We Investigated Fxsnetwork: Legit or Scam? The Facts

Recently, Fxsnetwork.com service appeared, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather credible proof that clearly reveals it is, in truth, a scam site.

Despite the promises of the most user-friendly, dependable, and client-friendly service, Fxsnetwork.com does not follow any of them. In fact, all this is just a gilded wrap around a blatant scam, which steals your money and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are non-existent as well.

Fxsnetwork Scam Overview

Originally, Fxsnetwork poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another bright selling point for this site is partnerships with celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look real, con actors employ AI-generated videos where those celebrities promote the scam as 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 an obvious scam.

Fxsnetwork Scam

To begin with, Fxsnetwork shares the design of multiple similar online platforms. There are quite a few examples, like Finolu, Crolbit or Bitzeex. They are completely indistinguishable in terms of graphic elements, with small discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are the same. Most likely, all these fraudulent online platforms are led by the same team of scoundrels.

Cryptocurrency Scam Summary

How the Fxsnetwork Scam Works?

Fxsnetwork 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 same 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 advanced 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 deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and sponsored ads (when achievable), scam actors intensify the presence of their fraudulent activities to potential victims. And as I said, fraudsters do not disdain using generative AI for creating clips with the mentioned celebs 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 Fxsnetwork in TikTok. Most of these videos are AI-generated deepfakes

Users get an encouragement to register, enticed by the assurance of obtaining cryptocurrency rewards valued at thousands of dollars, all free of charge. To increase the appeal of the offer, false suggestions of cooperation with a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

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

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal info, crooks 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 mentioned, 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. Solely by gathering this information and selling it further into the Darknet, crooks 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 at least cryptocurrency purchases on the platform with it, you need to top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

It is obvious that any crypto purchases require having capital on your account. In the case of Fxsnetwork, users are also coerced to top up to claim the bonuses. And this 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 participating on this site hoping to use all the credited money and withdraw them.

This is where the issues start to surface. When comparing the real cryptocurrency wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw 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 swindlers are naught on intentions to return your money. But to make it look more legitimate, they’ve made up a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client guidelines say, but for the Fxsnetwork.com they are here only to make the wireout impossible.

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

• Unsubstantiated Credibility. Fxsnetwork 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%, Fxsnetwork exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Fxsnetwork as a scam.
• Dubious Corporate Information. Fxsnetwork 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. Fxsnetwork.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. Fxsnetwork 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 Fxsnetwork 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, its actors may reach out to you with specific files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency assets. As we previously figured out, these scoundrels have no intent of restoring your funds. So, what do these emails and browser extensions represent? Correct – that is another element of the scam designed to entice you into willingly installing harmful applications onto your device.

Both extensions and files attached to emails can act as a shell for various malicious software. In this situation, I expect 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 above zero. As previously mentioned, their conscience is of little concern, and their reputation is already deeply compromised. They have no scruples to lose and intend to boost revenues.

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