The Truth About Lexboom: Legit or Scam? Our Review

Recently, Lexboom.com site surfaced, promoting itself as a place to store cryptocurrency and other assets safely. I managed to gather reliable evidence that unmistakably reveals it is, in fact, a fraudulent service.

Regardless of the promises of the most easy, dependable, and client-friendly service, Lexboom.com does not offer any of them. All this is just a shiny wrap around a clear scam, which steals your funds and never returns them. Any stories about bonuses, backing from celebrities etc are non-existent as well.

Lexboom Scam Overview

Originally, Lexboom poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another highlighted selling point for this service is partnerships with celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look real, frauds employ deepfake videos where those celebrities advertise the fraud as if it was 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 vivid wrap around a transparent scam.

Lexboom Scam

Initially, Lexboom copies the design of multiple equivalent online platforms. There are quite a few examples, like Lexgamb, Luckyflip or Luckyplays. They are totally indistinguishable in terms of visual elements, with small discrepancies in the site header. Other details, and at times even crypto wallet addresses, are matching. Most likely, all these scam online platforms are operated by a single team of frauds.

Cryptocurrency Scam Summary

How the Lexboom Scam Works?

Lexboom is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use several website designs, which still share the same 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 advanced 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 begin the deceptive scheme, criminals set up and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Using bots and sponsored advertisements (when feasible), fraud actors intensify the presence of their fraudulent activities to potential victims. And as I said, fraudsters do not disdain using deepfake for creating clips with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

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

Step 2: Gaining Traffic

Upon following the promos, victims end up on a page filled with enticing offers. “Crypto starts with Lexboom”, “Your crypto savings are secured with Lexboom, “Start earning with Lexboom – they look rather authoritative. To heat up users and make them proceed to step 3, scammers say that getting the promoted bonus requires registration. And as nothing questionable happens at this point, unaware users happily move on – especially as the gift 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 info, rascals 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 said, deceivers bait folks for registration with bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the promised bonus is not available for withdrawal right away. To make at least cryptocurrency purchases on the platform with it, you need to 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 funds on your account. In the case of Lexboom, users are also forced to top up to use the bonuses. And this is what creates the majority of the money flow to this scam website. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the credited capital and withdraw them.

This is where the issues start to surface. When keeping an eye on 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 give your money back. But to make it look more legitimate, they’ve made up a whole pack of reasons to decline the withdrawal request. Usually, they repeat what KYC guidelines say, but for the Lexboom.com they are here exclusively to make the wireout impossible.

By asking for your personal info, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your money back. And every check will share 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 Lexboom.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Lexboom employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Lexboom exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Lexboom as a scam.
• Dubious Corporate Information. Lexboom arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Lexboom.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Lexboom utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Lexboom 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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 course of the scam, rascals may reach out to you with specific files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we previously figured out, these scammers have no plan of restoring your money. So, what can these emails and browser plugins represent? Correct – this is another element of the deceptive plan designed to entice you into deliberately installing malicious software onto your system.

Both extensions and attachments included to email messages can act as a shell for various malware. In this situation, I foresee the presence of spyware and stealers among all kinds of threats. While it is not mandatory for scammers to distribute malware, the chance is always significant. As noted, their conscience is of no concern, and their dignity is already severely tarnished. They have no scruples to lose and aim to maximize gains.

Frequently asked questions