Recently, Blockx.trade service surfaced, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable evidence that clearly indicates it is, actually, a scam service.
Despite the promises of the most user-friendly, reliable, and client-friendly service, Blockx.trade does not offer any of them. In fact, all this is just a shiny wrap around a clear scam, which takes your money and never returns them. Any tales about gifts, sponsorship from celebrities etc are nowhere to be found as well.
Blockx Scam Overview
Originally, Blockx poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another highlighted selling point for this site is backing from celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look more realistic, con actors use deepfake videos where those celebrities promote the fake crypto service as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a blatant wrap around a transparent scam.
Blockx Scam
Initially, Blockx copies the appearance of many similar pages. There are quite a few examples, like Buyxchannge, Fonterex or Fordeex. They are totally indistinguishable in terms of visual elements, with slight discrepancies in the website header. Other details, and sometimes even crypto wallet addresses, are matching. Most likely, all these deceptive online platforms are operated by a single gang of scoundrels.
Cryptocurrency Scam Summary
| Website | Blockx.trade |
| Hosting | AS13335 Cloudflare, Inc. United States, San Francisco |
| IP Address | 188.114.96.3 |
| Threat Type | Scam/Fraud |
| Scam Type | Fraudulent offers of cryptocurrency services |
How the Blockx Scam Works?
Blockx is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use several website designs, which still share the same overall layout. Another mutual 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 complex psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.
Step 1: Promotion
To initiate the scam, criminals create and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Employing bots and paid ads (when possible), fraud actors boost the exposure of their fraudulent activities to possible victims. And as I said, scammers do not disdain using generative AI for creating clips with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.
Promotions of cryptoscams like Blockx in TikTok. Most of these videos are AI-generated deepfakes
Users receive an incentive to register, attracted by the assurance of obtaining cryptocurrency rewards valued at hundreds of dollars, all for free. To enhance the appeal of the offer, false claims of cooperation with a celebrity are added. As you may guess, these assertions are entirely baseless.
Step 2: Gaining Traffic
Upon clicking the ads, targets end up on a page filled with appealing offers. “Crypto starts with Blockx”, “Your crypto savings are secured with Blockx, “Start earning with Blockx – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that retrieving the pledged bonus requires registration. And as nothing questionable happens at this point, unexperienced users happily proceed – especially as the reward appears to be right behind the corner.
At this point, it is possible to steer away from the scam without any losses. Before you register using your personal data, frauds will not earn even a nickel from your presence on the website.
Step 3: Data Gathering
This is where the main fraud action begins. As I just said, scammers bait folks into registration to get bonuses. And all the personal information needed for it – email, username, crypto wallet address – are valuable for user identification. Only by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.
As it turns out, the alleged bonus is not available for withdrawal right away. To make it at least usable for crypto purchases, the user should top up the account with the sum of a bonus. And this is what starts the final stage of the scam.
Step 4: Requesting funds
It is obvious that any cryptocurrency purchases require having funds on your account. With Blockx, users are also forced to top up to use the bonuses. And these top ups is what creates most of the money flow to this scam website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the deposited funds and withdraw them.
This is where the first obvious issues start to surface. 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 pull out the money from your account, the scam is finally uncovered to the user.
Step 5: Escaping from Funds Withdrawal
Needless to say that fraudsters are naught on intentions to give your money back. Though to make the fraud look more realistic, they’ve elaborated a whole pack of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client guidelines say, but for the Blockx.trade they are here only to make the wireout impossible.
By asking for your personal information, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your grand back. And every check will reveal more and more info of yours, 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 Blockx.trade. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- Cryptocurrency-Only Transactions. Blockx.trade insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
- Dubious Company Credentials. Blockx arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
- Baseless Hype Generation. Blockx resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
- Fictitious Celebrity Association. Blockx employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
- Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
- Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Blockx capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Blockx.trade as a definite scam.
What Should I do as a Victim?
