Investigating FX Base: Legit or Scam? The Truth Revealed

Recently, Fxbase.org website surfaced, promoting itself as a platform to store cryptocurrency and other assets securely. I managed to gather credible supporting information that clearly confirms it is, actually, a deceptive service.

Despite the promises of the most user-friendly, trustworthy, and customer-centric service, Fxbase.org does not fulfill any of them. All this is just a shiny wrap around a blatant scam, which steals your funds and never returns them. Any stories about gifts, endorsement from celebrities etc are absent as well.

FX Base Scam Overview

Originally, FX Base poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another bright marketing point for this service is backing from celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, rascals employ AI-generated videos where those celebrities advertise the fake crypto service as if it was the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

FX Base Scam

Initially, FX Base repeats the design of many equivalent websites. There are quite a few examples, like Fincullt, Jetixswap or Dexzond. They are completely indistinguishable in terms of visual elements, with small discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are matching. Probably, all these deceptive sites are operated by the same team of scoundrels.

Cryptocurrency Scam Summary

How the FX Base Scam Works?

FX Base is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous website designs, which still share the same overall layout. Another mutual 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the fraud, criminals set up and fill accounts on well-liked social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Utilizing bots and paid promotions (when feasible), fraud actors increase the exposure of their scam activities to possible victims. And as I said, scammers do not disdain using deepfake for creating videos with the mentioned celebs that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who registers the service immediately.

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

Users get an incentive to sign up, drawn by the commitment of obtaining cryptocurrency prizes valued at thousands of dollars, all for free. To increase the attractiveness of the offer, fake suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Upon following the promotions, users end up on a page filled with appealing offers. “Crypto starts with FX Base”, “Your crypto savings are secured with FX Base, “Start earning with FX Base – they look rather reliable. To heat up the interest and make the users proceed to step 3, fraudsters say that unlocking the pledged bonus requires registration. And since nothing questionable happens at this point, unexperienced users happily move on – especially as 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 data, frauds will not be able to 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 into registration to get bonuses. And all the personal info needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, 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 initiates the final step of the scam.

Step 4: Requesting funds

Eventually, any crypto operations require having money on your account. With FX Base, users are also compelled to top up to get the bonuses. And these top ups is what creates the majority 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 trading on this website hoping to use all the transferred capital and withdraw them.

This is where the first obvious issues start to surface. When keeping an eye on the real crypto wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw 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 zero intentions to give your money back. But to make the denial look more legitimate, they’ve made up a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what KYC regulations say, but in this case they are here only to make the withdrawal impossible.

By asking for your personal data, 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 would desperately need to undergo before getting your money back. And each of these checks will share 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 Fxbase.org. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with FX Base 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 course of the fraud, scoundrels may contact you with specific documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto funds. As we previously figured out, these scoundrels have no intent of restoring your funds. So, what can these emails and browser plugins represent? You guessed it right – this is another element of the deceptive plan designed to throw you into deliberately running destructive programs onto your system.

Both add-ons and files included to email messages can serve as a shell for diverse malware. In this case, I expect the presence of spyware and stealers among other forms of threats. While it is not mandatory for scammers to distribute malware, the likelihood is always greater than zero. As noted, their morality is of no concern, and their reputation is already seriously marred. They have nothing to give up and strive to maximize revenues.

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