The Truth About Bycoinx: Legit or Scam? Our Review

Written by Daniel Zimmerman

Recently, Bycoinx.com website surfaced, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather reliable proof that unmistakably reveals it is, actually, a deceptive platform.

Despite what Bycoinx site says, they will never refund your money. Despite the numbers displayed in the “member area”, there is no means to retrieve even a coin. All pledges regarding crypto rewards are hollow as well.

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Bycoinx Scam Overview

The main service that Bycoinx strives to provide is a protected and user-friendly crypto wallet service. The site promises crypto exchange services, tools for controlling wallets, transfers, dashboards, and similar stuff. In fact, they endeavor to emulate the functionality of a crypto marketplace, like Binance or Coinbase. However, it actually only serves as a shell needed to deceive the cautious.

Bycoinx.com Scam

Bycoinx Scam

First and foremost, Bycoinx reproduces the design of multiple equivalent pages. There are quite a few examples, like Binodax, Baywex or Mrxbeast. They are entirely undistinguishable in terms of visual elements, with small discrepancies in the site header. Other particulars, and at times even crypto wallet addresses, are identical. Probably, all these fraudulent online platforms are led by a single group of swindrels.

Cryptocurrency Scam Summary

Website Bycoinx.com
Hosting AS13335 Cloudflare, Inc.
United States, San Francisco
IP Address 104.21.30.140
Threat Type Scam/Fraud
Scam Type Fraudulent offers of cryptocurrency services

How the Bycoinx Scam Works?

Bycoinx is yet another website within a vast network of associated crypto scam sites. The operators employ various brand identities and websites, like Bycoinx.com, to ensnare victims. However, these false websites have in common matching designs, terms of service, and About Us content. This exposes their beginnings as components of the same criminal network, which advocates the same type of deception under diverse appearances. The fraudsters simply replicate the same fraudulent site under diverse names to fool users into thinking they are enrolling a fresh venture. However, in actuality, it’s the same system of scammers orchestrating the misleading pledges and undertakings to grab deposited funds. The operators skillfully make use of psychological tactics and captivating propositions to carry out their dishonest plans.

Step 1: Spreading

To initiate the deceptive scheme, criminals establish and fill accounts on popular social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and paid ads (when possible), fraud actors boost the exposure of their fraudulent activities to possible victims. This approach enables them to create a wide net and engage with their focused viewers. The group usually comprises of cryptocurrency enthusiastic individuals seeking prospects to earn profits.

Users get an encouragement to register, drawn by the commitment of obtaining crypto prizes valued at thousands of dollars, all free of charge. To increase the appeal of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Individuals who demonstrate interest check out Bycoinx.com via links included in ads or bot-generated posts. The site employs captivating visuals, design features that appear legitimate, and assertions of having a official license, all designed to project an initial perception of trustworthiness.

Step 3: Data Gathering

To claim their prizes, users need to deliberately sign up on Bycoinx and get prompts to provide sensitive and personal information during the registration procedure. This includes linking their cryptocurrency wallets, revealing email addresses, specifying phone numbers, submitting identification papers, and the like.

Step 4: Requesting funds

Once enrolled, users witness significant amounts of cryptocurrency, valued at hundreds of dollars, within their Bycoinx wallets. Nonetheless, as it usually happens with such rewards, you are unable to withdraw them ahead of making a deposit. Typically, a deposit of $100 is required to access the sign-up bonus. This prerequisite serves as the snare that ultimately results to the money loss.

Step 5: Disappear

The moment the deposit is made, the fraudsters terminate all communication. They proceed to restrict users, remove accounts, and disappear with both the submitted money and vital private information. The phony rewards remain perpetually uncredited, as they lack real existence. They operate exclusively as a fraudulent strategy. This technique forms the foundation for the deceivers’ ability to deceive victims and embezzle hard-earned funds through their double-dealing internet-based crypto scheme.

Signs of Scam

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

  • Cryptocurrency-Only Transactions. Bycoinx.com 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. Bycoinx 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. Bycoinx 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. Bycoinx 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%, Bycoinx capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Bycoinx.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Bycoinx 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 timeline of the fraud, scoundrels may contact you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we already determined, these scoundrels have no intention of returning your funds. So, what do these email messages and browser extensions represent? Correct – that is another element of the fraudulent scheme designed to throw you into deliberately running malicious software onto your system.

Both plugins and files attached to email messages can serve as a carrier for different malicious code. In this situation, I anticipate the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As stated, their morality is of no concern, and their dignity is already seriously marred. They have nothing to lose and aim to maximize revenues.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

Gridinsoft Anti-Malware - Main Screen

To use Gridinsoft for remove malicious threats, follow the steps below:

1. Begin by downloading Gridinsoft Anti-Malware, accessible via the blue button below or directly from the official website gridinsoft.com.

2.Once the Gridinsoft setup file (setup-gridinsoft-fix.exe) is downloaded, execute it by clicking on the file.

setup-gridinsoft-fix.exe

3.Follow the installation setup wizard's instructions diligently.

Gridinsoft Setup Wizard

4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.

Scan for spyware malicious programs

Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.

5. Upon completion, Anti-Malware will present a detailed report containing all the detected malicious items and threats on your PC.

The spyware was Found

6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.

The spyware has been removed

8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.

Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.

