We Investigated Coinexnet: Legit or Scam? The Facts

Recently, Coinexnet.com site popped up, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather credible supporting information that clearly reveals it is, actually, a scam platform.

Despite what Coinexnet site states, they won’t refund your money. Regardless of the figures displayed in the “member area”, there is no ability to take out even a single penny. All commitments regarding crypto bonuses are empty as well.

It is better to prevent, than repair and repent!

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Coinexnet Scam Overview

The primary service that Coinexnet attempts to provide is a protected and convenient crypto wallet service. The site promises exchange facilities, tools for controlling wallets, transfers, dashboards, and similar stuff. In fact, they endeavor to emulate the functionality of a crypto marketplace, akin to Binance or Coinbase. However, it in fact only serves as a cover needed to deceive the cautious.

Coinexnet Scam

Initially, Coinexnet reproduces the layout of multiple similar websites. There are quite a few examples, like Coinevt, Nevacy or Moxtesla. They are totally indistinguishable in terms of visual elements, with small discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are the same. Presumably, all these scam sites are managed by the same team of scammers.

Cryptocurrency Scam Summary

How the Coinexnet Scam Works?

Coinexnet is yet another online platform within a vast network of interconnected crypto deceptive sites. The managers employ diverse brand identities and sites, like Coinexnet.com, to ensnare victims. Nevertheless, these fraudulent sites share identical designs, terms of service, and About information. This unveils their origins as parts of the same fraudulent network, which advocates the similar type of deception under various disguises. The fraudsters merely copy the equal fraudulent site under diverse names to fool users into believing they are enrolling a new venture. However, in reality, it’s the same system of fraudsters orchestrating the deceptive promises and undertakings to take deposited money. The operators cleverly make use of psychological tactics and captivating offers to carry out their unscrupulous plots.

Step 1: Spreading

To initiate the deceptive scheme, criminals set up and fill accounts on popular social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Utilizing bots and sponsored advertisements (when achievable), scam actors increase the visibility of their fraudulent activities to possible victims. This approach allows them to cast a broad net and engage with their focused audience. The public usually consists of cryptocurrency enthusiastic individuals searching for opportunities to generate profits.

Users obtain an encouragement to register, drawn by the commitment of getting crypto prizes valued at hundreds of dollars, all for free. To increase the appeal of the offer, false claims of cooperation with a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Individuals who show interest visit Coinexnet.com via links included in promotions or bot-generated posts. The website uses captivating visuals, design features that appear genuine, and assertions of possessing a valid license, all intended to project an initial impression of trustworthiness.

Step 3: Data Gathering

To redeem their prizes, users are required to actively create an profile on Coinexnet and receive prompts to submit sensitive and personal data during the enrollment procedure. This comprises linking their cryptocurrency wallets, providing email addresses, specifying phone numbers, furnishing identification papers, and the like.

Step 4: Requesting funds

Once signed up, users observe significant amounts of cryptocurrency, valued at hundreds of dollars, within their Coinexnet wallets. Nonetheless, as it usually happens with such bonuses, you are unable to withdraw them ahead of topping up your account. Typically, a payment of $100 is asked to withdraw the sign-up bonus. This stipulation serves as the snare that eventually leads to the money loss.

Step 5: Disappear

The instant the payment is made, the scammers halt all communication. They proceed to block users, delete accounts, and vanish with both the deposited funds and essential private details. The fictitious rewards remain perpetually uncredited, as they lack actual existence. They operate purely as a deceptive maneuver. This technique forms the foundation for the scammers’ capacity to mislead victims and misappropriate hard-earned money through their deceptive internet-based crypto scheme.

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Coinexnet 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 duration of the fraud, scoundrels may contact you with specific documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we already determined, these scoundrels have no intent of returning your capital. So, what can these email messages and browser add-ons represent? You guessed – that is another side of the scam designed to entice you into deliberately installing destructive programs onto your system.

Both add-ons and attachments included to email messages can act as a shell for various malicious code. In this situation, I foresee the presence of spyware and stealers among all types of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always significant. As previously mentioned, their morality is of negligible importance, and their dignity is already seriously marred. They have no principles to give up and aim to boost gains.

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.

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.

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

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.

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.

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.

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.

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.

2. Insert a USB flash drive into this computer.

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

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.

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.

Step 4: Remove Found Threats:

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

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.

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

The truth about Coinexnet

Name: Coinexnet

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Coinexnet, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Coinexnet 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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