We Looked Into Cryptoswax: Scam or Trustworthy? The Verdict

Recently, Cryptoswax.com website appeared, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather credible evidence that unmistakably confirms it is, actually, a deceptive service.

Contrary to the statements of Cryptoswax.com, they won’t refund your funds. Regardless of the figures displayed in the “member area”, there is absolutely no possibility to take out even a coin. All pledges regarding crypto incentives are baseless as well.

Cryptoswax Scam Overview

The key feature that Cryptoswax attempts to provide is a safe and user-friendly crypto wallet service. The site promises exchange facilities, tools for handling wallets, transfers, dashboards, and alike functions. In truth, they aim to emulate the functionality of a crypto trading platform, akin to Binance or Coinbase. However, it in actuality only serves as a shell needed to deceive the cautious.

Cryptoswax Scam

Initially, Cryptoswax mimics the layout of many equivalent online platforms. There are quite a few examples, like Cryptoloxy, Xryptohub or Xertomex. They are entirely indistinguishable in terms of visual elements, with small discrepancies in the website header. Other details, and sometimes even crypto wallet addresses, are the same. Probably, all these fraudulent websites are led by the same group of scoundrels.

Cryptocurrency Scam Summary

How the Cryptoswax Scam Works?

Cryptoswax is yet another online platform within a extensive network of interconnected crypto deceptive platforms. The operators employ various brand titles and sites, like Cryptoswax.com, to capture victims. However, these fraudulent websites possess identical designs, terms of service, and About information. This reveals their beginnings as parts of the same criminal network, which advocates the similar form of scam under different disguises. The deceivers merely replicate the identical deceptive site under different names to mislead users into assuming they are enrolling a new platform. However, in actuality, it’s the same group of scammers orchestrating the misleading promises and attempts to grab deposited money. The operators cleverly employ psychological strategies and appealing propositions to implement their deceitful plans.

Step 1: Spreading

To initiate the scam, criminals create and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Using bots and sponsored ads (when achievable), fraud actors boost the presence of their fraudulent activities to possible victims. This approach enables them to cast a wide net and connect with their aimed spectators. This public usually consists of cryptocurrency fans looking for chances to make profits.

Users get an incentive to sign up, attracted by the promise of getting crypto rewards valued at hundreds of dollars, all for free. To augment the appeal of the offer, fake claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Individuals who show interest go to Cryptoswax.com via links featured in promotions or robotic posts. The webpage uses captivating visuals, design features that appear authentic, and claims of possessing a legitimate license, all designed to project an initial image of reliability.

Step 3: Data Gathering

To collect their rewards, users must deliberately sign up on Cryptoswax and receive guidance to provide sensitive and personal information during the sign-up procedure. This includes linking their cryptocurrency wallets, sharing email addresses, specifying phone numbers, furnishing identification documents, and the like.

Step 4: Requesting funds

Once enrolled, users witness substantial amounts of cryptocurrency, valued at thousands of dollars, within their Cryptoswax wallets. Nevertheless, as is typical with such bonuses, you cannot withdraw them before making a deposit. Usually, a payment of $100 is required to access the sign-up bonus. This stipulation serves as the trap that ultimately results to the money loss.

Step 5: Disappear

The instant the deposit is submitted, the scammers cease all interaction. They go ahead to bar users, remove accounts, and abscond with both the deposited funds and vital personal data. The fabricated rewards persist perpetually uncredited, as they lack real existence. They function purely as a deceptive ploy. This approach forms the foundation for the fraudsters’ ability to deceive victims and steal hard-earned money through their deceptive online crypto scam.

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Cryptoswax 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 scam, rascals may reach out to you with particular documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we earlier figured out, these deceivers have no plan of giving back your funds. So, what can these email messages and browser extensions represent? You guessed it right – that is another side of the fraudulent scheme designed to throw you into deliberately running destructive programs onto your device.

Both extensions and files attached to email messages can function as a shell for various malicious software. In this case, I foresee the presence of spyware and stealers among all types of malicious programs. While it is not obligatory for scammers to distribute malware, the chance is always above zero. As previously mentioned, their ethics is of little concern, and their dignity is already seriously marred. They have no scruples to give up and intend to boost 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.

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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.

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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.

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