Flash Report: Comprehensive Ponzi Scheme Platform Advertised for Sale

Key Findings

• On May 23, 2025, an actor using the alias “d3fn0d3” posted on the predominantly Russian-speaking deep and dark web (DDW) forum Exploit advertising the sale of a “complete investment platform” designed to facilitate a Ponzi scheme.
• According to the advertisement, the investment platform includes features and services such as access to a dashboard feature, verified logins for numerous payment platforms, and established know-your-customer (KYC) protocols.
• Although scam-related services are very common in DDW marketplaces and forums, ZeroFox has rarely observed the sale of comprehensive platforms such as the one allegedly advertised by d3fn0d3.
• D3fn0d3’s advertisement is unlikely to reflect a new trend, with a more likely chance that the actor is seeking to recuperate funds from an already established platform they no longer wish to operate.
• While ZeroFox cannot currently ascertain the threat posed by this platform, it is almost certainly heavily dependent upon its post-purchase management.

Details

On May 23, 2025, the actor d3fn0d3 posted on the predominantly Russian-speaking DDW forum Exploit advertising the sale of a “complete investment platform” designed to facilitate a Ponzi scheme. According to the post, the platform can be purchased for USD 3,400 and is ready to become operational.

• A Ponzi scheme is a type of investment fraud whereby victims are encouraged to invest in a seemingly appealing fabricated or exaggerated business model promising low risk and high returns. However, rather than investing the funds as promised, scammers often use them to pay previous investors under the guise of dividends, while also paying themselves. The scheme can continue until the threat actors are no longer able to attract new investors, upon which the majority of the existing investors lose their money.

Since joining Exploit on April 8, 2025, d3fn0d3 has established a positive reputation in the forum. ZeroFox observed at least 65 previous posts associated with the actor, the majority of which are related to various types of scamming and social engineering activity. D3fn0d3 is heavily active within two predominantly Turkish-speaking cybercrime forums, hacktiviz[.]org and spyhackerz[.]org. This, along with Turkey-related posts, indicates d3fn0d3 is likely located in Turkey. 

According to the advertisement, the investment platform includes the following features and services:

• A fully customizable, complete investment platform.
• “Highest configuration” of domain hosting plan available for at least two years. D3fn0d3 provided no further detail, but this very likely refers to dedicated hosting, whereby the buyer can exercise a high degree of control over associated servers.
• Access to a dashboard feature, which is likely intended to mimic a legitimate environment whereby investors can manage their portfolios and view investment opportunities. This dashboard is almost certainly intended to increase perceived legitimacy.
• Social media and “professional” promotional videos. No examples of these were provided in the advertisement, though they are likely intended for advertisement purposes.
• Logins for both Google Ads and Facebook Business, likely indicating that d3fn0d3 has already completed the process of providing verification information such as business name and website URL, government-issued identification, and various aspects of company policy.
• “Easy login” procedures for victims, likely referring to Google and Facebook logins that are intended to increase perceived legitimacy and security.
• Verified logins for numerous payment platforms, including Coinbase, Coin Payments, Stripe, and Paypal Business, as well as two other unspecified cryptocurrency services. These are likely intended as a means by which to receive payment from victims, as well as provide payment to existing investors. The platforms also allegedly facilitate customized application programming interfaces (APIs).
• Other additions such as unspecified KYC security protocols and “referrals”—likely alluding to financial incentives available for victims referring new investors.

Although scam-related services are very common in DDW marketplaces and forums, ZeroFox has rarely observed the sale of comprehensive platforms such as the one advertised by d3fn0d3. The advertised price of USD 3,400 is unusually low—particularly if the service sold is as described by d3fn0d3, inclusive of all the alleged features (many of which likely required significant effort to establish). However, d3fn0d3 claimed in the post that the reason for selling the product is that they are “changing sectors”, reflecting a likely chance that they seek a quick sale. 

As of the writing of this report, d3fn0d3’s post has received several positive comments from other actors within Exploit, though the majority are discussing general advice for conducting scamming activity rather than an imminent purchase. However, the platform is very likely to appeal to some financially motivated actors—particularly those familiar with conducting Ponzi schemes and those willing to invest time in managing, growing, and advertising the platform. Due to the limited detail provided by d3fn0d3, ZeroFox cannot ascertain the threat posed by the platform, though it is almost certainly heavily dependent upon its post-purchase management. 

ZeroFox Intelligence Recommendations

• Be wary of any entity offering guaranteed financial returns—particularly with no or minimal risk or if pressured to invest within a limited timeframe.
• Examine investment platforms thoroughly, and exercise increased caution if the entity structure, personnel, or strategy appear opaque.
• Exercise caution if a platform offers to invest money on your behalf without providing transparency as to where it will go or how it will be managed.
• Be aware that scammers leveraging Ponzi schemes will often seek to confuse a victim by using convoluted terminology and conveying difficult procedures for withdrawing funds.
• Take time to examine online reviews associated with the organization, including commentary on its social media accounts.
• Be aware that financial scams such as Ponzi and Pyramid schemes will often place great emphasis on recruitment and referrals in order to generate new funds and stay afloat.
• Check that an organization is registered with an authoritative body, such as the Financial Conduct Authority (FCA) in the United Kingdom or the Securities and Exchange Commission (SEC) in the United States. While such registrations do not guarantee legitimate trading practices, they reflect a lower risk of malicious activity.

Scope Note

ZeroFox Intelligence is derived from a variety of sources, including—but not limited to—curated open-source accesses, vetted social media, proprietary data sources, and direct access to threat actors and groups through covert communication channels. Information relied upon to complete any report cannot always be independently verified. As such, ZeroFox applies rigorous analytic standards and tradecraft in accordance with best practices and includes caveat language and source citations to clearly identify the veracity of our Intelligence reporting and substantiate our assessments and recommendations. All sources used in this particular Intelligence product were identified prior to 9:00 AM (EDT) on May 28, 2025; per cyber hygiene best practices, caution is advised when clicking on any third-party links.

Appendix B: ZeroFox Intelligence Probability Scale

All ZeroFox intelligence products leverage probabilistic assessment language in analytic judgments. Qualitative statements used in these judgments refer to associated probability ranges, which state the likelihood of occurrence of an event or development. Ranges are used to avoid a false impression of accuracy. This scale is a standard that aligns with how readers should interpret such terms.