Soytok is a scam crypto platform that disguises as a legit crypto trading platform that offers decentralized trading (buying and selling) of over 100 coins. They entice users with promises of free Bitcoin if they use specific promo codes they will be given.
We will take a closer look at this platform, analyzing how this scam operates, its red flags and what to do if you have already been scammed.
What is Soytok.com
Soytok.com is a website that claims to offer a user-friendly interface, top-notch security for user’s assets while promoting a global trading of over 100 coins.
It is being promoted by AI generated videos of celebrities endorsing this scam platform as being a legit cryptocurrency platform.
These videos are advertised all over social media (YouTube, TikTok, Facebook, etc.) where they lure in their victims with promises of free Bitcoin giveaway.
About the website
Soytok.com was registered through the company NameSilo, LLC and has it email address redacted for ‘privacy”. However, a mobile number (+1.3478717726) is listed. It was registered on 2024-11-19 and expires on 2025-11-19 in exactly one year. Its address is listed as Phoenix, US.
It claims a host of endorsements with no verifiable evidence, documentation or news articles.
How the Soytok Scam works
This platform uses fraudulent schemes, such as fake bitcoin giveaway by using specific promo codes and pyramid schemes as a way to make people spread the word about them online, or phishing tactics.
The scammers behind this website often use deceptive AI generated videos on YouTube, TikTok and other social media outlets to lure victims into making phony investments, promising unusually high returns or exclusive opportunities that are too good to be true.
Upon signing up with the promo code, users are given free crypto of about 0.031BTC but are unable to withdraw unless they fund their account with 0.05BTC in order to activate the withdrawal feature.
If this money/investment is made the user is immediately blocked from the account and therefore unable to withdraw both the alleged free crypto and the transferred 0.05BTC.
These scammers usually deceptive tactics to manipulate people into installing malicious software. They may send suspicious files or suggest installing cryptocurrency wallet applications or browser extensions.
Be aware of the risks of spyware and data-stealing malware and always exercise caution when dealing with unsolicited requests or offers. Be on the lookout for possible crypto investment scams and avoid them.
Problems with Soytok.com
Domain age:
This website was registered on 2024-11-19 and expires on 2025-11-19 in exactly one year. The fact that it is so new but makes many claims and is set to expire in only a year has several markings of a scam.
Certification:
Soytok.com claims to be certified and endorsed by a couple of legal departments but there’s no evidence to back up these claims. This falsification of claims is rampant among scam websites as it aims to give the victims a false sense of legality and trust.
Website access:
We were unable to access this website, and this may either be due to the fact that it has already been taken down prior to us carrying out this research or are they are deliberately hiding its contents. As a new website, this is definitely a red flag, and it should be avoided.
No proof of payment:
There is not one verifiable proof that this website has paid money/earnings to anyone. There are no reviews from users anywhere lending credence to the awesomeness of this platform.
Contact:
Only a phone number is listed on Who.is but no email added, and every other information is “redacted for privacy”. There is only a live-chat option available on the website.
What To Do If You Fall For A Scam
Cancel your credit card
Immediately call your financial provider and cancel your credit card. By so doing, the credit card details you used for your transaction would become null and void.
Request for a new card
After the old credit card has been canceled, ask for a new card, it doesn’t cost much to get one. Your credit card issuer will issue you a new one with different numbers.
Report the Fraud To Relevant Authorities
Report the scam to relevant authorities and organizations. This includes:
- Better Business Bureau (BBB): File a complaint with the BBB if the online store is based in the United States.
- Internet Crime Complaint Center (IC3): If you are in the United States, you can file a complaint with the IC3 at https://www.ic3.gov/.
- Your Local Consumer Protection Agency:
Conclusion
Soytok.com exhibits all the traits of a crypto scam platform. We strongly advise users to exercise caution and avoid investing in this platform.
Remember, if an investment opportunity seems too good to be true, it likely is.
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