy of users’ funds.
There is no evidence provided to verify that they are regulated, and they have not provided any information to facilitate the verification process. Furthermore, it is important to note that trading companies operating in the United States must be regulated by the CFTC rather than FinCEN.
The platform also promises huge returns (another serious red flag) and provides 24/7 customer support.
The platform provides a unique “CopyTrader” feature allowing users to replicate top-performing traders automatically.
Moonpy Trades is located at 93 Green Lane Cambridge, CB78 9JX, United Kingdom, and can be reached at support@moonpytrades.com.
Moonpytrades.com was registered on July 20, 2022, by an anonymous entity through OwnRegistrar, Inc. Amazon hosts it.
Their website receives very little traffic, mostly from the United States. They have only two backlinks, which are from scam-detector.com and advancedsitestats.com.
What is Moonpy?
Moonpy is a Python distribution that enhances Python performance significantly, thus offering out-of-this-world Python capabilities.
Thus, Moonpytrades.com can be classified as a Moonpay Impostor, not a Moonpy Impostor.
Who is behind Moonpytrades.com?
Josh Smith is a digital marketing specialist on TikTok under the handle dadtrepreenewerofficial. He focuses on helping busy parents make money online in their spare time.
Smith has a follower count of 3,489 and has received 1,817 likes.
He posts a variety of videos with the theme of stopping debates and beginning to learn how to earn extra income. His content often centers around high-ticket affiliate marketing, which he describes as his favorite side hustle.
His website is www.moonpytrades.com.
Another TikTok user, hustlewithdon01, focuses on content about making money online. They have accumulated 1,000 followers along with 470 likes. The user’s bio indicates that they are dedicated to helping others make money, and they encourage followers to direct message them on Instagram to get started. They also mention using a specific program linked to their profile, moonpytrades.com.
Moonpytrades.com Reviews
Moonpytrades has an average rating of 3.1 on Trustpilot, with a total of six reviews. Positive feedback praises its user-friendly interface and multilingual support. However, negative reviews label it a scam, alleging it demands a $2,500 deposit to activate accounts.
A Reddit discussion thread on r/DayTraderParadise questions Moonpytrades’ credibility. A user shares their experience of being asked to deposit $1,000 worth of cryptocurrency to start trading. While some users confirm the platform as a scam, another claims to have made consistent returns.
Additional details reveal users’ growing accounts over 2-3 months but difficulties withdrawing profits without paying a “portfolio signal” fee. Most lean towards labeling the platform a scam, with several users, including the original poster, reporting significant losses.
Moonpytrades.com has a 3.0 rating on TrustedReviews with mixed reviews. Negative feedback discusses unexpected withdrawal costs and scam allegations.
BeerMoneyForum.com reveals the site offers 100x leverage profit with a minimum investment of $100 and a 5% referral reward. Accepted payment methods include Bitcoin, Ethereum, Litecoin, Dogecoin, Perfectmoney, Payeer, and Bitcoin Cash.
How Impostor Scams such as MoonPay Scams Work
When analyzing scams such as those outlined in the Reddit post, one can see how fraudulent websites attempt to mimic legitimate services, like MoonPay, to trick unsuspecting users into parting with their cryptocurrency.
The intent behind mimicking a brand’s identity is to utilize the trust that has been established by the real company and manipulate it to its advantage.
- Domain and Website Design: Scammers often create domain names that closely resemble those of reputable companies, sometimes only differing by a single character or using a common misspelling. In this case, dexxmoonpay and dexmoonpay are designed to seem related to MoonPay, a legitimate cryptocurrency platform. The website design is typically a replica of the legitimate service to give an appearance of authenticity. This includes the use of logos, color schemes, layouts, and any other distinctive features associated with the original brand.
- Services Offered: Fraudulent websites often claim to offer the same services as the legitimate company they’re imitating. For MoonPay, these services include buying, selling, and trading cryptocurrencies. By offering the same services, scam sites can further convince visitors of their legitimacy.
- Communication Style: Scammers typically mimic the brand’s communication style they’re impersonating. This includes email communication, customer service interactions, and even automated messages. They’ll often use similar language, the same tone of voice, and the same types of communication channels.
