The Truth About KORWEX: Legit or Scam? Our Review

Recently, Korwex.com website appeared, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable evidence that clearly indicates it is, actually, a scam service.

Despite the promises of the most user-friendly, trustworthy, and client-friendly service, Korwex.com does not follow any of them. In fact, all this is just a shiny wrap around a blatant scam, which steals your money and never gives them back. Any stories about gifts, backing from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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KORWEX Scam Overview

Originally, KORWEX poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another bright selling point for this platform is backing from celebrities that are known in the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look real, con actors employ deepfake videos where those celebrities advertise the fraud as the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a glaring wrap around a transparent scam.

KORWEX Scam

To begin with, KORWEX shares the design of many similar websites. There are quite a few examples, like Lednaf, Lonerax or Menolax. They are totally identical in terms of visual elements, with small discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are the same. Probably, all these fraudulent websites are managed by a single gang of frauds.

Cryptocurrency Scam Summary

How the KORWEX Scam Works?

KORWEX is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous website designs, which still share the similar overall layout. Another shared 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the scam, criminals establish and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Utilizing bots and sponsored promotions (when achievable), scam actors intensify the exposure of their fraudulent activities to possible victims. And as I said, fraudsters do not disdain using deepfake for creating clips with the mentioned 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 KORWEX in TikTok. Most of these videos are AI-generated deepfakes

Users obtain an incentive to register, enticed by the commitment of getting cryptocurrency prizes valued at hundreds of dollars, all free of charge. To augment the appeal of the offer, fake suggestions of sponsorship by a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon following the promos, victims end up on a page filled with attractive offers. “Crypto starts with KORWEX”, “Your crypto savings are secured with KORWEX, “Start earning with KORWEX – they look rather credible. To heat up the interest and make the users proceed to step 3, crooks say that claiming the promised bonus requires registration. And as nothing questionable happens at this point, unexperienced users happily proceed – especially since the reward appears to be right behind the corner.

This is the last stage when it is possible to get away from the scam without any losses. Before you register using your personal data, crooks will not be able to earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just mentioned, deceivers bait folks for registration with bonuses. And all the personal data needed for it – username, email, crypto wallet address – are valuable for user identification. Solely by gathering this info and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, the promised bonus is not available to use right away. To make it at least usable for crypto purchases, the user should top up the account with the sum of a bonus. And this is what starts the final step of the scam.

Step 4: Requesting funds

It is obvious that any crypto purchases require you to have funds on your account. In the case of KORWEX, users are also coerced to top up to get the bonuses. And this is what creates the majority of the money flow to this fraudulent site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the deposited money and withdraw them.

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

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters are naught on intentions to return your money. Though to make the fraud look more realistic, they’ve made up a whole bunch of reasons to decline the wireout request. Most of them repeat what KYC requirements say, but for the Korwex.com they are here exclusively to make the wireout impossible.

By requesting your personal information, frauds 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 money back. And every check will uncover more and more info of yours, which – you guessed it right – will be then marketed 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 Korwex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with KORWEX 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 duration of the scam, scoundrels may get in touch with you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we earlier figured out, these deceivers have no intention of giving back your funds. So, what can these emails and browser extensions represent? Correct – this is another side of the fraudulent scheme designed to throw you into willingly installing destructive programs onto your system.

Both plugins and files included to emails can serve as a shell for various malicious software. In this case, I anticipate the presence of spyware and stealers among other forms of malware. While it is not mandatory for scammers to distribute malware, the probability is always greater than zero. As stated, their conscience is of little concern, and their reputation is already neck deep in mud. They have no principles to lose and strive to maximize gains.

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