Investigating CoinXcove: Legit or Scam? The Truth Exposed

Recently, Coinxcove.com site appeared, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather credible evidence that unmistakably confirms it is, actually, a fraudulent site.

Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Coinxcove.com does not fulfill any of them. All this is just a golden wrap around a blatant scam, which takes your funds and never gives them back. Any stories about bonuses, sponsorship from celebrities etc are absent as well.

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CoinXcove Scam Overview

Originally, CoinXcove poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another bright marketing point for this site is backing from celebrities that have relation to the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look real, rascals employ AI-generated videos where those celebrities advertise the fraud as if it was the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

CoinXcove Scam

To begin with, CoinXcove repeats the layout of many equivalent online platforms. There are quite a few examples, like Bitspasex, Cryptoclo or Definton. They are entirely undistinguishable in terms of visual elements, with small discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are matching. Probably, all these fraudulent sites are led by the same group of frauds.

Cryptocurrency Scam Summary

How the CoinXcove Scam Works?

CoinXcove is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use numerous 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 fraud, criminals establish and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and paid advertisements (when possible), scam actors intensify the visibility of their deceptive activities to possible victims. And as I said, crooks do not shy away using generative AI for creating videos with the mentioned celebrities that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users get an encouragement to register, enticed by the assurance of obtaining crypto rewards valued at thousands of dollars, all free of charge. To increase the appeal of the offer, false claims of cooperation with a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After following the promotions, victims end up on a page filled with attractive offers. “Crypto starts with CoinXcove”, “Your crypto savings are secured with CoinXcove, “Start earning with CoinXcove – they look rather authoritative. To heat up the interest and make the users proceed to step 3, crooks say that retrieving the promoted bonus requires registration. And since nothing suspicious happens at this point, unaware users happily move on – especially since the bonus appears to be right behind the corner.

This is the last stage when it is possible to get away from the scam without any losses. Before you sign up using your personal data, rascals will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, frauds bait folks for registration with bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this data 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 promised bonus right away. To make it at least usable for crypto purchases, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any crypto operations require having capital on your account. With CoinXcove, users are also compelled to top up to use the bonuses. And these top ups is what creates the majority of the cash flow to this scam site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the credited money and withdraw them.

This is where the first obvious issues start to surface. When keeping an eye on the actual cryptocurrency wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters are naught on intentions to return your money. Though to make the denial look more realistic, they’ve made up a whole pack of reasons to decline the transfer-out request. Usually, they repeat what KYC regulations say, but for the Coinxcove.com they are here exclusively to make the wireout impossible.

By requesting your personal info, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your money back. And each of these checks will reveal 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 Coinxcove.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with CoinXcove 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 duration of the fraud, its masters may contact you with particular files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we previously figured out, these deceivers have no intention of giving back your money. So, what can these email messages and browser add-ons represent? Correct – that is another side of the fraudulent scheme designed to throw you into willingly installing destructive applications onto your system.

Both extensions and files attached to email messages can function as a carrier for diverse malicious code. In this case, I expect the presence of spyware and stealers among all types of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As stated, their morality is of no concern, and their reputation is already severely tarnished. They have no principles to give up and intend to maximize profits.

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Frequently asked questions

The truth about CoinXcove

Name: CoinXcove

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

Operating System: All

Application Category: Crypto Scams

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