The ChainSpaceX Scam – What You Need To Know

Recently, Chain-spacex.com service popped up, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather credible supporting information that clearly confirms it is, actually, a fraudulent platform.

Despite the promises of the most easy, dependable, and customer-centric service, Chain-spacex.com does not follow any of them. All this is just a gilded wrap around a clear scam, which takes your money and data and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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ChainSpaceX Scam Overview

Originally, ChainSpaceX poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another bright selling point for this platform is backing from celebrities that have relation to the crypto world. 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 real, rascals employ AI-generated videos with those celebs promote the fake crypto service as if it was the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around a transparent scam.

ChainSpaceX Scam

To begin with, ChainSpaceX copies the design of many equivalent pages. There are quite a few examples, like Ether, Siacoinex or Bitoxe. They are totally undistinguishable in terms of graphic elements, with slight discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are identical. Presumably, all these scam online platforms are managed by a single gang of frauds.

Cryptocurrency Scam Summary

How the ChainSpaceX Scam Works?

ChainSpaceX is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use various website designs, which still share the identical 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 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 deceptive scheme, criminals establish and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Using bots and paid ads (when feasible), fraud actors boost the presence of their fraudulent activities to possible victims. And as I said, scammers do not disdain using generative AI for creating clips with the mentioned celebrities that promote 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 ChainSpaceX in TikTok. Most of these videos are AI-generated deepfakes

Users obtain an incentive to register, attracted by the commitment of receiving crypto benefits valued at hundreds of dollars, all without cost. To enhance the appeal of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, users end up on a page filled with attractive offers. “Crypto starts with ChainSpaceX”, “Your crypto savings are secured with ChainSpaceX, “Start earning with ChainSpaceX – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that getting the promised bonus requires registration. And since nothing questionable happens at this point, unaware users happily proceed – especially since the gift appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you sign up using your personal data, rascals will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, deceivers bait folks for registration with bonuses. And all the personal info needed for it – username, email, crypto wallet address – are valuable for user identification. Only by gathering this info 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 at least crypto purchases on the platform with it, the user should top up the account with the sum of a bonus. And this is what initiates the final stage of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency operations require having money on your account. In the case of ChainSpaceX, users are also coerced to top up to get the bonuses. And these top ups is what creates the majority of the cash flow to this scam site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the deposited money and withdraw them.

This, however, is where the victim notices the problems. When comparing the actual cryptocurrency wallet vs what the site says, you can observe that no transactions are done whatsoever. And then, when you’d try to retrieve the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers are naught on intentions to give your money back. Though to make it look more legitimate, they’ve elaborated a whole bunch of reasons to decline the wireout request. Usually, they repeat what KYC guidelines say, but for the Chain-spacex.com they are here exclusively to make the wireout impossible.

By asking for your personal info, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your grand back. And each of these checks will uncover more and more information, which – you guessed it right – will be then traded 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 Chain-spacex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. ChainSpaceX 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 ChainSpaceX 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 ChainSpaceX, 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 ChainSpaceX is a definite scam.

What Should I do as a Victim?

If you had to deal with ChainSpaceX 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 timeline of the fraud, fraudsters may reach out to you with specific files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we already determined, these scammers have no plan of giving back your capital. So, what can these emails and browser add-ons represent? You guessed – that is another element of the fraudulent scheme designed to throw you into willingly running malicious programs onto your device.

Both plugins and attachments attached to email messages can serve as a carrier for diverse malicious code. In this scenario, I foresee the presence of spyware and stealers among other forms of malware. While it is not obligatory for scammers to distribute malware, the likelihood is always significant. As noted, their morality is of no concern, and their reputation is already severely tarnished. They have no principles to give up and strive to boost revenues.

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