We Investigated Coinwglobals: Legit or Scam? The Facts

Recently, Coinwglobals.com website surfaced, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable supporting information that clearly indicates it is, in fact, a scam platform.

Despite the promises of the most convenient, reliable, and client-friendly service, Coinwglobals.com does not follow any of them. In fact, all this is just a gilded wrap around a clear scam, which steals your money and data and never returns them. Any tales about bonuses, sponsorship from celebrities etc are nowhere to be found as well.

Coinwglobals Scam Overview

Originally, Coinwglobals poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another notable selling point for this platform is backing from celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, con actors use AI-generated videos with those celebs advertise the fake crypto service as the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a vivid wrap around an obvious scam.

Coinwglobals Scam

Initially, Coinwglobals shares the appearance of many equivalent websites. There are quite a few examples, like Get, Tritixcrypto or Vexbix. They are entirely undistinguishable in terms of visual elements, with minor discrepancies in the website header. Other specific elements, and at times even crypto wallet addresses, are matching. Presumably, all these fraudulent websites are operated by a single team of scammers.

Cryptocurrency Scam Summary

How the Coinwglobals Scam Works?

Coinwglobals is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use several 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 advanced psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the fraud, criminals establish and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Using bots and paid advertisements (when achievable), fraud actors intensify the visibility of their deceptive activities to possible victims. And as I said, scammers do not disdain using generative AI for creating clips with the mentioned celebs that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who registers the service immediately.

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

Step 2: Gaining Traffic

After following the promos, users end up on a page filled with appealing offers. “Crypto starts with Coinwglobals”, “Your crypto savings are secured with Coinwglobals, “Start earning with Coinwglobals – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that obtaining the pledged bonus requires registration. And since nothing questionable happens at this point, unexperienced users happily proceed – especially as the bonus appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you register using your personal data, rascals will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, deceivers bait folks for registration with bonuses. And all the personal information needed for it – username, email, crypto wallet address – are valuable for user identification. Solely by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the sum of a bonus. And this is what starts the final step of the scam.

Step 4: Requesting funds

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

This is where the first obvious problems start to surface. When comparing the actual crypto wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that scoundrels have zero intentions to give your money back. Though to make the denial look more legitimate, they’ve developed a whole bunch of reasons to decline the wireout request. Most of them repeat what Know Your Client guidelines say, but in this case they are here exclusively to make the wireout impossible.

By requesting your personal data, deceivers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your funds back. And every check will reveal more and more info of yours, which – you guessed it right – will be then traded 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 Coinwglobals.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Coinwglobals employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Coinwglobals exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Coinwglobals as a scam.
• Dubious Corporate Information. Coinwglobals arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Coinwglobals.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Coinwglobals utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Coinwglobals 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 duration of the scam, fraudsters may contact you with specific files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency savings. As we earlier figured out, these scoundrels have no intention of restoring your funds. So, what do these emails and browser extensions represent? You guessed – this is another component of the fraudulent scheme designed to throw you into deliberately running harmful applications onto your computer.

Both add-ons and attachments attached to email messages can serve as a shell for various malware. In this scenario, I expect the presence of spyware and stealers among all kinds of threats. While it is not obligatory for scammers to distribute malware, the chance is always greater than zero. As noted, their conscience is of no concern, and their dignity is already neck deep in mud. They have nothing to give up and aim to boost profits.

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