Trojan Killer for “spyware” removal on locked PC

In situations where it becomes impossible to download antivirus applications directly onto the infected computer due to malware blocking access to websites, an alternative solution is to utilize the Trojan Killer application.

Trojan Killer - Main View

There is a really little number of security tools that are able to be set up on the USB drives, and antiviruses that can do so in most cases require to obtain quite an expensive license. For this instance, I can recommend you to use another solution of GridinSoft - Trojan Killer Portable. It has a 14-days cost-free trial mode that offers the entire features of the paid version. This term will definitely be 100% enough to wipe malware out.

Trojan Killer is a valuable tool in your cybersecurity arsenal, helping you to effectively remove malware from infected computers. Now, we will walk you through the process of using Trojan Killer from a USB flash drive to scan and remove malware on an infected PC. Remember, always obtain permission to scan and remove malware from a computer that you do not own.

Step 1: Download & Install Trojan Killer on a Clean Computer:

1. Go to the official GridinSoft website (gridinsoft.com) and download Trojan Killer to a computer that is not infected.

Download Trojan Killer

2. Insert a USB flash drive into this computer.

3. Install Trojan Killer to the "removable drive" following the on-screen instructions.

Install Trojan Killer to Removable Drive

4. Once the installation is complete, launch Trojan Killer.

Step 2: Update Signature Databases:

5. After launching Trojan Killer, ensure that your computer is connected to the Internet.

6. Click "Update" icon to download the latest signature databases, which will ensure the tool can detect the most recent threats.

Click Update Button

Step 3: Scan the Infected PC:

7. Safely eject the USB flash drive from the clean computer.

8. Boot the infected computer to the Safe Mode.

9. Insert the USB flash drive.

10. Run tk.exe

11. Once the program is open, click on "Full Scan" to begin the malware scanning process.

Searching spyware Virus

Step 4: Remove Found Threats:

12. After the scan is complete, Trojan Killer will display a list of detected threats.

Searching spyware Finished

13. Click on "Cure PC!" to remove the identified malware from the infected PC.

14. Follow any additional on-screen prompts to complete the removal process.

Restart needed

Step 5: Restart Your Computer:

15. Once the threats are removed, click on "Restart PC" to reboot your computer.

16. Remove the USB flash drive from the infected computer.

Congratulations on effectively removing spyware and the concealed threats from your computer! You can now have peace of mind, knowing that they won't resurface again. Thanks to Gridinsoft's capabilities and commitment to cybersecurity, your system is now protected.

Frequently asked questions

Is there any real info on Bycoinx site?

The vast majority of information posted on the Bycoinx 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.

Are the Bycoinx site promices real?

No, there is no legitimate information on the Bycoinx 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.

Is there any way to recover my lost funds from Bycoinx scam?

Unfortunately, recovering funds lost to a scam like Bycoinx 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.

How to spot crypto trading scams in the future?

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:

  1. Verify Regulation and Licensing. Before proceeding, ensure that the platform or service is regulated and possesses the necessary licenses from relevant authorities. Scammers often operate without proper authorization.
  2. Resist Urgency. Be cautious of tactics that create a false sense of urgency to pressure you into quick decisions. Legitimate investments provide ample time for research and consideration.
  3. Consult Reviews and Feedback. Seek independent reviews and feedback from other traders. While positive reviews can be fabricated, negative reviews often reveal valuable insights.
  4. Question Unrealistic Promises. Approach offers with unrealistically high returns or guaranteed profits skeptically. If an investment opportunity seems too good to be true, it probably is.
  5. Scrutinize Celebrity Endorsements. Exercise skepticism when faced with endorsements from celebrities or public figures. Scammers frequently create fake endorsements to enhance credibility.

What should I do as a victim of a Bycoinx.com scam?

If you have become a victim of a Bycoinx 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:

  • Document the Events. Gather and safeguard all pertinent information, including emails, screenshots, transaction records, and any correspondence with the scammers. This documentation holds utmost importance for reporting the scam and seeking assistance.
  • Contact Financial Institutions. If you conducted any payments or deposits through your credit card or bank account, promptly notify your financial institution. They might offer assistance in contesting transactions or initiating chargebacks.
  • 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.
  • Inform the Authorities. Lodge an official report with your local law enforcement agency and relevant regulatory bodies within your country. Present them with the amassed evidence. This step instigates investigations and enhances awareness about the scam.
  • Notify Cryptocurrency Exchanges. Should you have employed a cryptocurrency exchange for transactions linked to the scam, inform the exchange about the fraudulent activity. In certain cases, they could extend their assistance.
  • Consult Legal Counsel. Seek counsel from a legal expert specialized in fraud or financial matters. They can provide guidance on potential legal avenues for recovering your funds.
  • Immediately Halt Communication. Once you recognize that you have fallen victim to a scam, cease all communication with the scammers. Refrain from responding to their emails, messages, or phone calls.
The truth about Bycoinx

Name: Bycoinx

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Bycoinx, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Bycoinx scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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About the author

Daniel Zimmerman

I'm Daniel, a seasoned professional deeply passionate about the realm of security and malware defense. With over a decade of experience in the security industry and a background in writing, I am thrilled to share my expertise through this cybersecurity blog.

Throughout my career, I've had the privilege of working on the front lines of cybersecurity, tirelessly combating emerging threats and safeguarding digital environments. This hands-on experience has allowed me to develop a deep understanding of the ever-evolving landscape of malware and cyber-attacks.

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