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.

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

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.

Frequently asked questions