The Truth About Coinwowss: Legit or Scam? Our Review

Recently, Coinwowss.com service popped up, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather credible supporting information that unmistakably indicates it is, actually, a fraudulent service.

Despite the promises of the most convenient, dependable, and customer-centric service, Coinwowss.com does not follow any of them. All this is just a shiny wrap around a dirty scam, which steals your funds and never returns them. Any stories about gifts, endorsement from celebrities etc are non-existent as well.

Coinwowss Scam Overview

Originally, Coinwowss poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another notable selling point for this service is partnerships with celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look real, rascals use deepfake videos with those celebs promote the scam as if it was the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a blatant wrap around an obvious scam.

Coinwowss Scam

Initially, Coinwowss copies the layout of many similar websites. There are quite a few examples, like Qrybut, Fastcoinen or Bittiebit. They are totally undistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Presumably, all these fraudulent online platforms are operated by a single group of scammers.

Cryptocurrency Scam Summary

How the Coinwowss Scam Works?

Coinwowss is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use several website designs, which still share the similar overall layout. Another common 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 initiate the deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and sponsored ads (when achievable), scam actors intensify the visibility of their deceptive activities to possible victims. And as I said, scammers do not shy away using generative AI for creating clips with the mentioned celebs that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

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

Users obtain an incentive to enroll, drawn by the assurance of getting crypto prizes valued at thousands of dollars, all without cost. To augment the appeal of the offer, false claims of sponsorship by a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

After following the ads, targets end up on a page filled with enticing offers. “Crypto starts with Coinwowss”, “Your crypto savings are secured with Coinwowss, “Start earning with Coinwowss – they look rather authoritative. To heat up users and make them proceed to step 3, crooks say that claiming the pledged bonus requires registration. And as nothing suspicious happens at this point, uninformed users happily proceed – especially since the bonus appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you register using your personal information, frauds 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, frauds bait folks into signing up to get bonuses. And all the personal data needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Only by gathering this info and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make it at least usable for crypto 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 cryptocurrency operations require having capital on your account. With Coinwowss, users are also compelled to top up to use the bonuses. And this is what creates most of the money flow to this fraudulent website. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the deposited money and withdraw them.

This is where the victim notices the problems. When keeping an eye on the real crypto wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to retrieve the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that scoundrels are naught on intentions to send you money. Though to make it look more legitimate, they’ve elaborated a whole pack of reasons to decline the transfer-out request. Most of them repeat what KYC requirements say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for your personal information, deceivers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your funds back. And each of these checks will uncover more and more info of yours, which – you guessed it right – will be then marketed 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 Coinwowss.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Coinwowss.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. Coinwowss 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. Coinwowss 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. Coinwowss 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%, Coinwowss capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Coinwowss.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Coinwowss 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, its actors may get in touch with you with particular documents. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we previously figured out, these rascals have no plan of giving back your capital. So, what do these messages and browser extensions represent? You guessed it right – this is another element of the deceptive plan designed to throw you into willingly installing destructive programs onto your computer.

Both plugins and files added to email messages can function as a shell for diverse malicious code. In this case, I expect the presence of spyware and stealers among other kinds of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always significant. As previously mentioned, their ethics is of little concern, and their reputation is already neck deep in mud. They have no scruples to give up and strive to boost gains.

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