Recently, Colywex.com service popped up, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather reliable supporting information that clearly reveals it is, in truth, a deceptive service.
Despite what Colywex site says, they will never return your capital. Despite the figures displayed in the “member area”, there is absolutely no way to retrieve even a cent. All promises regarding crypto rewards are baseless as well.
Colywex Scam Overview
The key service that Colywex attempts to provide is a safe and user-friendly cryptocurrency wallet service. The website pledges exchange facilities, tools for managing wallets, transfers, dashboards, and similar functions. In reality, they aim to emulate the functionality of a crypto trading platform, akin to Binance or Coinbase. However, it in fact solely serves as a cover needed to lull the vigilance.
To begin with, Colywex imitates the design of many similar websites. There are quite a few examples, like Bitxint, Xterex or Kiyobit. They are entirely identical in terms of graphic elements, with small discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are matching. Most likely, all these scam sites are managed by a single team of scoundrels.
Cryptocurrency Scam Summary
Website | Colywex.com |
Hosting | AS13335 Cloudflare, Inc. United States, San Francisco |
IP Address | 188.114.97.3 |
Threat Type | Scam/Fraud |
Scam Type | Fraudulent offers of cryptocurrency services |
How the Colywex Scam Works?
Colywex is yet another online platform within a wide-ranging network of linked crypto deceptive platforms. The managers employ diverse brand titles and websites, like Colywex.com, to ensnare victims. Nevertheless, these deceptive websites have in common matching website designs, terms of service, and About information. This reveals their beginnings as parts of the same criminal network, which promotes the same mode of deception under various covers. The fraudsters simply copy the same fraudulent site under different names to deceive users into believing they are joining a fresh venture. However, in reality, it’s the equal system of swindlers orchestrating the fraudulent pledges and undertakings to take deposited cryptocurrency. The operators shrewdly make use of psychological tactics and appealing offers to carry out their deceitful plans.
Step 1: Spreading
To initiate the deceptive scheme, criminals establish and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Employing bots and sponsored ads (when possible), scam actors increase the exposure of their fraudulent activities to potential victims. This tactic allows them to create a wide net and interact with their targeted audience. The latter typically consists of cryptocurrency enthusiastic individuals searching for chances to earn profits.
Users obtain an encouragement to enroll, drawn by the promise of receiving crypto rewards valued at thousands of dollars, all for free. To enhance the appeal of the offer, false claims of cooperation with a celebrity are added. As you may guess, these claims are completely baseless.
Step 2: Gaining Traffic
People who show interest visit Colywex.com via links featured in advertisements or bot-generated posts. The webpage utilizes captivating visuals, design aspects that appear genuine, and assertions of holding a valid license, all intended to convey an initial impression of trustworthiness.
Step 3: Data Gathering
To claim their rewards, users must proactively set up an account on Colywex and get prompts to provide sensitive and personal data throughout the registration procedure. This includes linking their cryptocurrency wallets, sharing email addresses, supplying phone numbers, sending in identification documents, and more.
Step 4: Requesting funds
Once enrolled, users witness substantial amounts of cryptocurrency, valued at thousands of dollars, within their Colywex wallets. Nevertheless, as it usually happens with such incentives, you cannot withdraw them ahead of topping up your account. Normally, a deposit of $100 is required to access the sign-up bonus. This condition serves as the trap that eventually results to the money loss.
Step 5: Disappear
The instant the payment is sent, the fraudsters terminate all contact. They move forward to block users, remove accounts, and vanish with both the submitted money and vital individual details. The fabricated prizes continue to be perpetually uncredited, as they lack real existence. They act exclusively as a phishing ploy. This technique forms the foundation for the fraudsters’ capacity to mislead victims and misappropriate hard-earned earnings through their duplicative online crypto scheme.
Signs of Scam
I gathered several facts that point at the scammy nature of the Colywex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- Absent company details. Colywex 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 Colywex 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 Colywex, 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 Colywex is a definite scam.
What Should I do as a Victim?
If you had to deal with Colywex 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 timeline of the fraud, scoundrels may get in touch with you with specific documents. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we previously figured out, these rascals have no intention of giving back your money. So, what do these messages and browser plugins represent? Correct – that is another side of the scam designed to throw you into willingly running destructive applications onto your computer.
Both plugins and attachments attached to email messages can act as a carrier for various malware. In this situation, I anticipate the presence of spyware and stealers among all kinds of threats. 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 dignity is already seriously marred. They have no scruples to give up and intend to maximize profits.
Remove spyware with Gridinsoft Anti-Malware
We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.
To use Gridinsoft for remove malicious threats, follow the steps below:
1. Begin by downloading Gridinsoft Anti-Malware, accessible via the blue button below or directly from the official website gridinsoft.com.
2.Once the Gridinsoft setup file (setup-gridinsoft-fix.exe) is downloaded, execute it by clicking on the file.
3.Follow the installation setup wizard's instructions diligently.
4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.
Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.
5. Upon completion, Anti-Malware will present a detailed report containing all the detected malicious items and threats on your PC.
6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.
8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.
Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.
Trojan Killer for “spyware” removal on locked PC
In situations where it becomes impossible to download antivirus applications directly onto the infected computer due to malware blocking access to websites, an alternative solution is to utilize the Trojan Killer application.
