We Investigated FoyREX: Legit or Scam? The Facts

Recently, Foyrex.com service popped up, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably indicates it is, in fact, a fraudulent service.

Regardless of the promises of the most convenient, dependable, and client-friendly service, Foyrex.com does not fulfill any of them. All this is just a golden wrap around a dirty scam, which takes your money and never returns them. Any tales about gifts, backing from celebrities etc are non-existent as well.

FoyREX Scam Overview

Originally, FoyREX poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another bright selling point for this service is backing from celebrities that are known in 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, con actors use deepfake videos with those celebs promote the scam as the best thing in the world. For obvious reasons, 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.

FoyREX Scam

First and foremost, FoyREX copies the layout of many similar online platforms. There are quite a few examples, like Fegwex, Elembrix or Coinvestex. They are entirely identical in terms of graphic elements, with slight discrepancies in the site header. Other details, and at times even crypto wallet addresses, are matching. Presumably, all these scam sites are managed by the same team of scammers.

Cryptocurrency Scam Summary

How the FoyREX Scam Works?

FoyREX is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use various 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 sophisticated 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 begin the fraud, criminals set up and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Employing bots and paid ads (when possible), scam actors boost the visibility of their scam activities to potential victims. And as I said, scammers do not shy away using deepfake for creating clips with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

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

Users obtain a stimulus to register, enticed by the commitment of receiving crypto prizes valued at hundreds of dollars, all without cost. To enhance the attractiveness of the offer, false claims of sponsorship by a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon following the ads, victims end up on a page filled with attractive offers. “Crypto starts with FoyREX”, “Your crypto savings are secured with FoyREX, “Start earning with FoyREX – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that unlocking the pledged bonus requires registration. And as nothing concerning happens at this point, uninformed users happily proceed – especially since the bonus appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you sign up using your personal data, swindrels will not be able to 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 data needed for it – username, email, crypto wallet address – are valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make it at least usable for crypto purchases, the user should top up the account with the equivalent sum. And this is what starts the final step of the scam.

Step 4: Requesting funds

It is obvious that any crypto operations require you to have funds on your account. In the case of FoyREX, users are also coerced to top up to claim the bonuses. And these top ups is what creates most of the money flow to this scam website. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the credited funds and withdraw them.

This is where the victim notices the problems. When comparing the actual crypto wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers are naught on intentions to send you money. Though to make the fraud look more legitimate, they’ve elaborated a whole bunch of reasons to decline the withdrawal request. Most of them repeat what Know Your Client guidelines say, but for the Foyrex.com they are here only to make the withdrawal impossible.

By requesting your personal info, scammers 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 money back. And each of these checks will uncover more and more information, 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 Foyrex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with FoyREX 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 duration of the scam, fraudsters may contact you with specific documents. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we already determined, these deceivers have no intention of returning your money. So, what can these email messages and browser extensions represent? You guessed it right – this is another element of the fraudulent scheme designed to throw you into deliberately installing malicious software onto your system.

Both extensions and files added to emails can function as a shell for various malicious software. In this case, I foresee the presence of spyware and stealers among other kinds of threats. While it is not mandatory for scammers to distribute malware, the likelihood is always existent. As noted, their ethics is of no concern, and their dignity is already deeply compromised. They have nothing to give up and strive to maximize gains.

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