- Security Promises: Fraudulent websites may boast about security measures to further convince potential victims. They might claim high-level encryption or a safe and secure trading platform, mimicking MoonPay’s genuine security guarantees.
- Use of Public Keys: the user provided public keys supposedly associated with the scam in the Reddit post. While seeming legitimate, these keys might be part of the scam used to make transactions appear as if they are happening on a secure, legitimate platform.
Resources from MoonPay
MoonPay’s support center provides several articles addressing security and fraud concerns related to cryptocurrency transactions.
The key points include:
- Cryptocurrency transactions are irreversible, so sending them to someone else should be done cautiously.
- MoonPay advises users to educate themselves on protecting their cryptocurrency from scams.
- Personal information and financial transactions made with MoonPay are secure, and the company keeps user data for a specific duration.
- MoonPay also provides guidelines on how to erase user data, react if your account has been compromised, and take steps to take if an unknown charge appears from MoonPay on your bank statement.
- If a user has unfortunately sent cryptocurrency to a scam, they should report the crime to the police, as MoonPay cannot refund these transactions.
- Suspicious emails from MoonPay should not be interacted with. Instead, users should report these to MoonPay’s support center.
- MoonPay also provides channels for law enforcement or bank employees to request information.
Specific guides on handling compromised accounts, suspicious emails, and unauthorized charges are provided, with a step-by-step approach for each scenario.
To protect against scams, MoonPay advises not to share sensitive information, verify investment companies before proceeding, be skeptical of monetary requests from online acquaintances, double-check email links and only open trusted ones, be aware of social media giveaway scams, and be careful with tech support services impersonation scams.
Finally, Corey Barchat’s article on the MoonPay website provides comprehensive advice on spotting and avoiding cryptocurrency scams, from maintaining good practices to identifying common scam types and reporting them to the necessary authorities.
Complaints We Received
On September 26, 2023, we received the following complaint:
Today, I received a call from someone claiming to represent the Federal Trade Commission, a United States-based company. She asserted that her organization could assist me in recovering funds lost to trading scams. Subsequently, I was connected to a purported financial expert who would facilitate refunding my money. The ‘expert’ claimed they had located my funds in a cryptocurrency wallet and assured me that $250 of my lost money would be refunded into my Revolut bank account. Contrarily, $250 was illegitimately withdrawn from my account instead. I urgently need assistance to recover my funds. The transaction was sent to the following cryptocurrency wallet: 12Mi5x4pTdvmuSKj4wS1aomCKgEnbNwijb via the Moonpay website. I am seeking assistance by any means necessary.
Unfortunately, companies that can trace stolen cryptocurrency usually don’t take clients who lost less than at least a few thousand dollars. Here are some steps you might consider to take if you find yourself in a similar situation:
- Report to Authorities: Immediately report the incident to your local law enforcement and any relevant financial authorities.
- Contact Your Bank: Alert your bank about the unauthorized transaction and inquire about potential solutions or protections available.
- Secure Your Information: Change all passwords and secure your personal information to prevent further unauthorized access.
- Stay Informed: Educate yourself on common scams and remain vigilant to avoid falling victim to them in the future.
Remember that official entities like the Federal Trade Commission will never contact you in such a manner, and it’s crucial to verify the legitimacy of any such communication.
On October 18, 2024, we received another complaint:
I lost about $1,300. I deposited money into a site called Moonpay. I deposited the requested amount each time, and they told me the money would be available. However, during the last transaction, it was rejected, and they asked me to withdraw again. When I returned home to check what was happening, I found that I had been banned from the site.
MoonPay Scams: Conclusion
The world of cryptocurrencies can be a hotbed for fraud, with even trusted platforms like MoonPay becoming targets for impostors, as exemplified by Dexmoonpay.com, Dexxmoonpay.com, and Moonpytrades.com.
These fake platforms replicate the services, branding, and credibility of MoonPay, leading to financial losses and diminishing trust in the cryptocurrency sphere.
If you have fallen victim to online scams, please comment below. If you have suffered a substantial financial loss, do not despair. We are here to assist you in recovering your funds!
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