We Looked Into Galaxyxswap: Scam or Trustworthy? The Verdict

Recently, Galaxyxswap.com site surfaced, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather credible proof that clearly indicates it is, actually, a scam service.

Despite the promises of the most easy, reliable, and client-friendly service, Galaxyxswap.com does not offer any of them. In fact, all this is just a golden wrap around a clear scam, which takes your money and never gives them back. Any tales about gifts, backing from celebrities etc are absent as well.

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Galaxyxswap Scam Overview

Originally, Galaxyxswap poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another highlighted selling point for this site is partnerships with celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look real, frauds use deepfake videos with those celebs advertise the fraud as the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

Galaxyxswap Scam

First and foremost, Galaxyxswap copies the layout of many equivalent pages. There are quite a few examples, like Euphoriamjdasjncxz, Hoxibi or Bonudex. They are entirely indistinguishable in terms of visual elements, with slight discrepancies in the site header. Other details, and at times even crypto wallet addresses, are identical. Probably, all these deceptive sites are led by the same group of scoundrels.

Cryptocurrency Scam Summary

How the Galaxyxswap Scam Works?

Galaxyxswap is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use various website designs, which still share the similar 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the fraud, criminals create and fill accounts on popular social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Utilizing bots and sponsored ads (when achievable), fraud actors increase the exposure of their scam activities to potential victims. And as I said, scammers do not shy away using generative AI for creating videos with the aforementioned 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 Galaxyxswap in TikTok. Most of these videos are AI-generated deepfakes

Users receive a stimulus to sign up, attracted by the promise of obtaining crypto benefits valued at hundreds of dollars, all for free. To enhance the appeal of the offer, fake claims of cooperation with a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After clicking the promos, users end up on a page filled with attractive offers. “Crypto starts with Galaxyxswap”, “Your crypto savings are secured with Galaxyxswap, “Start earning with Galaxyxswap – 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 suspicious happens at this point, unexperienced users happily proceed – 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 be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, deceivers bait folks into signing up to get bonuses. And all the personal data needed for it – username, email, crypto wallet address – is valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, swindlers 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 cryptocurrency purchases, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any crypto purchases require you to have money on your account. In the case of Galaxyxswap, users are also compelled to top up to claim the bonuses. And these top ups is what creates the majority of the money flow to this scam site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the deposited funds and withdraw them.

This, however, is where the victim notices the issues. When keeping an eye on the actual crypto wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to pull out the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that fraudsters are naught on intentions to send you money. Though to make it look more realistic, they’ve developed a whole pack of reasons to decline the withdrawal request. Most of them repeat what KYC regulations say, but in this case they are here exclusively to make the wireout impossible.

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

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

What Should I do as a Victim?

If you had to deal with Galaxyxswap 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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 fraud, its actors may contact you with particular documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we earlier determined, these scoundrels have no intention of returning your funds. So, what do these email messages and browser add-ons represent? You guessed it right – that is another element of the scam designed to throw you into deliberately running malicious applications onto your computer.

Both extensions and attachments attached to email messages can act as a carrier for various malicious software. In this situation, I expect the presence of spyware and stealers among all types of malicious programs. While it is not mandatory for scammers to distribute malware, the likelihood is always greater than zero. As stated, their ethics is of little concern, and their reputation is already seriously marred. They have no scruples to give up and aim to maximize profits.

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Frequently asked questions

The truth about Galaxyxswap

Name: Galaxyxswap

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Galaxyxswap, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Galaxyxswap scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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