We Investigated Koypex: Legit or Scam? The Facts

Recently, Koypex.com site popped up, promoting itself as a platform to store cryptocurrency and other assets securely. I managed to gather credible proof that unmistakably reveals it is, in fact, a scam site.

Despite what Koypex site states, they won’t ever return your funds. Despite the money displayed in the “member area”, there is zero way to take out even a cent. All commitments regarding crypto rewards are hollow as well.

Koypex Scam Overview

The primary offering that Koypex aims to provide is a protected and user-friendly cryptocurrency wallet service. The website promises exchange services, tools for managing wallets, transfers, dashboards, and similar functions. In truth, they aim to emulate the functionality of a crypto exchange, akin to Binance or Coinbase. However, it in fact exclusively serves as a cover intended to mislead the cautious.

Koypex Scam

Initially, Koypex mimics the layout of numerous equivalent pages. There are quite a few examples, like Koymex, Koygex or Jamblex. They are completely undistinguishable in terms of graphic elements, with small discrepancies in the site header. Other details, and at times even crypto wallet addresses, are unchanged. Probably, all these fraudulent websites are led by a single team of fraudsters.

Cryptocurrency Scam Summary

How the Koypex Scam Works?

Koypex is yet another website within a wide-ranging network of interconnected crypto deceptive platforms. The managers utilize different brand identities and websites, like Koypex.com, to ensnare victims. Nevertheless, these fraudulent websites possess matching designs, terms of service, and About information. This reveals their beginnings as parts of the equal criminal network, which advocates the same type of fraud under diverse covers. The deceivers simply copy the identical scam site under diverse names to deceive users into thinking they are joining a fresh platform. However, in actuality, it’s the equal system of fraudsters orchestrating the deceptive promises and undertakings to seize deposited funds. The managers cleverly employ psychological maneuvers and appealing invitations to execute their deceitful schemes.

Step 1: Spreading

To start the deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Utilizing bots and sponsored ads (when achievable), fraud actors increase the exposure of their fraudulent activities to potential victims. This strategy allows them to cast a broad net and connect with their aimed viewers. The latter typically consists of cryptocurrency enthusiasts searching for chances to make profits.

Users receive an encouragement to enroll, enticed by the commitment of obtaining crypto benefits valued at thousands of dollars, all free of charge. To enhance the attractiveness of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

People who show interest visit Koypex.com via links present in promotions or bot-generated posts. The webpage employs captivating visuals, design elements that appear legitimate, and assertions of possessing a legitimate license, all intended to project an initial perception of credibility.

Step 3: Data Gathering

To collect their prizes, users are required to proactively set up an account on Koypex and get prompts to submit sensitive and personal data during the sign-up process. This includes linking their cryptocurrency wallets, providing email addresses, giving phone numbers, submitting identification documents, and more.

Step 4: Requesting funds

Once enrolled, users notice substantial amounts of cryptocurrency, valued at hundreds of dollars, within their Koypex wallets. Nevertheless, as it usually happens with such rewards, you can’t withdraw them before topping up your account. Normally, a deposit of $100 is required to get the sign-up bonus. This prerequisite serves as the enticement 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 Koypex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Koypex 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 duration of the fraud, rascals may get in touch with you with specific documents. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we earlier figured out, these rascals have no intent of returning your money. So, what do these email messages and browser plugins represent? You guessed it right – this is another element of the scam designed to throw you into deliberately installing harmful software onto your system.

Both plugins and files attached to email messages can act as a shell for different malware. In this case, I expect the presence of spyware and stealers among other forms of malware. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As stated, their ethics is of no concern, and their dignity is already severely tarnished. They have nothing to give up and aim to maximize revenues.

Frequently asked questions