We Investigated Coinwez: Legit or Scam? The Facts

Recently, Coinwez.com service popped up, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather credible supporting information that unmistakably confirms it is, in fact, a scam platform.

Despite what Coinwez site states, they won’t return your capital. Regardless of the money displayed in the “member area”, there is no ability to retrieve even a coin. All commitments regarding crypto incentives are baseless as well.

It is better to prevent, than repair and repent!

When we talk about the intrusion of unfamiliar programs into your computer’s work, the proverb “Forewarned is forearmed” describes the situation as accurately as possible. Gridinsoft Anti-Malware is exactly the tool that is always useful to have in your armory: fast, efficient, up-to-date. It is appropriate to use it as an emergency help at the slightest suspicion of infection.

DOWNLOAD NOW

Gridinsoft Anti-Malware 6-day trial available.
EULA | Privacy Policy | 10% Off Coupon

Subscribe to our Telegram channel to be the first to know about news and our exclusive materials on information security.

Coinwez Scam Overview

The main feature that Coinwez attempts to provide is a secure and convenient cryptocurrency wallet service. The site promises exchange solutions, tools for managing wallets, transfers, dashboards, and alike functions. In reality, they try to emulate the functionality of a crypto exchange, akin to Binance or Coinbase. However, it in fact only serves as a shell intended to lull the vigilance.

Coinwez Scam

Initially, Coinwez reproduces the design of multiple equivalent websites. There are quite a few examples, like Cointuz, Coinmuz or Pulamex. They are entirely identical 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 sites are operated by a single group of scoundrels.

Cryptocurrency Scam Summary

How the Coinwez Scam Works?

Coinwez is yet another webpage within a extensive network of associated crypto fraudulent webpages. The administrators utilize different brand identities and sites, like Coinwez.com, to ensnare victims. Nevertheless, these false websites possess the same website designs, terms of service, and About Us information. This reveals their sources as components of the same criminal network, which advocates the same mode of deception under diverse appearances. The fraudsters merely duplicate the same deceptive site under different names to deceive users into assuming they are joining a new venture. However, in actuality, it’s the same group of swindlers orchestrating the deceptive pledges and efforts to take deposited money. The operators shrewdly utilize psychological strategies and captivating propositions to carry out their deceitful plots.

Step 1: Spreading

To start the deceptive scheme, 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. Using bots and paid promotions (when feasible), scam actors intensify the presence of their scam activities to possible victims. This strategy enables them to create an extensive net and engage with their targeted viewers. The public typically consists of cryptocurrency fans looking for chances to earn profits.

Users get an incentive to enroll, drawn by the commitment of obtaining crypto prizes valued at thousands of dollars, all for free. To increase the attractiveness of the offer, false claims of cooperation with a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Individuals who demonstrate interest go to Coinwez.com via links included in promotions or robotic posts. The website utilizes captivating visuals, design aspects that appear legitimate, and assertions of holding a legitimate license, all aimed to present an initial perception of credibility.

Step 3: Data Gathering

To collect their rewards, users need to proactively set up an profile on Coinwez and get guidance to submit sensitive and private information throughout the enrollment procedure. This includes linking their cryptocurrency wallets, revealing email addresses, giving phone numbers, submitting identification papers, and more.

Step 4: Requesting funds

Once signed up, users witness considerable amounts of cryptocurrency, valued at hundreds of dollars, within their Coinwez wallets. Nevertheless, as is typical with such rewards, you can’t withdraw them prior to making a deposit. Usually, a payment of $100 is required to withdraw the sign-up bonus. This condition serves as the trap that eventually results to the money loss.

Step 5: Disappear

The point in time the payment is made, the scammers halt all contact. They proceed to block users, remove accounts, and abscond with both the submitted capital and critical private details. The fabricated prizes continue to be perpetually uncredited, as they lack real existence. They act purely as a phishing ploy. This approach forms the foundation for the deceivers’ capacity to mislead victims and misappropriate hard-earned money through their duplicative web crypto scam.

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Coinwez 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 timeline of the fraud, its masters may reach out to you with particular documents. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we previously determined, these rascals have no intent of restoring your money. So, what do these emails and browser add-ons represent? You guessed it right – this is another component of the deceptive plan designed to throw you into willingly running malicious applications onto your device.

Both extensions and attachments included to emails can act as a carrier for diverse malware. In this scenario, I expect the presence of spyware and stealers among other forms of threats. While it is not mandatory for scammers to distribute malware, the likelihood is always above zero. As previously mentioned, their ethics is of no concern, and their dignity is already seriously marred. They have nothing to lose and strive to maximize profits.

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 Coinwez

Name: Coinwez

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Coinwez, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Coinwez scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

Sending

User Review

3.6 (5 votes)

Comments Rating 0 (0 reviews)