We Investigated GENDEXY: Legit or Scam? The Facts

Recently, Gendexy.com website popped up, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather reliable proof that unmistakably indicates it is, in truth, a fraudulent platform.

Regardless of the promises of the most easy, dependable, and client-friendly service, Gendexy.com does not fulfill any of them. All this is just a shiny wrap around a blatant scam, which steals your money and data and never returns them. Any tales about gifts, sponsorship from celebrities etc are absent as well.

GENDEXY Scam Overview

Originally, GENDEXY poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another highlighted marketing point for this service is partnerships with celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look real, frauds employ AI-generated videos where those celebrities promote the fraud as if it was the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

GENDEXY Scam

To begin with, GENDEXY shares the layout of numerous equivalent online platforms. There are quite a few examples, like Bigtikx, Gatexnet or Usotex. They are entirely indistinguishable in terms of visual elements, with small discrepancies in the webpage header. Other specific elements, and sometimes even crypto wallet addresses, are identical. Presumably, all these deceptive websites are managed by a single group of scammers.

Cryptocurrency Scam Summary

How the GENDEXY Scam Works?

GENDEXY is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use numerous website designs, which still share the similar 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 sophisticated psychological tricks that make the user believe in the authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To start the scam, criminals establish and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Utilizing bots and sponsored advertisements (when feasible), scam actors increase the visibility of their scam activities to potential victims. And as I said, crooks do not disdain using deepfake for creating videos with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who registers the service immediately.

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

Step 2: Gaining Traffic

After following the promotions, victims end up on a page filled with appealing offers. “Crypto starts with GENDEXY”, “Your crypto savings are secured with GENDEXY, “Start earning with GENDEXY – they look rather credible. To heat up the interest and make the users proceed to step 3, crooks say that retrieving the promoted bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily keep on – especially as the gift 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 information, swindrels 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 mentioned, frauds bait folks for registration with bonuses. And all the personal information needed for it – username, email, crypto wallet address – are valuable for user identification. Only by gathering this data 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 alleged bonus right away. To make at least cryptocurrency purchases on the platform with it, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

It is obvious that any cryptocurrency operations require you to have money on your account. With GENDEXY, users are also coerced to top up to claim 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 site hoping to use all the deposited funds and withdraw them.

This is where the problems start to surface. When keeping an eye on the real crypto wallet vs what the site says, you can observe 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

Needless to say that fraudsters have 0 intentions to give your money back. 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 in this case they are here only to make the wireout impossible.

By asking for your personal data, frauds 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 would desperately need to undergo before getting your funds back. And every check will share 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 Gendexy.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with GENDEXY 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 timeline of the scam, its masters may get in touch with you with specific files. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency assets. As we previously determined, these scammers have no intent of returning your money. So, what can these messages and browser add-ons represent? Correct – that is another side of the fraudulent scheme designed to entice you into deliberately running destructive applications onto your device.

Both add-ons and attachments added to email messages can function as a carrier for diverse malware. In this scenario, I foresee the presence of spyware and stealers among other kinds of malware. While it is not mandatory for scammers to distribute malware, the probability is always existent. As stated, their ethics is of negligible importance, and their dignity is already deeply compromised. They have nothing to lose and aim to maximize revenues.

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