We Looked Into Coinexon: Scam or Trustworthy? The Verdict

Recently, Coinexon.com site appeared, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably reveals it is, actually, a deceptive site.

Despite what Coinexon site says, they won’t ever refund your capital. Regardless of the figures displayed in the “member area”, there is zero way to take out even a coin. All pledges regarding crypto incentives are hollow as well.

Coinexon Scam Overview

The key offering that Coinexon attempts to provide is a protected and user-friendly crypto wallet service. The site pledges crypto exchange solutions, tools for controlling wallets, transfers, dashboards, and the like. In fact, they aim to emulate the functionality of a crypto exchange, akin to Binance or Coinbase. However, it in actuality solely serves as a cover intended to lull the vigilance.

Coinexon Scam

To begin with, Coinexon imitates the layout of multiple similar online platforms. There are quite a few examples, like Panwex, Coinexnet or Coinevt. They are entirely undistinguishable in terms of visual elements, with small discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are identical. Presumably, all these fraudulent sites are led by a single team of frauds.

Cryptocurrency Scam Summary

How the Coinexon Scam Works?

Coinexon is yet another website within a vast network of associated crypto fraudulent sites. The operators employ diverse brand identities and websites, like Coinexon.com, to ensnare victims. However, these false websites have in common matching website designs, terms of service, and About Us information. This reveals their origins as a part of the identical fraudulent network, which endorses the identical mode of deception under various disguises. The deceivers simply duplicate the equal scam website under diverse names to mislead users into thinking they are enrolling a new venture. However, in reality, it’s the same system of fraudsters orchestrating the deceptive promises and efforts to seize deposited funds. The managers skillfully make use of psychological maneuvers and appealing invitations to execute their deceitful plans.

Step 1: Spreading

To initiate the scam, criminals set up and fill accounts on popular social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and sponsored advertisements (when feasible), scam actors boost the visibility of their deceptive activities to possible victims. This strategy enables them to create an extensive net and connect with their aimed spectators. The latter commonly comprises of cryptocurrency enthusiasts looking for chances to generate profits.

Step 2: Gaining Traffic

Users who express interest visit Coinexon.com via links featured in ads or robotic posts. The webpage utilizes captivating visuals, design elements that appear authentic, and assertions of having a valid license, all aimed to convey an initial image of trustworthiness.

Step 3: Data Gathering

To collect their prizes, users are required to actively create an profile on Coinexon and receive instructions to provide sensitive and personal data throughout the registration procedure. This includes linking their cryptocurrency wallets, providing email addresses, supplying phone numbers, sending in identification papers, and the like.

Step 4: Requesting funds

Once signed up, users notice significant amounts of cryptocurrency, valued at thousands of dollars, within their Coinexon wallets. Nonetheless, as it usually happens with such incentives, you are unable to withdraw them ahead of making a deposit. Typically, a funds transfer of $100 is required to get the sign-up bonus. This condition serves as the snare that ultimately results to the money loss.

Step 5: Disappear

The instant the funds transfer is submitted, the deceivers cease all communication. They move forward to block users, remove accounts, and vanish with both the transferred money and vital individual data. The phony prizes remain perpetually uncredited, as they lack real existence. They function purely as a phishing strategy. This method forms the foundation for the fraudsters’ capacity to deceive victims and misappropriate hard-earned earnings through their double-dealing online crypto scam.

Signs of Scam

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

• Cryptocurrency-Only Transactions. Coinexon.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Coinexon arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Coinexon resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Coinexon employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Coinexon capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Coinexon.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Coinexon 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 scam, its masters may reach out to you with specific documents. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we earlier figured out, these scammers have no plan of giving back your money. So, what can these email messages and browser add-ons represent? You guessed – that is another element of the fraudulent scheme designed to throw you into willingly installing harmful applications onto your computer.

Both plugins and files attached to email messages can act as a carrier for various malicious software. In this situation, I expect the presence of spyware and stealers among other types of threats. While it is not mandatory for scammers to distribute malware, the chance is always existent. As previously mentioned, their ethics is of little concern, and their reputation is already severely tarnished. They have no scruples to give up and strive to boost revenues.

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