Investigating Dogxem: Legit or Scam? The Truth Exposed

Recently, Dogxem.com site popped up, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather credible evidence that clearly indicates it is, in truth, a fraudulent site.

Regardless of the promises of the most user-friendly, dependable, and customer-centric service, Dogxem.com does not fulfill any of them. All this is just a gilded wrap around a clear scam, which takes your money and never returns them. Any stories about bonuses, sponsorship from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Dogxem Scam Overview

Originally, Dogxem poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another highlighted selling 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 says about being supported by them. To make these claims look real, con actors use deepfake videos where those celebrities advertise the fraud as if it was the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a vivid wrap around an obvious scam.

Dogxem Scam

To begin with, Dogxem copies the layout of numerous equivalent pages. There are quite a few examples, like Coincatalysthub, Biwyx or Aisenex. They are entirely undistinguishable in terms of visual elements, with minor discrepancies in the webpage header. Other particulars, and sometimes even crypto wallet addresses, are unchanged. Probably, all these fraudulent sites are managed by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Dogxem Scam Works?

Dogxem is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use several website designs, which still share the similar 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 complex psychological tricks that make the user believe in the authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To begin the fraud, criminals establish and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Employing bots and sponsored promotions (when possible), scam actors intensify the visibility of their deceptive activities to potential victims. And as I said, fraudsters do not disdain using generative AI for creating videos with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who joins the service immediately.

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

Users get an encouragement to register, attracted by the commitment of receiving crypto benefits valued at thousands of dollars, all for free. To increase the appeal of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After following the promos, targets end up on a page filled with attractive offers. “Crypto starts with Dogxem”, “Your crypto savings are secured with Dogxem, “Start earning with Dogxem – they look rather authoritative. To heat up the interest and make the users proceed to step 3, crooks say that retrieving the promised bonus requires registration. And since nothing concerning happens at this point, unaware users happily move on – especially since the bonus appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you register using your personal info, swindrels will not earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, scammers bait folks for registration with bonuses. And all the personal info needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, fraudsters 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 it at least usable for crypto purchases, you need to top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any cryptocurrency purchases require you to have funds on your account. In the case of Dogxem, users are also forced to top up to claim the bonuses. And this is what creates most of the money flow to this fraudulent site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the deposited money and withdraw them.

This is where the first obvious issues start to surface. When comparing the real cryptocurrency wallet vs what the site 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

Needless to say that swindlers have 0 intentions to send you money. But to make the fraud look more realistic, they’ve made up a whole pack of reasons to decline the transfer-out request. Usually, they repeat what KYC guidelines say, but in this case they are here only to make the wireout impossible.

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

• Unsubstantiated Credibility. Dogxem 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%, Dogxem exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Dogxem as a scam.
• Dubious Corporate Information. Dogxem 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. Dogxem.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. Dogxem 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 Dogxem 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 timeline of the scam, scoundrels may contact you with specific files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto savings. As we previously figured out, these deceivers have no plan of restoring your funds. So, what can these email messages and browser extensions represent? You guessed it right – this is another component of the deceptive plan designed to entice you into deliberately installing malicious programs onto your system.

Both add-ons and attachments added to email messages can serve as a carrier for different malicious code. In this situation, I foresee the presence of spyware and stealers among other forms of malware. While it is not obligatory for scammers to distribute malware, the likelihood is always significant. As noted, their morality is of little concern, and their reputation is already deeply compromised. They have no scruples to give up and intend to maximize gains.

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