We Looked Into Gzffxy: Scam or Trustworthy? The Verdict

Recently, Gzffxy.com website appeared, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather credible supporting information that unmistakably reveals it is, in fact, a scam site.

Regardless of the promises of the most easy, trustworthy, and customer-centric service, Gzffxy.com does not offer any of them. In fact, all this is just a shiny wrap around a clear scam, which steals your funds and never gives them back. Any stories about gifts, endorsement from celebrities etc are absent as well.

Gzffxy Scam Overview

Originally, Gzffxy poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another highlighted selling point for this service is backing from celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, con actors employ deepfake videos where those celebrities advertise the scam as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around a transparent scam.

Gzffxy Scam

To begin with, Gzffxy repeats the appearance of numerous similar websites. There are quite a few examples, like Coinbom, Kelomex or Claim. They are completely identical in terms of graphic elements, with minor discrepancies in the site header. Other details, and sometimes even crypto wallet addresses, are matching. Presumably, all these fraudulent online platforms are managed by the same team of fraudsters.

Cryptocurrency Scam Summary

How the Gzffxy Scam Works?

Gzffxy is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use numerous website designs, which still share the similar overall layout. Another mutual 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 authenticity 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 popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Utilizing bots and paid advertisements (when feasible), scam actors intensify the presence of their fraudulent activities to possible victims. And as I said, crooks do not disdain using generative AI for creating clips with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who enrolls the service immediately.

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

Step 2: Gaining Traffic

Upon clicking the ads, victims end up on a page filled with appealing offers. “Crypto starts with Gzffxy”, “Your crypto savings are secured with Gzffxy, “Start earning with Gzffxy – they look rather authoritative. To heat up users and make them proceed to step 3, scammers say that claiming the promised bonus requires registration. And since nothing suspicious happens at this point, unexperienced users happily keep on – especially since the bonus appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you register using your personal data, rascals will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, scammers bait folks for registration with bonuses. And all the personal information needed for it – username, email, crypto wallet address – are valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the alleged bonus is not available for withdrawal right away. To make it at least usable for crypto purchases, 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 having funds on your account. In the case of Gzffxy, users are also compelled to top up to get 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 committed gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the credited funds and withdraw them.

This is where the problems start to surface. When comparing the actual crypto wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to retrieve the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers have zero intentions to give your money back. Though to make it look more legitimate, they’ve made up a whole pack of reasons to decline the withdrawal request. Usually, they repeat what KYC guidelines say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal info, deceivers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your grand back. And every check will share more and more information, 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 Gzffxy.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Gzffxy.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Gzffxy arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Gzffxy resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Gzffxy employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Gzffxy capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Gzffxy.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Gzffxy 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 course of the fraud, fraudsters may get in touch with you with specific documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we previously figured out, these rascals have no intent of restoring your funds. So, what do these messages and browser add-ons represent? Correct – that is another side of the fraudulent scheme designed to entice you into willingly running malicious applications onto your computer.

Both extensions and files added to emails can act as a carrier for diverse malware. In this situation, I foresee the presence of spyware and stealers among all types of malicious programs. While it is not mandatory for scammers to distribute malware, the probability is always greater than zero. As stated, their ethics is of negligible importance, and their reputation is already severely tarnished. They have no scruples to lose and aim to boost revenues.

Frequently asked questions