The Truth About Dealwex: Legit or Scam? Our Review

Recently, Dealwex.com service popped up, promoting itself as a platform to store cryptocurrency and other assets securely. I managed to gather reliable proof that clearly indicates it is, actually, a deceptive service.

Despite the promises of the most easy, trustworthy, and client-friendly service, Dealwex.com does not follow any of them. All this is just a shiny wrap around a blatant scam, which steals your money and never returns them. Any tales about gifts, endorsement from celebrities etc are absent as well.

Dealwex Scam Overview

Originally, Dealwex poses as a crypto trading & cryptowallet platform with exceptionally low commission fees. Another highlighted marketing point for this service is partnerships with celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, rascals use deepfake videos with those celebs advertise the fake crypto service as if it was the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a vivid wrap around an obvious scam.

Dealwex Scam

To begin with, Dealwex repeats the appearance of multiple equivalent websites. There are quite a few examples, like Coinvaq, Bigetex or Beatdex. They are entirely indistinguishable in terms of visual elements, with slight discrepancies in the site header. Other particulars, and at times even crypto wallet addresses, are the same. Presumably, all these scam websites are managed by a single group of scoundrels.

Cryptocurrency Scam Summary

How the Dealwex Scam Works?

Dealwex is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use several website designs, which still share the identical overall layout. Another common 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 sophisticated psychological tricks that make the user believe in the validity 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 commences. Employing bots and paid ads (when feasible), scam actors intensify the presence of their fraudulent activities to possible victims. And as I said, fraudsters do not shy away using generative AI for creating videos with the mentioned celebs that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

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

Step 2: Gaining Traffic

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

This is the last stage when it is possible to skip the scam without any losses. Before you sign up using your personal information, frauds will not be able to earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, deceivers bait folks into signing up to get bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Solely by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the promised bonus is not available to use right away. To make it at least usable for crypto purchases, the user should top up the account with the equivalent sum. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Eventually, any cryptocurrency purchases require having money on your account. With Dealwex, users are also coerced to top up to claim 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 trading on this website hoping to use all the transferred capital and withdraw them.

This, however, is where the first obvious issues start to surface. When comparing the actual cryptocurrency wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to pull out the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that swindlers are naught on intentions to give your money back. Though to make the denial look more legitimate, they’ve developed a whole pack of reasons to decline the transfer-out request. Most of them repeat what Know Your Client requirements say, but in this case they are here only to make the wireout impossible.

By asking for your personal info, deceivers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your funds back. And each of these checks will reveal more and more information, 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 Dealwex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Dealwex often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Dealwex.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Dealwex raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Dealwex.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Dealwex preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Dealwex as a scam.

What Should I do as a Victim?

If you had to deal with Dealwex 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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 duration of the scam, rascals may contact you with specific files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we already figured out, these deceivers have no intention of giving back your capital. So, what do these email messages and browser extensions represent? You guessed it right – this is another element of the fraudulent scheme designed to throw you into deliberately installing malicious programs onto your system.

Both plugins and attachments attached to emails can serve as a shell for various malicious code. In this case, I foresee the presence of spyware and stealers among other kinds of malware. While it is not mandatory for scammers to distribute malware, the probability is always existent. As previously mentioned, their ethics is of little concern, and their dignity is already severely tarnished. They have no principles to give up and intend to maximize gains.

Frequently asked questions