Investigating Gotweex: Legit or Scam? The Truth Revealed

Recently, Gotweex.com service appeared, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather credible proof that unmistakably confirms it is, in fact, a fraudulent platform.

Regardless of the promises of the most easy, trustworthy, and customer-centric service, Gotweex.com does not offer any of them. In fact, all this is just a golden wrap around a dirty scam, which takes your money and never gives them back. Any tales about bonuses, endorsement from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Gotweex Scam Overview

Originally, Gotweex poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another notable selling point for this site 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, rascals use deepfake videos where those celebrities advertise the fake crypto service 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 blatant wrap around a transparent scam.

Gotweex Scam

First and foremost, Gotweex copies the appearance of numerous similar pages. There are quite a few examples, like Ethsro, Porezex or Livebitx. They are completely indistinguishable in terms of visual elements, with minor discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are identical. Most likely, all these fraudulent online platforms are led by a single gang of scammers.

Cryptocurrency Scam Summary

How the Gotweex Scam Works?

Gotweex is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use several 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 advanced psychological tricks that make the user believe in the legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To begin the deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Using bots and paid ads (when possible), fraud actors increase the visibility of their fraudulent activities to possible victims. And as I said, fraudsters do not disdain using deepfake for creating videos with the aforementioned celebs that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users obtain a stimulus to register, drawn by the assurance of getting crypto prizes valued at thousands of dollars, all for free. To augment the appeal of the offer, fake claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After following the promotions, users end up on a page filled with enticing offers. “Crypto starts with Gotweex”, “Your crypto savings are secured with Gotweex, “Start earning with Gotweex – they look rather reliable. To heat up users and make them proceed to step 3, crooks say that unlocking the promised bonus requires registration. And as nothing concerning happens at this point, unaware users happily keep on – especially as the gift appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you register using your personal data, rascals will not 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 for registration with bonuses. And all the personal information needed for it – email, username, crypto wallet address – are valuable for user identification. Only by gathering this information and selling it further into the Darknet, fraudsters 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, you need to top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

It is obvious that any cryptocurrency purchases require you to have funds on your account. In the case of Gotweex, users are also coerced to top up to claim the bonuses. And this is what creates most of the cash flow to this fraudulent website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the deposited capital and withdraw them.

This is where the first obvious issues start to surface. When keeping an eye on the real cryptocurrency wallet vs what the website says, you can observe 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

There’s no need to explain that fraudsters are naught on intentions to give your money back. Though to make the fraud look more realistic, they’ve elaborated a whole bunch of reasons to decline the withdrawal request. Most of them repeat what KYC guidelines say, but in this case they are here only to make the wireout impossible.

By asking for your personal information, deceivers 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 funds back. And every check will uncover more and more information, 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 Gotweex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Gotweex does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Gotweex like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Gotweex, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Gotweex is a definite scam.

What Should I do as a Victim?

If you had to deal with Gotweex 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 scam, scoundrels may contact you with particular files. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we earlier determined, these scoundrels have no intent of giving back your money. So, what can these email messages and browser add-ons represent? You guessed – that is another side of the deceptive plan designed to throw you into willingly running malicious applications onto your computer.

Both add-ons and attachments attached to emails can serve as a carrier for diverse malicious software. In this situation, I anticipate the presence of spyware and stealers among all types of malicious programs. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As previously mentioned, their ethics is of no concern, and their dignity is already deeply compromised. They have no principles to lose and aim to maximize gains.

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