We Looked at the Evidence: Is Chainwize Legit or Scam?

Recently, Chainwize.com service surfaced, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather reliable proof that unmistakably reveals it is, actually, a scam service.

Contrary to the claims of Chainwize.com, they won’t ever give back your funds. Despite the figures displayed in the “member area”, there is no ability to retrieve even a single penny. All pledges regarding crypto bonuses are empty as well.

Chainwize Scam Overview

The primary feature that Chainwize aims to provide is a protected and convenient crypto wallet service. The website pledges exchange services, tools for managing wallets, transfers, dashboards, and alike functions. In truth, they endeavor to emulate the functionality of a crypto trading platform, akin to Binance or Coinbase. However, it in actuality exclusively serves as a cover needed to lull the vigilance.

Chainwize Scam

First and foremost, Chainwize mimics the layout of multiple similar online platforms. There are quite a few examples, like Buffxcoin, Boterex or Bogebit. They are entirely identical in terms of graphic elements, with slight discrepancies in the website header. Other details, and at times even crypto wallet addresses, are matching. Most likely, all these scam websites are operated by a single team of fraudsters.

Cryptocurrency Scam Summary

How the Chainwize Scam Works?

Chainwize is yet another website within a wide-ranging network of linked crypto scam webpages. The managers employ various brand names and sites, like Chainwize.com, to ensnare victims. Nonetheless, these deceptive websites possess the same designs, terms of service, and About Us content. This reveals their origins as parts of the equal criminal network, which promotes the similar mode of fraud under various disguises. The scammers just replicate the equal deceptive site under diverse names to fool users into assuming they are enrolling a fresh venture. However, in reality, it’s the equal system of fraudsters orchestrating the deceptive pledges and efforts to take deposited funds. The operators cleverly employ psychological maneuvers and appealing offers to execute their deceitful schemes.

Step 1: Spreading

To initiate the scam, criminals create and fill accounts on well-liked social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and paid ads (when possible), fraud actors boost the visibility of their scam activities to potential victims. This strategy enables them to cast a wide net and connect with their aimed viewers. This audience usually comprises of cryptocurrency enthusiasts searching for opportunities to make profits.

Users obtain an encouragement to sign up, attracted by the commitment of receiving crypto benefits valued at thousands of dollars, all without cost. To enhance the attractiveness of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Individuals who express interest visit Chainwize.com via links featured in ads or bot-generated posts. The website employs captivating visuals, design features that appear authentic, and assertions of holding a legitimate license, all intended to present an initial perception of trustworthiness.

Step 3: Data Gathering

To claim their rewards, users must proactively sign up on Chainwize and get instructions to provide sensitive and private information throughout the sign-up procedure. This comprises linking their cryptocurrency wallets, revealing email addresses, specifying phone numbers, furnishing identification documents, and more.

Step 4: Requesting funds

Once enrolled, users notice significant amounts of cryptocurrency, valued at thousands of dollars, within their Chainwize wallets. Nonetheless, as it usually happens with such rewards, you cannot withdraw them before topping up your account. Usually, a deposit of $100 is required to withdraw the sign-up bonus. This stipulation serves as the snare that ultimately results to the money loss.

Step 5: Disappear

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Chainwize 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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 course of the scam, fraudsters may get in touch with you with particular files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency funds. As we earlier determined, these scoundrels have no intention of restoring your funds. So, what do these messages and browser plugins represent? You guessed it right – this is another side of the scam designed to entice you into willingly installing harmful programs onto your device.

Both extensions and attachments attached to email messages can serve as a shell for various malware. In this case, I expect the presence of spyware and stealers among all kinds of threats. While it is not mandatory for scammers to distribute malware, the likelihood is always significant. As previously mentioned, their morality is of negligible importance, and their reputation is already severely tarnished. They have no scruples to give up and aim to boost profits.

Frequently asked questions