We Looked at the Evidence: Is EXGIGS Legit or Scam?

Recently, Exgigs.com service appeared, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably confirms it is, in truth, a deceptive site.

Despite the promises of the most user-friendly, dependable, and customer-centric service, Exgigs.com does not offer any of them. All this is just a golden wrap around a blatant scam, which takes your money and data and never returns them. Any tales about bonuses, sponsorship from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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EXGIGS Scam Overview

Originally, EXGIGS poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another notable marketing point for this platform is backing from celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look real, rascals use deepfake videos where those celebrities advertise the fake crypto service as 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 blatant wrap around a transparent scam.

EXGIGS Scam

First and foremost, EXGIGS copies the design of many equivalent online platforms. There are quite a few examples, like Bytesi, Waexcoin or Velamex. They are completely identical in terms of visual elements, with minor discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Presumably, all these deceptive websites are led by the same team of frauds.

Cryptocurrency Scam Summary

How the EXGIGS Scam Works?

EXGIGS is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous 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 validity 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 advertising campaign begins. Employing bots and sponsored promotions (when feasible), scam actors intensify the presence of their fraudulent activities to possible victims. And as I said, crooks do not disdain using generative AI for creating videos with the mentioned celebrities that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

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

Users receive a stimulus to enroll, attracted by the promise of obtaining cryptocurrency benefits valued at hundreds of dollars, all free of charge. To enhance the attractiveness of the offer, fake suggestions of sponsorship by a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, targets end up on a page filled with appealing offers. “Crypto starts with EXGIGS”, “Your crypto savings are secured with EXGIGS, “Start earning with EXGIGS – they look rather credible. To heat up the interest and make the users proceed to step 3, scammers say that retrieving the promised bonus requires registration. And since nothing questionable happens at this point, unaware users happily keep on – especially since the reward appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you sign up using your personal info, swindrels will not earn even a nickel 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 information needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Only by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the alleged bonus is not available for withdrawal right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Obviously, any crypto operations require you to have money on your account. With EXGIGS, users are also compelled to top up to use the bonuses. And this is what creates the majority of the cash flow to this scam website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the credited funds and withdraw them.

This, however, is where the first obvious problems start to surface. When keeping an eye on the real cryptocurrency wallet vs what the website says, you can spot 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

There’s no need to explain that scoundrels have no intentions to give your money back. But to make the fraud look more legitimate, they’ve developed a whole bunch of reasons to decline the withdrawal request. Most of them repeat what Know Your Client regulations say, but for the Exgigs.com they are here only to make the wireout impossible.

By requesting your personal info, frauds just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your grand back. And every check will uncover 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 Exgigs.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with EXGIGS 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 scam, fraudsters may get in touch with you with particular files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we earlier determined, these scammers have no intent of returning your money. So, what do these emails and browser add-ons represent? Correct – this is another element of the deceptive plan designed to entice you into willingly running harmful programs onto your system.

Both extensions and attachments included to email messages can function as a shell for various malware. In this situation, I expect the presence of spyware and stealers among other types of malware. While it is not obligatory for scammers to distribute malware, the likelihood is always above zero. As previously mentioned, their morality is of negligible importance, and their reputation is already neck deep in mud. They have no scruples to lose and intend to maximize revenues.

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