Investigating Allcoinx: Legit or Scam? The Truth Exposed

Recently, Allcoinx.com site popped up, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather credible evidence that clearly confirms it is, actually, a scam site.

Regardless of the promises of the most user-friendly, reliable, and customer-centric service, Allcoinx.com does not fulfill any of them. In fact, all this is just a gilded wrap around a dirty scam, which takes your money and data and never returns them. Any stories about gifts, endorsement from celebrities etc are absent as well.

Allcoinx Scam Overview

Originally, Allcoinx poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another notable marketing point for this site is backing from celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look real, frauds use AI-generated videos with those celebs advertise the fraud as the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

Allcoinx Scam

Initially, Allcoinx shares the design of multiple similar pages. There are quite a few examples, like Advairo, Tboxcrypto or Syprax. They are totally undistinguishable in terms of visual elements, with small discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are matching. Probably, all these deceptive websites are led by the same gang of scammers.

Cryptocurrency Scam Summary

How the Allcoinx Scam Works?

Allcoinx is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use numerous website designs, which still share the identical overall layout. Another common element are the ways the scams like NAME are promoted, and the manner all this ends up to the victim of the scam. To reach peak efficiency, frauds apply sophisticated psychological tricks that make the user believe in the authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To start the fraud, criminals establish and fill accounts on well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Utilizing bots and paid advertisements (when feasible), fraud actors increase the visibility of their deceptive activities to possible victims. And as I said, fraudsters do not shy away using deepfake for creating videos with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

Promotions of cryptoscams like Allcoinx in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

After following the ads, victims end up on a page filled with appealing offers. “Crypto starts with Allcoinx”, “Your crypto savings are secured with Allcoinx, “Start earning with Allcoinx – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that obtaining the promoted bonus requires registration. And as nothing questionable happens at this point, uninformed users happily proceed – especially as the gift appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you sign up using your personal data, frauds will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, frauds bait folks for registration with bonuses. And all the personal information needed for it – email, username, crypto wallet address – is valuable for user identification. Solely by gathering this info and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the promised bonus is not available to use right away. To make at least cryptocurrency purchases on the platform with it, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Eventually, any crypto operations require having capital on your account. In the case of Allcoinx, users are also forced to top up to get the bonuses. And these top ups is what creates the majority of the cash flow to this scam site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the credited funds and withdraw them.

This is where the victim notices the problems. When comparing the actual crypto wallet vs what the site says, you can observe that no transactions are done whatsoever. And then, when you’d try to withdraw the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that fraudsters have zero intentions to give your money back. But to make the denial look more legitimate, they’ve made up a whole bunch of reasons to decline the wireout request. Most of them repeat what KYC guidelines say, but for the Allcoinx.com they are here only to make the wireout impossible.

By requesting your personal data, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your grand back. And each of these checks will uncover more and more information, which – you guessed it right – will be then sold on the Darknet. Never reveal your real info to strangers!

Signs of Scam

I gathered several facts that point at the scammy nature of the Allcoinx.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Allcoinx often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Allcoinx.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Allcoinx raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Allcoinx.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Allcoinx preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Allcoinx as a scam.

What Should I do as a Victim?

If you had to deal with Allcoinx site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

Scan your system for possible malware infections

Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.

Throughout the timeline of the scam, its masters may get in touch with you with particular documents. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we earlier determined, these scoundrels have no intent of returning your funds. So, what do these messages and browser plugins represent? Correct – that is another side of the fraudulent scheme designed to entice you into willingly installing harmful applications onto your device.

Both extensions and attachments added to emails can serve as a shell for diverse malicious code. In this case, I expect the presence of spyware and stealers among other kinds of threats. While it is not mandatory for scammers to distribute malware, the probability is always above zero. As previously mentioned, their conscience is of little concern, and their reputation is already severely tarnished. They have no scruples to lose and intend to boost profits.

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