If you had to deal with Blockx 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.
- Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
- Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
- Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
- Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
- Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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, its actors may get in touch with you with specific documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency funds. As we earlier determined, these deceivers have no intent of giving back your capital. So, what do these emails and browser extensions represent? You guessed – this is another element of the fraudulent scheme designed to throw you into willingly running destructive software onto your system.
Both plugins and files added to email messages can function as a carrier for various malicious software. In this case, I anticipate the presence of spyware and stealers among other types of threats. While it is not obligatory for scammers to distribute malware, the chance is always greater than zero. As previously mentioned, their ethics is of little concern, and their dignity is already deeply compromised. They have no scruples to give up and intend to maximize profits.
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Frequently asked questions
The vast majority of information posted on the Blockx site is false. It is either fabricated, or a manipulation that misses the context of mentioned events. However, things like quotes or other interactive elements related to current prices may be trustworthy. But I would rather avoid using them as a primary source of information.
No, there is no legitimate information on the Blockx site. The operators of this site use fabricated details and deceptive tactics to create an appearance of credibility, such as appealing visuals and claims of being a licensed company. However, these claims are false, and the site is part of a larger network of interconnected crypto scam sites designed to defraud victims. The scammers manipulate users into providing sensitive personal information and making deposits, ultimately leading to the loss of funds.
Unfortunately, recovering funds lost to a scam like Blockx can be extremely challenging, if not impossible. Scammers often operate from obscure locations and use various tactics to cover their tracks, making it difficult to trace or retrieve the stolen funds. In many cases, these scams are designed to exploit victims and disappear once they have obtained the money.
Spotting crypto trading scams requires vigilance and a critical eye. Here are some tips to help you identify potential crypto trading scams in the future:
- Too Good to Be True Promises. Be cautious of offers that promise unrealistically high returns or guaranteed profits. If an investment opportunity sounds too good to be true, it likely is.
- Pressure to Act Quickly. Scammers often use tactics like creating a sense of urgency to pressure you into making quick decisions. Legitimate investments allow you time to research and consider your options.
- Lack of Regulation or Licensing. Check if the platform or service is regulated and licensed by relevant authorities. Scammers often operate without proper authorization.
- Social Proof and Celebrity Endorsements: Be skeptical of endorsements from celebrities or public figures. Scammers often fabricate endorsements to gain credibility.
- Check for Reviews and Feedback: Look for independent reviews and feedback from other traders. Scammers may fabricate positive reviews, but negative reviews can provide valuable insights.
If you have become a victim of a Blockx or similar crypto trading scam, it’s important to take immediate action to minimize further damage and increase the chances of recovering your losses. Here’s what you should do:
- Cease Communication. If you realize that you’ve been scammed, stop all communication with the scammers. Do not respond to their emails, messages, or calls.
- Document Everything. Gather and preserve all relevant information, including emails, screenshots, transaction records, and any communication you had with the scammers. This documentation will be crucial for reporting the scam and seeking assistance.
- Report to Authorities. File a report with your local law enforcement agency and any relevant regulatory authorities in your country. Provide them with all the evidence you have gathered. This helps initiate investigations and raises awareness about the scam.
- Contact Financial Institutions. If you made any payments or deposits using your credit card or bank account, contact your financial institution immediately. They may be able to help you with disputing transactions or initiating a chargeback.
- Seek Legal Advice. Consult with a legal professional who specializes in fraud or financial matters. They can provide advice on potential legal actions you can take to recover your funds.
- Notify Cryptocurrency Exchanges. If you used a cryptocurrency exchange to make transactions related to the scam, notify the exchange about the fraudulent activity. They may be able to assist you in some cases.
- Monitor Your Accounts. Keep a close eye on your financial and online accounts for any suspicious activity. Change passwords and enable two-factor authentication wherever possible.
The truth about Blockx
Name: Blockx
Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Blockx, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Blockx scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.
Operating System: All
Application Category: Crypto Scams
