We Investigated Genwex: Legit or Scam? The Facts

Recently, Genwex.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, actually, a deceptive service.

Contrary to the assertions of Genwex.com, they won’t ever return your funds. Regardless of the figures displayed in the “member area”, there is zero way to take out even a coin. All commitments regarding crypto bonuses are hollow as well.

It is better to prevent, than repair and repent!

When we talk about the intrusion of unfamiliar programs into your computer’s work, the proverb “Forewarned is forearmed” describes the situation as accurately as possible. Gridinsoft Anti-Malware is exactly the tool that is always useful to have in your armory: fast, efficient, up-to-date. It is appropriate to use it as an emergency help at the slightest suspicion of infection.

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Genwex Scam Overview

The main feature that Genwex strives to provide is a protected and convenient cryptocurrency wallet service. The site pledges exchange services, tools for managing wallets, transfers, dashboards, and the like. In reality, they try to emulate the functionality of a crypto exchange, like Binance or Coinbase. However, it in actuality solely serves as a shell needed to deceive the cautious.

Genwex Scam

To begin with, Genwex reproduces the design of many similar pages. There are quite a few examples, like Gellydex, Wonkep or Winenex. They are entirely identical in terms of visual elements, with small discrepancies in the site header. Other details, and sometimes even crypto wallet addresses, are identical. Presumably, all these deceptive online platforms are led by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Genwex Scam Works?

Genwex is yet another webpage within a extensive network of linked crypto deceptive sites. The administrators employ diverse brand identities and websites, like Genwex.com, to capture victims. However, these false websites possess the same website designs, terms of service, and About Us information. This exposes their sources as parts of the same criminal network, which promotes the similar mode of scam under different covers. The deceivers merely duplicate the identical deceptive site under various names to fool users into assuming they are participating in a fresh opportunity. However, in reality, it’s the same group of swindlers orchestrating the fraudulent promises and efforts to take deposited money. The administrators shrewdly make use of psychological maneuvers and captivating invitations to execute their dishonest schemes.

Step 1: Spreading

To begin 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 commences. Employing bots and paid advertisements (when possible), fraud actors increase the exposure of their scam activities to potential victims. This strategy enables them to cast an extensive net and interact with their targeted viewers. The latter usually consists of cryptocurrency enthusiastic individuals searching for prospects to generate profits.

Users receive a stimulus to enroll, drawn by the promise of obtaining crypto rewards valued at thousands of dollars, all for free. To enhance the appeal of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Users who express interest go to Genwex.com via links included in promotions or robotic posts. The site utilizes captivating visuals, design aspects that appear legitimate, and claims of holding a official license, all aimed to project an initial perception of credibility.

Step 3: Data Gathering

To collect their prizes, users are required to deliberately sign up on Genwex and receive instructions to submit sensitive and personal data throughout the enrollment process. This includes linking their cryptocurrency wallets, providing email addresses, giving phone numbers, furnishing identification documents, and the like.

Step 4: Requesting funds

Once registered, users notice considerable amounts of cryptocurrency, valued at hundreds of dollars, within their Genwex wallets. Nonetheless, as it usually happens with such bonuses, you cannot withdraw them before topping up your account. Usually, a funds transfer of $100 is required to get the sign-up bonus. This stipulation serves as the snare that eventually results to the money loss.

Step 5: Disappear

The moment the funds transfer is submitted, the fraudsters halt all contact. They move forward to restrict users, delete accounts, and abscond with both the transferred funds and vital personal details. The fabricated rewards remain perpetually uncredited, as they lack genuine existence. They operate exclusively as a deceptive ploy. This technique forms the foundation for the scammers’ capability to trick victims and embezzle hard-earned funds through their duplicative internet-based crypto scam.

Signs of Scam

I gathered several facts that point at the scammy nature of the Genwex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Genwex 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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 scam, its actors may get in touch with you with particular documents. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency funds. As we earlier determined, these scammers have no intent of giving back your money. So, what do these emails and browser plugins represent? Correct – this is another side of the deceptive plan designed to throw you into willingly installing destructive software onto your device.

Both plugins and attachments included to email messages can act as a carrier for different malicious software. In this scenario, I anticipate the presence of spyware and stealers among all forms of threats. While it is not obligatory for scammers to distribute malware, the chance is always existent. As previously mentioned, their ethics is of negligible importance, and their reputation is already severely tarnished. They have no principles to give up and aim to maximize profits.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

To use Gridinsoft for remove malicious threats, follow the steps below:

1. Begin by downloading Gridinsoft Anti-Malware, accessible via the blue button below or directly from the official website gridinsoft.com.

2.Once the Gridinsoft setup file (setup-gridinsoft-fix.exe) is downloaded, execute it by clicking on the file.

3.Follow the installation setup wizard's instructions diligently.

4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.

Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.

5. Upon completion, Anti-Malware will present a detailed report containing all the detected malicious items and threats on your PC.

6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.

8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.

Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.

Trojan Killer for “spyware” removal on locked PC

In situations where it becomes impossible to download antivirus applications directly onto the infected computer due to malware blocking access to websites, an alternative solution is to utilize the Trojan Killer application.

There is a really little number of security tools that are able to be set up on the USB drives, and antiviruses that can do so in most cases require to obtain quite an expensive license. For this instance, I can recommend you to use another solution of GridinSoft - Trojan Killer Portable. It has a 14-days cost-free trial mode that offers the entire features of the paid version. This term will definitely be 100% enough to wipe malware out.

Trojan Killer is a valuable tool in your cybersecurity arsenal, helping you to effectively remove malware from infected computers. Now, we will walk you through the process of using Trojan Killer from a USB flash drive to scan and remove malware on an infected PC. Remember, always obtain permission to scan and remove malware from a computer that you do not own.

Step 1: Download & Install Trojan Killer on a Clean Computer:

1. Go to the official GridinSoft website (gridinsoft.com) and download Trojan Killer to a computer that is not infected.

2. Insert a USB flash drive into this computer.

3. Install Trojan Killer to the "removable drive" following the on-screen instructions.

4. Once the installation is complete, launch Trojan Killer.

Step 2: Update Signature Databases:

5. After launching Trojan Killer, ensure that your computer is connected to the Internet.

6. Click "Update" icon to download the latest signature databases, which will ensure the tool can detect the most recent threats.

Step 3: Scan the Infected PC:

7. Safely eject the USB flash drive from the clean computer.

8. Boot the infected computer to the Safe Mode.

9. Insert the USB flash drive.

10. Run tk.exe

11. Once the program is open, click on "Full Scan" to begin the malware scanning process.

Step 4: Remove Found Threats:

12. After the scan is complete, Trojan Killer will display a list of detected threats.

13. Click on "Cure PC!" to remove the identified malware from the infected PC.

14. Follow any additional on-screen prompts to complete the removal process.

Step 5: Restart Your Computer:

15. Once the threats are removed, click on "Restart PC" to reboot your computer.

16. Remove the USB flash drive from the infected computer.

Congratulations on effectively removing spyware and the concealed threats from your computer! You can now have peace of mind, knowing that they won't resurface again. Thanks to Gridinsoft's capabilities and commitment to cybersecurity, your system is now protected.

Frequently asked questions

The truth about Genwex

Name: Genwex

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Genwex, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Genwex 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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