We Looked Into Coinxbenz: Scam or Trustworthy? The Verdict

Recently, Coinxbenz.com service surfaced, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather reliable proof that clearly reveals it is, in truth, a scam service.

Despite what Coinxbenz site says, they won’t ever return your capital. Even though the money displayed in the “member area”, there is no possibility to take out even a single penny. All pledges regarding crypto rewards are baseless as well.

Coinxbenz Scam Overview

The primary offering that Coinxbenz attempts to provide is a protected and convenient cryptocurrency wallet service. The site promises crypto exchange facilities, tools for managing wallets, transfers, dashboards, and similar stuff. In fact, they aim to emulate the functionality of a crypto exchange, like Binance or Coinbase. However, it actually solely serves as a cover intended to lull the vigilance.

Coinxbenz Scam

First and foremost, Coinxbenz mimics the layout of multiple similar pages. There are quite a few examples, like Defistamp, Defydex or Deolex. They are entirely undistinguishable in terms of visual elements, with slight discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are matching. Presumably, all these scam sites are led by a single team of fraudsters.

Cryptocurrency Scam Summary

How the Coinxbenz Scam Works?

Coinxbenz is yet another website within a wide-ranging network of associated crypto deceptive platforms. The operators utilize different brand titles and websites, like Coinxbenz.com, to ensnare victims. Nonetheless, these fraudulent sites share matching website designs, terms of service, and About content. This exposes their beginnings as parts of the same fraudulent network, which promotes the identical form of deception under diverse appearances. The scammers simply replicate the equal deceptive site under diverse names to fool users into thinking they are joining a fresh opportunity. However, in reality, it’s the equal system of fraudsters orchestrating the deceptive promises and attempts to take deposited money. The managers shrewdly utilize psychological maneuvers and enticing propositions to implement their deceitful plots.

Step 1: Spreading

To initiate the fraud, criminals establish and fill accounts on well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and paid ads (when achievable), scam actors boost the exposure of their fraudulent activities to possible victims. This approach allows them to cast a wide net and connect with their targeted viewers. The group typically comprises of cryptocurrency fans looking for opportunities to generate profits.

Users receive a stimulus to enroll, enticed by the assurance of obtaining crypto prizes valued at hundreds of dollars, all for free. To increase the appeal of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Individuals who show interest visit Coinxbenz.com via links present in ads or bot-generated posts. The site utilizes captivating visuals, design aspects that appear genuine, and assertions of possessing a valid license, all intended to convey an initial perception of reliability.

Step 3: Data Gathering

To claim their rewards, users are required to actively sign up on Coinxbenz and receive instructions to provide sensitive and personal information during the enrollment procedure. This includes linking their cryptocurrency wallets, sharing email addresses, giving phone numbers, sending in identification documents, and the like.

Step 4: Requesting funds

Once registered, users observe substantial amounts of cryptocurrency, valued at thousands of dollars, within their Coinxbenz wallets. Nonetheless, as is typical with such incentives, you are unable to withdraw them before topping up your account. Usually, a deposit of $100 is asked to access the sign-up bonus. This condition serves as the enticement that ultimately results to the money loss.

Step 5: Disappear

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Coinxbenz 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 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 streamline access to your crypto funds. As we previously determined, these rascals have no intention of returning your money. So, what do these messages and browser add-ons represent? Correct – that is another element of the fraudulent scheme designed to entice you into willingly running destructive software onto your computer.

Both plugins and attachments included to emails can serve as a shell for various malware. In this scenario, I expect the presence of spyware and stealers among all forms of threats. While it is not mandatory for scammers to distribute malware, the chance is always significant. As noted, their morality is of little concern, and their reputation is already deeply compromised. They have no principles to lose and strive to boost profits.

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