We Investigated Exwaxe: Legit or Scam? The Facts

Recently, Exwaxe.com site surfaced, 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, actually, a deceptive platform.

Despite what Exwaxe site says, they will never pay off your money. Even though the money displayed in the “member area”, there is zero means to take out even a single cent. All commitments regarding crypto incentives are baseless as well.

Exwaxe Scam Overview

The main offering that Exwaxe strives to provide is a safe and user-friendly cryptocurrency wallet service. The site promises exchange services, tools for handling wallets, transfers, dashboards, and similar functions. In reality, they try to emulate the functionality of a crypto marketplace, like Binance or Coinbase. However, it in actuality exclusively serves as a cover intended to mislead the cautious.

Exwaxe Scam

First and foremost, Exwaxe mimics the appearance of multiple equivalent websites. There are quite a few examples, like Gentlexpay, Hayderbid or Heyderbid. They are completely identical in terms of graphic elements, with slight discrepancies in the website header. Other details, and sometimes even crypto wallet addresses, are unchanged. Probably, all these deceptive online platforms are led by a single group of fraudsters.

Cryptocurrency Scam Summary

How the Exwaxe Scam Works?

Exwaxe is yet another online platform within a extensive network of interconnected crypto deceptive webpages. The administrators employ diverse brand titles and sites, like Exwaxe.com, to capture victims. However, these fraudulent sites share the same designs, terms of service, and About information. This unveils their sources as parts of the same criminal network, which endorses the same type of fraud under various covers. The deceivers simply replicate the identical deceptive site under diverse names to mislead users into thinking they are enrolling a fresh venture. However, in reality, it’s the identical group of fraudsters orchestrating the deceptive pledges and attempts to grab deposited funds. The managers cleverly utilize psychological strategies and appealing offers to execute their deceitful plots.

Step 1: Spreading

To initiate the deceptive scheme, criminals establish and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Employing bots and paid advertisements (when possible), fraud actors boost the visibility of their scam activities to possible victims. This strategy permits them to cast a wide net and connect with their aimed spectators. This group commonly comprises of cryptocurrency enthusiasts seeking opportunities to make profits.

Users get an incentive to register, drawn by the promise of obtaining crypto benefits valued at thousands of dollars, all for free. To enhance the attractiveness of the offer, false suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Individuals who show interest visit Exwaxe.com via links present in ads or bot-generated posts. The webpage utilizes captivating visuals, design features that appear authentic, and assertions of possessing a official license, all intended to convey an initial image of credibility.

Step 3: Data Gathering

To collect their rewards, users need to actively sign up on Exwaxe and receive guidance to provide sensitive and personal data during the enrollment procedure. This comprises linking their cryptocurrency wallets, revealing email addresses, supplying phone numbers, submitting identification papers, and the like.

Step 4: Requesting funds

Once signed up, users observe substantial amounts of cryptocurrency, valued at hundreds of dollars, within their Exwaxe wallets. Nonetheless, as it usually happens with such incentives, you are unable to withdraw them ahead of making a deposit. Usually, a payment of $100 is required to withdraw the sign-up bonus. This prerequisite serves as the enticement that ultimately results to the money loss.

Step 5: Disappear

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Exwaxe 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 duration of the scam, scoundrels may reach out to you with specific documents. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto assets. As we previously determined, these scoundrels have no intent of restoring your money. So, what can these email messages and browser plugins represent? You guessed it right – that is another component of the fraudulent scheme designed to throw you into deliberately installing harmful software onto your computer.

Both add-ons and attachments included to email messages can function as a shell for diverse malware. In this scenario, I expect the presence of spyware and stealers among all kinds of malware. While it is not mandatory for scammers to distribute malware, the likelihood is always significant. As noted, their ethics is of no concern, and their reputation is already deeply compromised. They have no scruples to give up and intend to maximize gains.

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