The Truth About Coinfedex: Legit or Scam? Our Review

Recently, Coinfedex.com service appeared, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather credible supporting information that unmistakably indicates it is, in fact, a deceptive site.

Contrary to the statements of Coinfedex.com, they won’t ever refund your capital. Regardless of the money displayed in the “member area”, there is zero possibility to take out even a cent. All promises regarding crypto incentives are empty as well.

Coinfedex Scam Overview

The key offering that Coinfedex strives to provide is a protected and convenient cryptocurrency wallet service. The website promises exchange solutions, tools for controlling wallets, transfers, dashboards, and alike functions. In truth, they endeavor to emulate the functionality of a crypto marketplace, akin to Binance or Coinbase. However, it in fact only serves as a cover intended to fool the cautious.

Coinfedex Scam

Initially, Coinfedex mimics the design of many equivalent online platforms. There are quite a few examples, like Coinexon, Panwex or Coinexnet. They are totally indistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are identical. Presumably, all these fraudulent sites are managed by a single gang of swindrels.

Cryptocurrency Scam Summary

How the Coinfedex Scam Works?

Coinfedex is yet another webpage within a extensive network of associated crypto deceptive platforms. The administrators employ different brand names and sites, like Coinfedex.com, to trap victims. However, these false sites have in common identical website designs, terms of service, and About information. This exposes their origins as a part of the same scam network, which advocates the identical form of deception under diverse disguises. The deceivers just replicate the identical deceptive website under various names to fool users into believing they are participating in a fresh opportunity. However, in actuality, it’s the identical group of fraudsters orchestrating the deceptive promises and efforts to take deposited funds. The managers cleverly make use of psychological maneuvers and enticing invitations to execute their deceitful plots.

Step 1: Spreading

To start the deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and sponsored ads (when achievable), fraud actors boost the presence of their fraudulent activities to possible victims. This approach permits them to cast an extensive net and engage with their targeted spectators. This audience commonly comprises of cryptocurrency fans searching for chances to make profits.

Step 2: Gaining Traffic

Users who show interest check out Coinfedex.com via links present in ads or robotic posts. The site employs captivating visuals, design aspects that appear genuine, and assertions of holding a official license, all intended to project an initial image of credibility.

Step 3: Data Gathering

To redeem their benefits, users are required to actively sign up on Coinfedex and receive instructions to provide sensitive and personal data during the sign-up procedure. This comprises linking their cryptocurrency wallets, sharing email addresses, specifying phone numbers, furnishing identification papers, and more.

Step 4: Requesting funds

Once registered, users notice substantial amounts of cryptocurrency, valued at hundreds of dollars, within their Coinfedex wallets. Nevertheless, as is typical with such bonuses, you can’t withdraw them prior to making a deposit. Normally, a funds transfer of $100 is asked to access the sign-up bonus. This stipulation serves as the trap that eventually culminates to the money loss.

Step 5: Disappear

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Coinfedex 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 the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

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 fraud, rascals may get in touch with you with specific files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we previously determined, these rascals have no intention of giving back your capital. So, what do these email messages and browser extensions represent? You guessed it right – that is another element of the fraudulent scheme designed to throw you into willingly running malicious software onto your system.

Both extensions and files added to email messages can act as a carrier for diverse malicious software. In this scenario, I expect the presence of spyware and stealers among other forms of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always existent. As stated, their morality is of little concern, and their reputation is already seriously marred. They have nothing to give up and aim to boost gains.

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