Investigating Bymex: Legit or Scam? The Truth Exposed

Recently, Bymex.org website appeared, promoting itself as a platform where you can safely keep cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably indicates it is, in fact, a deceptive platform.

Despite the promises of the most user-friendly, reliable, and client-friendly service, Bymex.org does not follow any of them. In fact, all this is just a shiny wrap around a dirty scam, which steals your money and data and never gives them back. Any tales about gifts, backing from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Bymex Scam Overview

Originally, Bymex poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another bright selling point for this site is backing from celebrities that are known as crypto activists. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, frauds use AI-generated videos with those celebs promote the fake crypto service as the best thing in the world. For known 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.

Bymex Scam

Initially, Bymex shares the appearance of numerous equivalent online platforms. There are quite a few examples, like Wezyx, Tuduvix or Tedrops. They are entirely identical in terms of graphic elements, with slight discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are matching. Most likely, all these scam online platforms are managed by the same team of scoundrels.

Cryptocurrency Scam Summary

How the Bymex Scam Works?

Bymex is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous website designs, which still share the same overall layout. Another shared 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 legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the scam, criminals establish and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Utilizing bots and sponsored promotions (when feasible), fraud actors increase the exposure of their deceptive activities to possible victims. And as I said, scammers do not disdain using generative AI for creating videos with the aforementioned celebs that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users receive an encouragement to enroll, attracted by the assurance of receiving cryptocurrency rewards valued at hundreds of dollars, all for free. To enhance the attractiveness of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon following the promos, targets end up on a page filled with appealing offers. “Crypto starts with Bymex”, “Your crypto savings are secured with Bymex, “Start earning with Bymex – they look rather reliable. To heat up users and make them proceed to step 3, fraudsters say that claiming the promised bonus requires registration. And as nothing suspicious happens at this point, unexperienced users happily keep on – especially as the gift appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you register using your personal information, frauds will not be able to 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, deceivers bait folks into registration for bonuses. And all the personal data needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Only by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Eventually, any crypto operations require you to have funds on your account. With Bymex, users are also forced to top up to use the bonuses. And this is what creates most of the cash flow to this fraudulent site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the transferred money and withdraw them.

This is where the issues start to surface. When comparing the real crypto wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that scoundrels are naught on intentions to give your money back. But to make it look more legitimate, they’ve crafted a whole pack of reasons to decline the withdrawal request. Usually, they repeat what KYC regulations say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for your personal information, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your grand back. And every check will reveal 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 Bymex.org. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Bymex 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. Bymex.org 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. Bymex 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. Bymex.org 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%, Bymex preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Bymex as a scam.

What Should I do as a Victim?

If you had to deal with Bymex 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 timeline of the scam, its actors may get in touch with you with specific documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto savings. As we earlier determined, these deceivers have no intent of giving back your money. So, what can these messages and browser add-ons represent? You guessed – that is another element of the deceptive plan designed to throw you into willingly installing harmful software onto your system.

Both extensions and files added to email messages can serve as a shell for diverse malicious code. In this scenario, I anticipate the presence of spyware and stealers among other kinds of threats. While it is not mandatory for scammers to distribute malware, the chance is always significant. As previously mentioned, their morality is of negligible importance, and their dignity is already deeply compromised. They have nothing to give up and strive to boost revenues.

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