There is a really little number of security tools that are able to be set up on the USB drives, and antiviruses that can do so in most cases require to obtain quite an expensive license. For this instance, I can recommend you to use another solution of GridinSoft - Trojan Killer Portable. It has a 14-days cost-free trial mode that offers the entire features of the paid version. This term will definitely be 100% enough to wipe malware out.
Trojan Killer is a valuable tool in your cybersecurity arsenal, helping you to effectively remove malware from infected computers. Now, we will walk you through the process of using Trojan Killer from a USB flash drive to scan and remove malware on an infected PC. Remember, always obtain permission to scan and remove malware from a computer that you do not own.
Step 1: Download & Install Trojan Killer on a Clean Computer:
1. Go to the official GridinSoft website (gridinsoft.com) and download Trojan Killer to a computer that is not infected.
2. Insert a USB flash drive into this computer.
3. Install Trojan Killer to the "removable drive" following the on-screen instructions.
4. Once the installation is complete, launch Trojan Killer.
Step 2: Update Signature Databases:
5. After launching Trojan Killer, ensure that your computer is connected to the Internet.
6. Click "Update" icon to download the latest signature databases, which will ensure the tool can detect the most recent threats.
Step 3: Scan the Infected PC:
7. Safely eject the USB flash drive from the clean computer.
8. Boot the infected computer to the Safe Mode.
9. Insert the USB flash drive.
10. Run tk.exe
11. Once the program is open, click on "Full Scan" to begin the malware scanning process.
Step 4: Remove Found Threats:
12. After the scan is complete, Trojan Killer will display a list of detected threats.
13. Click on "Cure PC!" to remove the identified malware from the infected PC.
14. Follow any additional on-screen prompts to complete the removal process.
Step 5: Restart Your Computer:
15. Once the threats are removed, click on "Restart PC" to reboot your computer.
16. Remove the USB flash drive from the infected computer.
Congratulations on effectively removing spyware and the concealed threats from your computer! You can now have peace of mind, knowing that they won't resurface again. Thanks to Gridinsoft's capabilities and commitment to cybersecurity, your system is now protected.
Frequently asked questions
The vast majority of information posted on the Colywex site is false. It is either fabricated, or a manipulation that misses the context of mentioned events. However, things like quotes or other interactive elements related to current prices may be trustworthy. But I would rather avoid using them as a primary source of information.
No, there is no legitimate information on the Colywex site. The operators of this site use fabricated details and deceptive tactics to create an appearance of credibility, such as appealing visuals and claims of being a licensed company. However, these claims are false, and the site is part of a larger network of interconnected crypto scam sites designed to defraud victims. The scammers manipulate users into providing sensitive personal information and making deposits, ultimately leading to the loss of funds.
Unfortunately, recovering funds lost to a scam like Colywex can be extremely challenging, if not impossible. Scammers often operate from obscure locations and use various tactics to cover their tracks, making it difficult to trace or retrieve the stolen funds. In many cases, these scams are designed to exploit victims and disappear once they have obtained the money.
Spotting crypto trading scams requires vigilance and a critical eye. Here are some tips to help you identify potential crypto trading scams in the future:
- Scrutinize Celebrity Endorsements. Be cautious of endorsements from celebrities or public figures. Scammers often fabricate endorsements to gain credibility.
- Resist Urgency. Watch out for tactics that create a sense of urgency to pressure quick decisions. Legitimate investments offer time for research and consideration.
- Consult Reviews and Feedback. Look for independent reviews and feedback from fellow traders. Scammers may create fake positive reviews, but negative reviews can provide valuable insights.
- Question Unrealistic Promises. Be skeptical of offers promising unrealistically high returns or guaranteed profits. If an investment opportunity seems too good to be true, it likely is.
- Verify Regulation and Licensing. Check if the platform or service is regulated and licensed by relevant authorities. Scammers often operate without proper authorization.
If you have become a victim of a Colywex or similar crypto trading scam, it’s important to take immediate action to minimize further damage and increase the chances of recovering your losses. Here’s what you should do:
- Document the Events. Gather and safeguard all pertinent information, including emails, screenshots, transaction records, and any correspondence with the scammers. This documentation holds utmost importance for reporting the scam and seeking assistance.
- Contact Financial Institutions. If you conducted any payments or deposits through your credit card or bank account, promptly notify your financial institution. They might offer assistance in contesting transactions or initiating chargebacks.
- Seek Legal Advice. Consult with a legal professional who specializes in fraud or financial matters. They can provide advice on potential legal actions you can take to recover your funds.
- Inform the Authorities. Lodge an official report with your local law enforcement agency and relevant regulatory bodies within your country. Present them with the amassed evidence. This step instigates investigations and enhances awareness about the scam.
- Notify Cryptocurrency Exchanges. Should you have employed a cryptocurrency exchange for transactions linked to the scam, inform the exchange about the fraudulent activity. In certain cases, they could extend their assistance.
- Consult Legal Counsel. Seek counsel from a legal expert specialized in fraud or financial matters. They can provide guidance on potential legal avenues for recovering your funds.
- Immediately Halt Communication. Once you recognize that you have fallen victim to a scam, cease all communication with the scammers. Refrain from responding to their emails, messages, or phone calls.
The truth about Colywex
Name: Colywex
Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Colywex, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Colywex scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.
Operating System: All
Application Category: Crypto Scams