We Investigated Kiyowex: Legit or Scam? The Facts

Recently, Kiyowex.com site popped up, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather reliable supporting information that clearly indicates it is, in fact, a deceptive service.

Contrary to the claims of Kiyowex.com, they will never pay off your capital. Regardless of the figures displayed in the “member area”, there is zero way to take out even a single coin. All commitments regarding crypto rewards are empty as well.

Kiyowex Scam Overview

The primary service that Kiyowex aims to provide is a secure and convenient crypto wallet service. The website pledges exchange facilities, tools for controlling wallets, transfers, dashboards, and similar stuff. In fact, they aim to emulate the functionality of a crypto exchange, akin to Binance or Coinbase. However, it actually exclusively serves as a cover needed to lull the vigilance.

Kiyowex Scam

Initially, Kiyowex mimics the layout of many similar online platforms. There are quite a few examples, like Hydtex, Hennycoin or Gemycoin. They are completely indistinguishable in terms of graphic elements, with small discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are the same. Most likely, all these deceptive sites are led by the same team of swindrels.

Cryptocurrency Scam Summary

How the Kiyowex Scam Works?

Kiyowex is yet another webpage within a wide-ranging network of linked crypto deceptive platforms. The administrators employ diverse brand titles and sites, like Kiyowex.com, to capture victims. However, these false websites have in common the same website designs, terms of service, and About Us content. This exposes their origins as parts of the same criminal network, which advocates the same form of deception under different covers. The scammers merely replicate the equal scam site under diverse names to deceive users into thinking they are joining a fresh opportunity. However, in actuality, it’s the equal group of scammers orchestrating the deceptive promises and undertakings to take deposited cryptocurrency. The managers skillfully utilize psychological tactics and captivating invitations to carry out their deceitful plans.

Step 1: Spreading

To initiate the deceptive scheme, criminals establish and fill accounts on popular social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Using bots and sponsored promotions (when possible), fraud actors boost the presence of their deceptive activities to potential victims. This approach allows them to cast a wide net and connect with their aimed spectators. The latter usually comprises of cryptocurrency fans searching for chances to make profits.

Users obtain an incentive to sign up, enticed by the promise of getting crypto benefits valued at thousands of dollars, all for free. To enhance the appeal of the offer, fake claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

People who express interest check out Kiyowex.com via links featured in ads or bot-generated posts. The webpage utilizes captivating visuals, design aspects that appear authentic, and assertions of having a official license, all aimed to present an initial impression of trustworthiness.

Step 3: Data Gathering

To redeem their benefits, users need to actively sign up on Kiyowex and receive guidance to provide sensitive and personal information throughout the enrollment process. This includes linking their cryptocurrency wallets, revealing email addresses, supplying phone numbers, furnishing identification documents, and the like.

Step 4: Requesting funds

Once registered, users observe considerable amounts of cryptocurrency, valued at hundreds of dollars, within their Kiyowex wallets. Nonetheless, as is standard with such incentives, you can’t withdraw them ahead of topping up your account. Normally, a funds transfer of $100 is required to access the sign-up bonus. This condition serves as the trap that eventually culminates to the money loss.

Step 5: Disappear

The moment the deposit is submitted, the deceivers terminate all interaction. They proceed to restrict users, delete accounts, and abscond with both the submitted funds and essential personal details. The phony prizes remain perpetually uncredited, as they lack real existence. They function purely as a fraudulent ploy. This approach forms the foundation for the scammers’ capacity to mislead victims and misappropriate hard-earned money through their duplicative internet-based crypto scheme.

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Kiyowex 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 fraud, its masters may reach out to you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we earlier figured out, these scammers have no plan of returning your money. So, what can these emails and browser extensions represent? You guessed – this is another side of the scam designed to entice you into willingly installing harmful programs onto your device.

Both extensions and attachments included to emails can serve as a carrier for different malicious code. In this case, I foresee the presence of spyware and stealers among other forms of malware. While it is not obligatory for scammers to distribute malware, the chance is always existent. As stated, their morality is of no concern, and their dignity is already deeply compromised. They have nothing to give up and intend to maximize profits.

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