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Is YM Coin a Scam?

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cybertrace

October 10, 2024 · 6 min read

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Is YM Coin a Scam?

A judges hammer indicating justice for victims of the tmcoin.com YM Coin scam. lontonwmc.com and ymcoin.com.

Cybertrace was recently notified of a current scam called YM Coin targeting victims worldwide using the domains, ymcoin.com, and lontonwmc.com. From our initial review, it appears to be another slick, professionally designed fake crypto trader platform designed to trick innocent victims into losing their life savings. The result is not just financial devastation but also emotional with many victims suffering from mental injuries as a result. This article will explore the YM Coin scam, its general methodologies, and its various links and associations.

How the YM Coin Scam Works

The methodology of the scammers at YM COin – ymcoin.com and lontonwmc.com follows a well-used method where the scammers attempt to gain the trust of the victim through the use of highly manipulative social engineering techniques designed to extract as most money from victims as possible.

A Cybertrace victim was recently introduced to the scheme through a sponsored Facebook ad for an educational platform named Lonton Wealth Management Centre (lontonwmc.com). The ad promoted investment education featuring the so-called “expert”, Dr Henry Smith, who claimed to be leading this company’s entry into the Australian market. With a promise of wealth management expertise, our client started a series of investment lessons via WhatsApp.

From our experience, the apparently legitimate education was designed to establish trust with the fake advisors and they later instructed her to download a trading application called YMCoin. Cybertrace Analysts noted that this trading app called YMCC-MAX and YMCC-Best were available for download via both the website ymcoin.com and the Apple Store. The app’s availability in the Apple Store contributed to the trust factor despite being a scam and nothing more than a sophisticated front to channel fraudulently obtained money into the hands of criminals.

Magnify glass and the word scam indicating closer inspection is required to identify a scam.

Manipulative Tactics Used in the YM Coin Scam

As soon as our victim registered on the YMCoin platform the scammers started feeding them with stories of market downturns and the need for a recovery plan to protect their investments. This process is a well-known psychological manipulation tactic used to create a sense of urgency and pressure and in turn, push the victim to make quick financial decisions.

Our victim was instructed to transfer money into the investment platform via multiple transactions over a short period. The smaller transactions were designed to demonstrate to the victim that there was low risk. Potential victims are always more cautious with one-time large investments. To circumvent the Anti-Money Laundering and counter scam detection utilised by banks, the criminals specifically instructed our victim to use a merchant on the YMCoin platform and avoid mentioning trading, investment, or crypto in the money transfer descriptions. The money was sent to two bank accounts in Hong Kong each under a different trading name.

To maintain the appearance of legitimate trading operations, the scammers set up a complex network of fake Telegram group members who shared fake testimonials and encouraged our clients to invest more. These fake members were all part of the scam and were used to create a false sense of community and trust, making our victim feel as if she was part of a legitimate investment group.

Scammer planning his techniques in the cyber world. Justice for victims of the tmcoin.com YM Coin scam. lontonwmc.com and ymcoin.com.

Why This Scam is So Effective

  1. Professional Presentation: The scammers used professionally designed including lontonwmc.com and ymcoin.com to give a sense of legitimacy. Victims gain confidence in the scheme through the use of legitimate-looking websites, trading app, and functional communication platforms.
  2. Emotional Manipulation: By claiming to offer investment plans and advice, the scammers tap into the victims’ emotions and leverage their hopes for financial gain while reducing their fear of losing money.
  3. Community Influence: The use of WhatsApp and Telegram groups with fake members reinforced our victim’s trust in the scheme. These groups created an apparently embracing and legitimate environment where victims are encouraged to spend more money under the facade of a shared investment opportunity.

Cybertrace’s Role in Uncovering the Scam

Cybertrace specialises in investigating complex online scams such as the ymcoin.com and lontonwmc.com case. Using advanced investigative tools and methodologies, Cybertrace can trace the origins of the fraudulent websites, identify the network of fake accounts and individuals involved, and gather crucial evidence that can assist victims in seeking justice, and potentially recovering money.

In this case, our victim reached out to us after realising that it was a scam. Unfortunately, at this point, they have already been unable to withdraw their money from the fake platform. Cybertrace is now investigating our victim’s case where evidence has been collected as to the identity of the website’s operators and the likely criminal syndicate responsible for defrauding our client. Once our investigation is complete, a detailed specialist report will be provided to our client documenting the scam’s operation, which can be used by law enforcement agencies and lawyers to take further legal action against the offenders.

Investigator studying a criminal network. Justice for victims of the tmcoin.com YM Coin scam. lontonwmc.com and ymcoin.com.

How to Protect Yourself from Similar Scams

  1. Check Before You Invest: Always undertake thorough due diligence before investing with any investment platform, financial advisor, or trader/broker. Check for genuine reviews, validate the company’s registration details, and check with a professional investigative service like Cybertrace to ensure the investment is genuine. Use Cybertrace’s ScamID tool to identify scam risks associated with websites.
  2. Be Wary of Social Media Ads: Social media is a breeding ground for scam advertisements with the social media giants pocketing huge amounts of money from the scam ads, hence the limited action made to prevent them. Avoid engaging with ads that seem too good to be true, and never share your financial details without verifying the source.
  3. Watch Out for Red Flags: If you’re asked to transfer money to odd or unfamiliar bank accounts, or cryptocurrency wallets or to provide payments with no or false descriptions, consider this a warning sign of a potential scam.

Summary of the ymcoin.com Scam

Although the methods used by the ymcoin.com and lontonwmc.com scammers are relatively standard for investment scams a few variations were noted by our analysts that were designed to increase criminal profits, counter bank fraud protection measures, and increase the appearance of legitimacy. This case is a timely reminder of how cunning scammers can be. By creating a facade of legitimacy and manipulating victims’ emotions, they can inflict significant financial harm. Cybertrace is committed to helping victims uncover these scams and providing actionable intelligence to law enforcement agencies to bring these criminals to justice.

If you believe you’ve been targeted by a similar scam, don’t hesitate to contact Cybertrace. We can assist in identifying and gathering the necessary evidence to support your case and, most importantly, help you take the first step toward recovering your losses.

Fake scammer address:

The Ymcoin Exchange

113 Washington Ave FL 2LA Grange IL60525

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