The Coinbixe Scam – Don’t Become the Next Victim

Recently, Coinbixe.com service surfaced, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably indicates it is, in truth, a scam site.

Regardless of the promises of the most easy, reliable, and customer-centric service, Coinbixe.com does not fulfill any of them. In fact, all this is just a shiny wrap around a dirty scam, which takes your money and data and never gives them back. Any stories about bonuses, sponsorship from celebrities etc are nowhere to be found as well.

Coinbixe Scam Overview

Originally, Coinbixe poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another bright selling point for this site is partnerships with celebrities that are known in 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 more realistic, rascals use AI-generated videos where those celebrities advertise the scam as the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a vivid wrap around an obvious scam.

Coinbixe Scam

To begin with, Coinbixe copies the appearance of multiple similar websites. There are quite a few examples, like Alocrypto, Coinupdex or Colibex. They are totally identical in terms of visual elements, with small discrepancies in the website header. Other details, and sometimes even crypto wallet addresses, are unchanged. Probably, all these scam sites are operated by the same group of frauds.

Cryptocurrency Scam Summary

How the Coinbixe Scam Works?

Coinbixe is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use several website designs, which still share the identical overall layout. Another common 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 advanced psychological tricks that make the user believe in the authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To start 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 starts. Employing bots and paid promotions (when achievable), fraud actors increase the presence of their fraudulent activities to possible victims. And as I said, fraudsters do not disdain using deepfake for creating videos with the mentioned celebs that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

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

Step 2: Gaining Traffic

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

At this point, it is possible to steer away from the scam without any losses. Before you sign up using your personal information, crooks will not earn even a penny from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, scammers bait folks for registration with bonuses. And all the personal info needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Only by gathering this info and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make at least crypto purchases on the platform with it, the user should top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any cryptocurrency operations require having funds on your account. With Coinbixe, users are also forced to top up to use the bonuses. And this is what creates the majority of the cash flow to this scam website. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the credited funds and withdraw them.

This, however, is where the first obvious 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 funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have no intentions to send you money. Though to make it look more legitimate, they’ve crafted a whole pack of reasons to decline the withdrawal request. Most of them repeat what Know Your Client requirements say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal data, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you should go through before getting your money back. And every check will reveal more and more info of yours, 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 Coinbixe.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Coinbixe employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Coinbixe exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Coinbixe as a scam.
• Dubious Corporate Information. Coinbixe arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Coinbixe.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Coinbixe utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Coinbixe 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 course of the scam, fraudsters may reach out to you with specific files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we earlier figured out, these scammers have no plan of returning your funds. So, what do these emails and browser add-ons represent? Correct – this is another element of the fraudulent scheme designed to throw you into deliberately running malicious programs onto your computer.

Both extensions and files added to emails can function as a carrier for diverse malware. In this case, I foresee the presence of spyware and stealers among all types of malware. While it is not obligatory for scammers to distribute malware, the chance is always significant. As noted, their morality is of no concern, and their dignity is already seriously marred. They have nothing to lose and intend to boost revenues.

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