We Looked at the Evidence: Is HadoxyTrade Legit or Scam?

Recently, Hadoxytrade.com site appeared, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather reliable evidence that unmistakably reveals it is, in fact, a fraudulent site.

Contrary to the assertions of Hadoxytrade.com, they won’t return your capital. Despite the figures displayed in the “member area”, there is no way to take out even a coin. All pledges regarding crypto bonuses are baseless as well.

HadoxyTrade Scam Overview

The primary service that HadoxyTrade aims to provide is a secure and user-friendly cryptocurrency wallet service. The site pledges crypto exchange services, tools for managing wallets, transfers, dashboards, and similar stuff. In reality, they aim to emulate the functionality of a crypto trading platform, like Binance or Coinbase. However, it actually solely serves as a shell intended to lull the vigilance.

HadoxyTrade Scam

First and foremost, HadoxyTrade reproduces the layout of numerous similar websites. There are quite a few examples, like Hadoxybit, Compositepr or Aicoinbit. They are entirely identical in terms of visual elements, with minor discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are matching. Most likely, all these deceptive websites are operated by the same group of frauds.

Cryptocurrency Scam Summary

How the HadoxyTrade Scam Works?

HadoxyTrade is yet another website within a extensive network of interconnected crypto deceptive platforms. The managers employ different brand titles and sites, like Hadoxytrade.com, to capture victims. Nonetheless, these deceptive websites share identical designs, terms of service, and About Us content. This exposes their origins as a part of the equal criminal network, which promotes the identical form of deception under various covers. The scammers just duplicate the same deceptive website under different names to fool users into assuming they are enrolling a fresh venture. However, in reality, it’s the identical group of swindlers orchestrating the fraudulent commitments and efforts to grab deposited money. The administrators skillfully make use of psychological strategies and enticing offers to execute their unscrupulous schemes.

Step 1: Spreading

To begin the scam, criminals create and fill accounts on popular social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Employing bots and paid promotions (when feasible), scam actors increase the visibility of their fraudulent activities to potential victims. This tactic enables them to create a wide net and interact with their focused spectators. The latter commonly consists of cryptocurrency enthusiasts looking for chances to generate profits.

Step 2: Gaining Traffic

Individuals who show interest visit Hadoxytrade.com via links present in promotions or bot-generated posts. The site utilizes captivating visuals, design features that appear genuine, and claims of having a legitimate license, all aimed to convey an initial impression of credibility.

Step 3: Data Gathering

To redeem their prizes, users must deliberately sign up on HadoxyTrade and get instructions to submit sensitive and private information during the registration process. This comprises linking their cryptocurrency wallets, sharing email addresses, supplying phone numbers, furnishing identification papers, and the like.

Step 4: Requesting funds

Once registered, users notice substantial amounts of cryptocurrency, valued at hundreds of dollars, within their HadoxyTrade wallets. However, as it usually happens with such bonuses, you can’t withdraw them before topping up your account. Usually, a funds transfer of $100 is asked to get the sign-up bonus. This prerequisite serves as the trap that eventually culminates to the money loss.

Step 5: Disappear

Signs of Scam

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

• Absent company details. HadoxyTrade 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 HadoxyTrade 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 HadoxyTrade, 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 HadoxyTrade is a definite scam.

What Should I do as a Victim?

If you had to deal with HadoxyTrade 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 duration of the scam, fraudsters may reach out to you with particular files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we earlier figured out, these scoundrels have no plan of returning your capital. So, what can these emails and browser plugins represent? Correct – that is another element of the deceptive plan designed to entice you into deliberately installing harmful software onto your system.

Both extensions and attachments added to emails can act as a shell for diverse malicious software. In this case, I anticipate the presence of spyware and stealers among all types of threats. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As stated, their ethics is of little concern, and their reputation is already severely tarnished. They have no scruples to give up and intend to boost revenues.

Frequently asked questions