Investigating Coinxbeast: Legit or Scam? The Truth Exposed

Recently, Coinxbeast.com site surfaced, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather reliable evidence that clearly indicates it is, in truth, a fraudulent service.

Contrary to the statements of Coinxbeast.com, they won’t ever give back your funds. Despite the money displayed in the “member area”, there is absolutely no means to take out even a coin. All promises regarding crypto rewards are baseless as well.

Coinxbeast Scam Overview

The primary service that Coinxbeast strives to provide is a protected and convenient crypto wallet service. The site promises crypto exchange services, tools for controlling wallets, transfers, dashboards, and similar stuff. In reality, they aim to emulate the functionality of a crypto marketplace, akin to Binance or Coinbase. However, it in actuality solely serves as a shell needed to mislead the cautious.

Coinxbeast Scam

Initially, Coinxbeast mimics the appearance of numerous equivalent websites. There are quite a few examples, like Azardex, Varbify or Selwex. They are completely indistinguishable in terms of graphic elements, with small discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are matching. Most likely, all these deceptive online platforms are operated by the same group of swindrels.

Cryptocurrency Scam Summary

How the Coinxbeast Scam Works?

Coinxbeast is yet another online platform within a vast network of interconnected crypto fraudulent sites. The managers employ various brand names and sites, like Coinxbeast.com, to capture victims. Nevertheless, these fraudulent websites possess the same website designs, terms of service, and About Us information. This exposes their beginnings as a part of the same criminal network, which advocates the similar mode of scam under different disguises. The fraudsters just copy the same fraudulent website under diverse names to fool users into assuming they are joining a fresh venture. However, in actuality, it’s the equal group of scammers orchestrating the fraudulent promises and efforts to grab deposited money. The managers cleverly make use of psychological strategies and captivating offers to carry out their deceitful plots.

Step 1: Spreading

To begin the scam, criminals establish and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Using bots and paid promotions (when feasible), fraud actors intensify the presence of their fraudulent activities to possible victims. This strategy enables them to create a broad net and engage with their targeted audience. The group typically consists of cryptocurrency enthusiastic individuals searching for chances to earn profits.

Step 2: Gaining Traffic

Users who express interest go to Coinxbeast.com via links included in ads or robotic posts. The site uses captivating visuals, design features that appear legitimate, and assertions of holding a legitimate license, all intended to convey an initial perception of credibility.

Step 3: Data Gathering

To redeem their benefits, users need to proactively sign up on Coinxbeast and get instructions to submit sensitive and private data during the sign-up process. This includes linking their cryptocurrency wallets, providing email addresses, specifying phone numbers, furnishing identification documents, and the like.

Step 4: Requesting funds

Once enrolled, users observe significant amounts of cryptocurrency, valued at thousands of dollars, within their Coinxbeast wallets. However, as it usually happens with such rewards, you are unable to withdraw them prior to topping up your account. Typically, a deposit of $100 is required to access the sign-up bonus. This stipulation serves as the enticement that eventually culminates to the money loss.

Step 5: Disappear

The instant the payment is sent, the deceivers halt all contact. They go ahead to restrict users, remove accounts, and abscond with both the transferred money and critical personal information. The fictitious prizes remain perpetually uncredited, as they lack real existence. They act solely as a phishing maneuver. This technique forms the foundation for the scammers’ ability to mislead victims and steal hard-earned funds through their double-dealing internet-based crypto scheme.

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Coinxbeast 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 course of the fraud, its actors may get in touch with you with particular documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we already determined, these scoundrels have no intent of restoring your money. So, what can these email messages and browser plugins represent? You guessed – this is another component of the fraudulent scheme designed to entice you into deliberately installing destructive programs onto your system.

Both add-ons and files added to emails can function as a carrier for different malicious code. In this scenario, I expect the presence of spyware and stealers among all kinds of threats. While it is not mandatory for scammers to distribute malware, the probability is always significant. As stated, their morality is of negligible importance, and their reputation is already severely tarnished. They have nothing to give up and aim to maximize revenues.

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