Kipwex Review: Legit or Scam? Read This First

Recently, Kipwex.com site popped up, promoting itself as a platform to keep cryptocurrency and other assets safely. I managed to gather credible evidence that unmistakably confirms it is, actually, a scam site.

Regardless of the promises of the most easy, dependable, and customer-centric service, Kipwex.com does not follow any of them. All this is just a golden wrap around a blatant scam, which steals your funds and never returns them. Any tales about bonuses, endorsement from celebrities etc are nowhere to be found as well.

Kipwex Scam Overview

Originally, Kipwex poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another notable marketing point for this platform is partnerships with celebrities that are known as crypto activists. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look real, con actors use AI-generated videos where those celebrities promote the scam 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 glaring wrap around an obvious scam.

Kipwex Scam

First and foremost, Kipwex copies the design of multiple equivalent pages. There are quite a few examples, like Revoxchain, Sonardex or Beatsmo. They are completely indistinguishable in terms of graphic elements, with slight discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are identical. Most likely, all these deceptive sites are led by the same gang of fraudsters.

Cryptocurrency Scam Summary

How the Kipwex Scam Works?

Kipwex is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use various website designs, which still share the same 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 complex 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 start the fraud, criminals create and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and paid advertisements (when feasible), scam actors increase the presence of their deceptive activities to potential victims. And as I said, crooks 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, frauds claim the bonus for every user who registers the service immediately.

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

Users obtain an encouragement to enroll, enticed by the commitment of getting cryptocurrency benefits valued at thousands of dollars, all free of charge. To increase the attractiveness of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

After following the promos, users end up on a page filled with attractive offers. “Crypto starts with Kipwex”, “Your crypto savings are secured with Kipwex, “Start earning with Kipwex – they look rather authoritative. To heat up users and make them proceed to step 3, scammers say that getting the promised bonus requires registration. And as nothing suspicious happens at this point, unexperienced users happily keep on – especially as the reward appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you register using your personal info, frauds 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, scammers bait folks for registration with bonuses. And all the personal information needed for it – email, username, crypto wallet address – is valuable for user identification. Exclusively 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 promised bonus right away. To make at least cryptocurrency purchases on the platform with it, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

It is obvious that any crypto operations require having money on your account. In the case of Kipwex, users are also compelled to top up to get the bonuses. And these top ups is what creates most of the money flow to this scam website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the deposited funds and withdraw them.

This is where the first obvious issues start to surface. When comparing the real cryptocurrency wallet vs what the site says, you can spot 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 scoundrels are naught on 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 wireout request. Most of them repeat what KYC guidelines say, but for the Kipwex.com they are here exclusively 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 numerous other checks you should go through before getting your grand back. And every check will uncover more and more info of yours, 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 Kipwex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Kipwex 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 the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

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, scoundrels may reach out to you with specific documents. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency savings. As we already figured out, these scoundrels have no plan of restoring your capital. So, what can these messages and browser add-ons represent? Correct – this is another component of the scam designed to throw you into deliberately installing harmful programs onto your device.

Both extensions and attachments added to email messages can function as a carrier for various malicious software. In this scenario, I foresee the presence of spyware and stealers among other types of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always greater than zero. As noted, their morality is of negligible importance, and their reputation is already seriously marred. They have no principles to give up and intend to maximize gains.

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