Is CoinNexup Legit or Another Scam? The Truth Revealed

Recently, Coinnexup.com service popped up, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather credible supporting information that unmistakably indicates it is, in truth, a deceptive platform.

Regardless of the promises of the most user-friendly, reliable, and customer-centric service, Coinnexup.com does not follow any of them. All this is just a golden wrap around a dirty scam, which takes your funds and never returns them. Any stories about gifts, backing from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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CoinNexup Scam Overview

Originally, CoinNexup poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another highlighted marketing point for this service is backing from celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look real, rascals employ deepfake videos with those celebs 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 said in the introduction, all this is just a vivid wrap around an obvious scam.

CoinNexup Scam

To begin with, CoinNexup repeats the appearance of numerous equivalent websites. There are quite a few examples, like Coinerix, Polyxchain or Pixeltechoptions. They are completely indistinguishable in terms of visual elements, with slight discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are unchanged. Probably, all these fraudulent online platforms are led by a single team of fraudsters.

Cryptocurrency Scam Summary

How the CoinNexup Scam Works?

CoinNexup is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use numerous website designs, which still share the same overall layout. Another mutual 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 sophisticated 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 begin the scam, criminals set up and fill accounts on popular social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Employing bots and paid promotions (when possible), scam actors increase the presence of their fraudulent activities to possible victims. And as I said, crooks do not shy away using deepfake for creating clips with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users receive an encouragement to sign up, attracted by the commitment of getting cryptocurrency prizes valued at hundreds of dollars, all free of charge. To increase the attractiveness of the offer, fake suggestions of cooperation with a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After clicking the promotions, victims end up on a page filled with attractive offers. “Crypto starts with CoinNexup”, “Your crypto savings are secured with CoinNexup, “Start earning with CoinNexup – they look rather reliable. To heat up the interest and make the users proceed to step 3, scammers say that obtaining the promised bonus requires registration. And as nothing questionable happens at this point, uninformed users happily move on – especially since the gift appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you register using your personal info, crooks will not be able to earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, scammers bait folks into signing up for bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the claimed bonus is not available to use right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the equivalent sum. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Eventually, any crypto operations require having money on your account. In the case of CoinNexup, users are also coerced to top up to use the bonuses. And these top ups is what creates the majority of the money flow to this scam site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the transferred money and withdraw them.

This, however, is where the first obvious problems start to surface. When keeping an eye on the real crypto wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to retrieve the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that scoundrels have no intentions to return your money. Though to make the denial look more legitimate, they’ve developed a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client requirements say, but in this case they are here exclusively to make the wireout impossible.

By requesting your personal information, frauds just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are a dozen other checks you would desperately need to undergo before getting your money back. And every check will reveal more and more information, which – you guessed it right – will be then sold 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 Coinnexup.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with CoinNexup 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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 timeline of the scam, rascals may reach out to you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we previously determined, these scammers have no plan of restoring your funds. So, what can these 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 programs onto your computer.

Both extensions and attachments added to emails can serve as a carrier for different 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 noted, their morality is of little concern, and their reputation is already deeply compromised. They have no scruples to lose and aim to boost profits.

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