Investigating Dexcoex: Legit or Scam? The Truth Revealed

Recently, Dexcoex.com website surfaced, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather credible proof that clearly confirms it is, in truth, a fraudulent service.

Regardless of the promises of the most easy, dependable, and customer-centric service, Dexcoex.com does not fulfill any of them. In fact, all this is just a golden wrap around a blatant scam, which takes your money and data and never gives them back. Any tales about bonuses, backing from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Dexcoex Scam Overview

Originally, Dexcoex poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another highlighted selling point for this platform 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 AI-generated videos with those celebs advertise the scam as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

Dexcoex Scam

Initially, Dexcoex repeats the design of multiple equivalent pages. There are quite a few examples, like Velontix, Feretex or Mevolix. They are entirely identical in terms of visual elements, with small discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are matching. Presumably, all these deceptive sites are managed by the same gang of frauds.

Cryptocurrency Scam Summary

How the Dexcoex Scam Works?

Dexcoex is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use several 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 scam, criminals establish and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Employing bots and paid promotions (when achievable), fraud actors intensify the presence of their fraudulent activities to possible victims. And as I said, scammers 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, swindlers claim the bonus for every user who registers the service immediately.

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

Users obtain a stimulus to register, attracted by the commitment of getting crypto benefits valued at hundreds of dollars, all without cost. To enhance the appeal of the offer, fake suggestions of cooperation with a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After following the ads, users end up on a page filled with attractive offers. “Crypto starts with Dexcoex”, “Your crypto savings are secured with Dexcoex, “Start earning with Dexcoex – they look rather authoritative. To heat up the interest and make the users proceed to step 3, fraudsters say that unlocking the promised bonus requires registration. And as nothing questionable happens at this point, unaware users happily keep on – especially as 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 sign up using your personal data, rascals will not 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 said, deceivers bait folks for registration with bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Only by gathering this information and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the promised bonus right away. To make at least cryptocurrency purchases on the platform with it, 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

Eventually, any cryptocurrency purchases require having funds on your account. With Dexcoex, users are also coerced to top up to get the bonuses. And this is what creates most of the cash flow to this fraudulent website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the deposited capital and withdraw them.

This, however, is where the problems start to surface. When comparing the real crypto wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to pull out the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers have 0 intentions to send you money. Though to make it look more legitimate, they’ve crafted a whole pack of reasons to decline the withdrawal request. Most of them repeat what KYC requirements say, but in this case they are here only to make the withdrawal impossible.

By asking for your personal data, 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 grand 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 Dexcoex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Dexcoex 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%, Dexcoex exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Dexcoex as a scam.
• Dubious Corporate Information. Dexcoex 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. Dexcoex.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. Dexcoex 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 Dexcoex 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 timeline of the scam, its masters may get in touch with you with specific documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency assets. As we earlier determined, these deceivers have no intent of returning your money. So, what do these messages and browser add-ons represent? You guessed – this is another component of the deceptive plan designed to entice you into willingly installing harmful software onto your system.

Both add-ons and files added to email messages can serve as a carrier for various malicious code. In this situation, I expect the presence of spyware and stealers among all types of malicious programs. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As previously mentioned, their conscience is of no concern, and their dignity is already severely tarnished. They have no principles to give up and aim to maximize revenues.

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