We Investigated Dexyup: Legit or Scam? The Facts

Recently, Dexyup.com website appeared, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather credible proof that unmistakably indicates it is, in fact, a scam service.

Despite what Dexyup site says, they will never refund your funds. Regardless of the numbers displayed in the “member area”, there is absolutely no means to withdraw even a coin. All pledges regarding crypto bonuses are empty as well.

Dexyup Scam Overview

The primary feature that Dexyup attempts to provide is a protected and convenient cryptocurrency wallet service. The site pledges exchange solutions, tools for handling wallets, transfers, dashboards, and similar stuff. In reality, they try to emulate the functionality of a crypto trading platform, akin to Binance or Coinbase. However, it in fact only serves as a shell needed to deceive the cautious.

Dexyup Scam

To begin with, Dexyup reproduces the appearance of multiple equivalent pages. There are quite a few examples, like Cryptoxet, Elonbitex or Fezorex. They are totally indistinguishable in terms of visual elements, with slight discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are identical. Most likely, all these scam sites are led by a single group of fraudsters.

Cryptocurrency Scam Summary

How the Dexyup Scam Works?

Dexyup is yet another online platform within a extensive network of associated crypto fraudulent platforms. The operators employ diverse brand identities and sites, like Dexyup.com, to capture victims. Nonetheless, these false websites have in common identical designs, terms of service, and About information. This reveals their origins as components of the same criminal network, which promotes the identical type of deception under various covers. The fraudsters merely duplicate the equal fraudulent site under various names to deceive users into assuming they are joining a new platform. However, in reality, it’s the same system of swindlers orchestrating the fraudulent pledges and attempts to grab deposited money. The managers shrewdly employ psychological maneuvers and enticing offers to execute their deceitful schemes.

Step 1: Spreading

To start the scam, criminals establish and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and sponsored promotions (when achievable), scam actors intensify the visibility of their fraudulent activities to possible victims. This tactic enables them to create a wide net and engage with their aimed audience. The latter usually consists of cryptocurrency enthusiasts seeking prospects to generate profits.

Step 2: Gaining Traffic

Individuals who demonstrate interest visit Dexyup.com via links included in ads or bot-generated posts. The webpage employs captivating visuals, design features that appear genuine, and claims of possessing a valid license, all designed to project an initial impression of reliability.

Step 3: Data Gathering

To redeem their prizes, users are required to actively set up an profile on Dexyup and get instructions to provide sensitive and personal information during the sign-up process. This includes linking their cryptocurrency wallets, revealing email addresses, giving phone numbers, sending in identification papers, and the like.

Step 4: Requesting funds

Once enrolled, users witness substantial amounts of cryptocurrency, valued at hundreds of dollars, within their Dexyup wallets. Nonetheless, as is standard with such bonuses, you can’t withdraw them prior to making a deposit. Typically, a funds transfer of $100 is required to withdraw the sign-up bonus. This prerequisite serves as the snare that eventually leads to the money loss.

Step 5: Disappear

Signs of Scam

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

• Absent company details. Dexyup 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 Dexyup 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 Dexyup, 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 Dexyup is a definite scam.

What Should I do as a Victim?

If you had to deal with Dexyup 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 course of the fraud, fraudsters may contact you with particular files. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we earlier determined, these rascals have no intention of giving back your capital. So, what do these emails and browser extensions represent? You guessed it right – that is another side of the deceptive plan designed to throw you into deliberately running destructive applications onto your system.

Both extensions and files included to email messages can act as a shell for diverse malicious software. In this case, I expect the presence of spyware and stealers among all types of malicious programs. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As stated, their ethics is of little concern, and their dignity is already deeply compromised. They have no principles to give up and intend to maximize revenues.

Frequently asked questions