We Investigated Dexbeast: Legit or Scam? The Facts

Recently, Dexbeast.com website surfaced, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather credible evidence that clearly indicates it is, in truth, a scam platform.

Despite what Dexbeast site says, they will never refund your money. Even though the money displayed in the “member area”, there is zero way to retrieve even a single cent. All commitments regarding crypto rewards are baseless as well.

Dexbeast Scam Overview

The key offering that Dexbeast attempts to provide is a secure and user-friendly crypto wallet service. The site pledges crypto exchange services, tools for controlling wallets, transfers, dashboards, and the like. In fact, they endeavor to emulate the functionality of a crypto trading platform, akin to Binance or Coinbase. However, it in fact only serves as a cover needed to lull the vigilance.

Dexbeast Scam

First and foremost, Dexbeast mimics the appearance of multiple equivalent online platforms. There are quite a few examples, like Bitavix, Akodex or Coinxbenz. They are entirely indistinguishable in terms of graphic elements, with small discrepancies in the site header. Other details, and sometimes even crypto wallet addresses, are the same. Probably, all these deceptive sites are led by the same group of scoundrels.

Cryptocurrency Scam Summary

How the Dexbeast Scam Works?

Dexbeast is yet another webpage within a wide-ranging network of interconnected crypto deceptive platforms. The administrators employ different brand names and websites, like Dexbeast.com, to trap victims. Nevertheless, these false sites share identical designs, terms of service, and About information. This exposes their beginnings as parts of the equal scam network, which endorses the identical mode of fraud under diverse appearances. The fraudsters just copy the identical scam website under different names to mislead users into thinking they are joining a fresh platform. However, in reality, it’s the equal system of scammers orchestrating the deceptive promises and undertakings to take deposited cryptocurrency. The operators cleverly employ psychological maneuvers and captivating offers to implement their deceitful plots.

Step 1: Spreading

To start the deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Using bots and paid promotions (when achievable), scam actors boost the exposure of their fraudulent activities to potential victims. This tactic enables them to cast an extensive net and connect with their focused audience. This group usually consists of cryptocurrency fans looking for prospects to make profits.

Users receive an encouragement to enroll, drawn by the commitment of obtaining crypto benefits valued at hundreds of dollars, all without cost. To augment the appeal of the offer, fake suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Users who express interest check out Dexbeast.com via links featured in advertisements or robotic posts. The webpage utilizes captivating visuals, design features that appear authentic, and claims of having a legitimate license, all intended to convey an initial impression of trustworthiness.

Step 3: Data Gathering

To redeem their prizes, users need to deliberately sign up on Dexbeast and receive guidance to submit sensitive and private data during the sign-up process. This includes linking their cryptocurrency wallets, sharing email addresses, specifying phone numbers, sending in identification documents, and more.

Step 4: Requesting funds

Once registered, users notice considerable amounts of cryptocurrency, valued at hundreds of dollars, within their Dexbeast wallets. Nevertheless, as is common with such rewards, you are unable to withdraw them prior to topping up your account. Usually, a funds transfer of $100 is asked to get the sign-up bonus. This prerequisite serves as the snare that eventually results to the money loss.

Step 5: Disappear

The moment the deposit is submitted, the fraudsters halt all interaction. They proceed to block users, delete accounts, and disappear with both the submitted funds and essential personal information. The phony prizes persist perpetually uncredited, as they lack actual existence. They function solely as a phishing maneuver. This approach forms the foundation for the scammers’ capability to deceive victims and misappropriate hard-earned money through their double-dealing web crypto fraud.

Signs of Scam

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

• False Celebrity Sponsorship. Dexbeast 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. Dexbeast.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. Dexbeast 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. Dexbeast.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%, Dexbeast preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Dexbeast as a scam.

What Should I do as a Victim?

If you had to deal with Dexbeast 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 scam, scoundrels may contact you with specific documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we earlier determined, these deceivers have no plan of restoring your funds. So, what can these messages and browser add-ons represent? Correct – that is another component 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 carrier for various malware. In this case, I anticipate the presence of spyware and stealers among all types of malware. While it is not mandatory for scammers to distribute malware, the probability is always significant. As noted, their morality is of negligible importance, and their dignity is already severely tarnished. They have no principles to give up and strive to boost profits.

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