We Looked at the Evidence: Is Cryptoxchangefou Legit or Scam?

Recently, Cryptoxchangefou.com site popped up, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather reliable proof that unmistakably reveals it is, actually, a deceptive platform.

Despite the promises of the most convenient, trustworthy, and customer-centric service, Cryptoxchangefou.com does not follow any of them. All this is just a gilded wrap around a dirty scam, which takes your money and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Cryptoxchangefou Scam Overview

Originally, Cryptoxchangefou poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another notable selling point for this site is partnerships with celebrities that are known as crypto activists. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, frauds use deepfake videos with those celebs advertise the fake crypto service as the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a glaring wrap around a transparent scam.

Cryptoxchangefou Scam

To begin with, Cryptoxchangefou repeats the layout of numerous similar pages. There are quite a few examples, like Latorex, Jamgini or Muskwex. They are entirely undistinguishable in terms of visual elements, with minor discrepancies in the website header. Other details, and at times even crypto wallet addresses, are the same. Most likely, all these deceptive sites are managed by a single team of scoundrels.

Cryptocurrency Scam Summary

How the Cryptoxchangefou Scam Works?

Cryptoxchangefou is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use numerous website designs, which still share the identical overall layout. Another shared 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 complex psychological tricks that make the user believe in the legitimacy 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 advertising campaign starts. Using bots and sponsored promotions (when achievable), scam actors boost the visibility of their scam activities to possible victims. And as I said, crooks do not disdain using generative AI for creating clips with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

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

Users get a stimulus to register, drawn by the assurance of obtaining cryptocurrency benefits valued at hundreds of dollars, all without cost. To increase 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

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

This is the last stage when it is possible to steer away from the scam without any losses. Before you register using your personal information, swindrels will not be able to 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 mentioned, frauds bait folks for registration with bonuses. And all the personal info needed for it – username, email, crypto 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. Still, 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, you need to top up the account with the sum of a bonus. And this is what starts the final stage of the scam.

Step 4: Requesting funds

Obviously, any crypto purchases require having funds on your account. With Cryptoxchangefou, users are also forced to top up to use the bonuses. And this is what creates the majority of the cash flow to this fraudulent website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the deposited money and withdraw them.

This is where the problems start to surface. When comparing the actual crypto wallet vs what the site says, you can spot 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

Needless to say that scoundrels are naught on intentions to send you money. But to make it look more legitimate, they’ve elaborated a whole pack of reasons to decline the transfer-out request. Most of them repeat what Know Your Client guidelines say, but for the Cryptoxchangefou.com they are here only to make the wireout impossible.

By requesting your personal information, frauds 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 info of yours, which – you guessed it right – will be then sold 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 Cryptoxchangefou.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Cryptoxchangefou 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%, Cryptoxchangefou exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Cryptoxchangefou as a scam.
• Dubious Corporate Information. Cryptoxchangefou 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. Cryptoxchangefou.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. Cryptoxchangefou 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 Cryptoxchangefou 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 course of the fraud, its masters may contact you with particular files. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we already determined, these deceivers have no plan of giving back your money. So, what do these messages and browser extensions represent? You guessed it right – that is another side of the scam designed to entice you into deliberately installing malicious software onto your computer.

Both extensions and attachments added to email messages can act as a carrier for diverse malware. In this case, I anticipate the presence of spyware and stealers among other forms of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always above zero. As previously mentioned, their ethics is of little concern, and their dignity is already severely tarnished. They have no principles to give up and strive to boost profits.

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