Biwaxes Review: Legit or Scam? Read This First

Recently, Biwaxes.com website appeared, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather reliable proof that clearly confirms it is, in truth, a deceptive service.

Contrary to the assertions of Biwaxes.com, they won’t give back your capital. Regardless of the money displayed in the “member area”, there is absolutely no ability to retrieve even a single coin. All promises regarding crypto bonuses are baseless as well.

Biwaxes Scam Overview

The main offering that Biwaxes aims to provide is a secure and user-friendly cryptocurrency wallet service. The site pledges crypto exchange services, tools for managing wallets, transfers, dashboards, and similar functions. In reality, they endeavor to emulate the functionality of a crypto trading platform, like Binance or Coinbase. However, it in actuality exclusively serves as a shell intended to lull the vigilance.

Biwaxes Scam

To begin with, Biwaxes mimics the design of many equivalent pages. There are quite a few examples, like Coinobits, Zroidex or Soppex. They are totally indistinguishable in terms of visual elements, with small discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are matching. Presumably, all these deceptive websites are led by the same gang of frauds.

Cryptocurrency Scam Summary

How the Biwaxes Scam Works?

Biwaxes is yet another webpage within a vast network of linked crypto deceptive webpages. The managers utilize various brand identities and websites, like Biwaxes.com, to trap victims. Nonetheless, these deceptive sites have in common the same website designs, terms of service, and About content. This exposes their origins as a part of the equal scam network, which advocates the identical mode of scam under different appearances. The deceivers simply copy the equal scam site under various names to mislead users into thinking they are joining a new platform. However, in actuality, it’s the identical system of swindlers orchestrating the misleading promises and attempts to take deposited funds. The operators skillfully utilize psychological strategies and enticing propositions to carry out their deceitful plots.

Step 1: Spreading

To initiate the fraud, criminals establish and fill accounts on well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and paid ads (when achievable), scam actors boost the presence of their scam activities to potential victims. This strategy enables them to cast a wide net and engage with their aimed viewers. This group usually consists of cryptocurrency fans looking for prospects to make profits.

Step 2: Gaining Traffic

People who demonstrate interest go to Biwaxes.com via links featured in ads or bot-generated posts. The webpage uses captivating visuals, design aspects that appear authentic, and assertions of having a valid license, all aimed to project an initial impression of reliability.

Step 3: Data Gathering

To collect their benefits, users are required to actively sign up on Biwaxes and get instructions to provide sensitive and private data throughout the registration process. This includes linking their cryptocurrency wallets, sharing email addresses, supplying phone numbers, sending in identification documents, and the like.

Step 4: Requesting funds

Once enrolled, users notice substantial amounts of cryptocurrency, valued at thousands of dollars, within their Biwaxes wallets. Nevertheless, as it usually happens with such bonuses, you can’t withdraw them ahead of making a deposit. Typically, a deposit of $100 is asked to get the sign-up bonus. This stipulation serves as the enticement that eventually leads to the money loss.

Step 5: Disappear

Signs of Scam

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

• Absent company details. Biwaxes does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Biwaxes like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Biwaxes, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Biwaxes is a definite scam.

What Should I do as a Victim?

If you had to deal with Biwaxes 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further financial setbacks.

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, rascals may contact you with specific files. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we previously determined, these deceivers have no intent of giving back your money. So, what do these emails and browser plugins represent? Correct – that is another side of the scam designed to throw you into willingly installing harmful applications onto your system.

Both plugins and files attached to email messages can serve as a shell for diverse malicious software. In this case, I expect the presence of spyware and stealers among other types of threats. While it is not mandatory for scammers to distribute malware, the chance is always existent. As stated, their morality is of little concern, and their reputation is already neck deep in mud. They have no principles to lose and strive to maximize revenues.

Frequently asked questions