Coinxev Review: Legit or Scam? Read This First

Recently, Coinxev.com website popped up, promoting itself as a place to store cryptocurrency and other assets safely. I managed to gather reliable evidence that clearly confirms it is, in truth, a fraudulent service.

Despite the promises of the most easy, reliable, and customer-centric service, Coinxev.com does not fulfill any of them. In fact, all this is just a shiny wrap around a clear scam, which takes your money and data and never gives them back. Any stories about bonuses, sponsorship from celebrities etc are nowhere to be found as well.

Coinxev Scam Overview

Originally, Coinxev poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another highlighted selling point for this platform 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 where those celebrities promote the fraud as if it was the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around an obvious scam.

Coinxev Scam

To begin with, Coinxev copies the design of numerous equivalent websites. There are quite a few examples, like Criptot, Jefbit or Jeffbin. They are entirely indistinguishable in terms of visual elements, with minor discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are the same. Probably, all these deceptive websites are led by a single group of swindrels.

Cryptocurrency Scam Summary

How the Coinxev Scam Works?

Coinxev is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use several website designs, which still share the identical 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To start the fraud, criminals set up and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Utilizing bots and sponsored advertisements (when achievable), fraud actors boost the presence of their fraudulent activities to potential victims. And as I said, scammers do not shy away using generative AI for creating videos with the aforementioned celebs that advertise 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 Coinxev in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

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

At this point, it is possible to get away from the scam without any losses. Before you sign up using your personal information, rascals will not earn even a penny 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 into registration for bonuses. And all the personal data needed for it – username, email, cryptocurrency 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. Nonetheless, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make it at least usable for crypto purchases, the user should top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Eventually, any crypto purchases require you to have capital on your account. With Coinxev, users are also forced to top up to claim the bonuses. And these top ups 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 participating on this site hoping to use all the credited money and withdraw them.

This is where the victim notices the issues. When comparing the actual cryptocurrency wallet vs what the site says, you can observe that no transactions are done whatsoever. And then, when you’d try to retrieve the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that fraudsters have 0 intentions to return your money. But to make it look more realistic, 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 only to make the wireout impossible.

By requesting your personal information, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are a dozen other checks you would desperately need to undergo before getting your funds back. And every check will reveal more and more information, 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 Coinxev.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Coinxev 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%, Coinxev exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Coinxev as a scam.
• Dubious Corporate Information. Coinxev 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. Coinxev.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. Coinxev 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 Coinxev 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 timeline of the fraud, its masters may reach out to you with specific files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we previously determined, these scammers have no intention of restoring your funds. So, what can these email messages and browser extensions represent? Correct – this is another component of the fraudulent scheme designed to throw you into willingly installing malicious software onto your system.

Both add-ons and attachments added to email messages can function as a carrier for different malicious software. In this situation, I foresee the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the chance is always significant. As previously mentioned, their conscience is of little concern, and their reputation is already seriously marred. They have nothing to lose and aim to maximize revenues.

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