We Investigated Asvex: Legit or Scam? The Facts

Recently, Asvex.com website popped up, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather reliable supporting information that clearly indicates it is, actually, a scam service.

Despite what Asvex site says, they won’t pay off your funds. Regardless of the numbers displayed in the “member area”, there is zero possibility to withdraw even a single coin. All commitments regarding crypto rewards are empty as well.

Asvex Scam Overview

The main service that Asvex attempts to provide is a protected and user-friendly cryptocurrency wallet service. The website pledges exchange services, tools for controlling wallets, transfers, dashboards, and similar stuff. In reality, they try to emulate the functionality of a crypto exchange, akin to Binance or Coinbase. However, it in fact only serves as a shell intended to lull the vigilance.

Asvex Scam

To begin with, Asvex imitates the appearance of numerous similar websites. There are quite a few examples, like Fellydex, Constantprofitx or Bellydex. They are entirely undistinguishable in terms of visual elements, with slight discrepancies in the website header. Other details, and at times even crypto wallet addresses, are identical. Presumably, all these scam sites are led by the same gang of fraudsters.

Cryptocurrency Scam Summary

How the Asvex Scam Works?

Asvex is yet another online platform within a vast network of interconnected crypto scam sites. The operators employ diverse brand titles and sites, like Asvex.com, to ensnare victims. However, these false websites share the same designs, terms of service, and About information. This reveals their beginnings as parts of the equal criminal network, which advocates the same type of deception under diverse appearances. The fraudsters simply copy the identical scam website under different names to fool users into assuming they are joining a fresh platform. However, in reality, it’s the same system of fraudsters orchestrating the misleading pledges and undertakings to take deposited money. The operators cleverly make use of psychological tactics and captivating offers to execute their unscrupulous schemes.

Step 1: Spreading

To begin the deceptive scheme, criminals set up and fill accounts on popular social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Using bots and paid promotions (when feasible), fraud actors intensify the exposure of their scam activities to potential victims. This strategy enables them to cast an extensive net and engage with their aimed spectators. This public typically comprises of cryptocurrency enthusiasts seeking chances to earn profits.

Users receive an encouragement to sign up, enticed by the promise of getting crypto rewards valued at thousands of dollars, all free of charge. To increase the appeal of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Users who show interest visit Asvex.com via links present in advertisements or robotic posts. The site utilizes captivating visuals, design aspects that appear authentic, and assertions of having a valid license, all intended to present an initial image of credibility.

Step 3: Data Gathering

To redeem their benefits, users are required to deliberately create an profile on Asvex and receive prompts to provide sensitive and private data during the sign-up procedure. This comprises linking their cryptocurrency wallets, providing email addresses, supplying phone numbers, sending in identification papers, and the like.

Step 4: Requesting funds

Once enrolled, users witness considerable amounts of cryptocurrency, valued at hundreds of dollars, within their Asvex wallets. Nevertheless, as is standard with such rewards, you are unable to withdraw them prior to making a deposit. Normally, a funds transfer of $100 is asked to access the sign-up bonus. This prerequisite serves as the trap that ultimately results to the money loss.

Step 5: Disappear

Signs of Scam

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

• Unsubstantiated Credibility. Asvex employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Asvex exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Asvex as a scam.
• Dubious Corporate Information. Asvex arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Asvex.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Asvex utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Asvex 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.

• Report the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

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 duration of the scam, its masters may reach out to you with specific files. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we earlier determined, these rascals have no intent of giving back your capital. So, what do these messages and browser add-ons represent? You guessed – this is another side of the deceptive plan designed to throw you into deliberately running destructive applications onto your computer.

Both plugins and files added to email messages can serve as a carrier for diverse malicious code. In this situation, I expect the presence of spyware and stealers among all types of malicious programs. While it is not mandatory for scammers to distribute malware, the chance is always significant. As stated, their ethics is of little concern, and their dignity is already severely tarnished. They have nothing to give up and intend to boost profits.

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