Investigating Linwexy: Legit or Scam? The Truth Revealed

Recently, Linwexy.com site surfaced, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable evidence that clearly confirms it is, in truth, a deceptive service.

Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Linwexy.com does not follow any of them. All this is just a gilded wrap around a clear scam, which steals your funds and never gives them back. Any stories about bonuses, endorsement from celebrities etc are nowhere to be found as well.

Linwexy Scam Overview

Originally, Linwexy poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another bright 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 says about being supported by them. To make these claims look real, con actors use deepfake videos where those celebrities promote the fake crypto service as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a blatant wrap around an obvious scam.

Linwexy Scam

To begin with, Linwexy repeats the design of multiple similar websites. There are quite a few examples, like Exolyn, Venolax or Twinbit. They are totally indistinguishable in terms of visual elements, with slight discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are matching. Presumably, all these deceptive online platforms are managed by a single group of fraudsters.

Cryptocurrency Scam Summary

How the Linwexy Scam Works?

Linwexy is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use various website designs, which still share the identical overall layout. Another common 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 scam, criminals set up and fill accounts on well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Utilizing bots and paid advertisements (when achievable), scam actors increase the visibility of their deceptive activities to potential victims. And as I said, fraudsters do not disdain using generative AI for creating videos with the mentioned celebs that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who registers the service immediately.

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

Users receive a stimulus to sign up, attracted by the assurance of getting cryptocurrency rewards valued at thousands of dollars, all free of charge. To enhance the appeal of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

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

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal data, rascals will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, frauds bait folks into registration for bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Only by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the alleged bonus is not available for withdrawal right away. To make at least cryptocurrency purchases on the platform with it, the user should top up the account with the equivalent sum. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Obviously, any crypto operations require you to have funds on your account. In the case of Linwexy, users are also compelled to top up to get the bonuses. And these top ups is what creates most of the cash 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 website hoping to use all the credited capital and withdraw them.

This is where the victim notices the problems. When keeping an eye on the real cryptocurrency wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers have 0 intentions to send you money. Though to make the denial look more legitimate, they’ve developed a whole bunch of reasons to decline the transfer-out request. Most of them repeat what KYC requirements say, but for the Linwexy.com they are here exclusively to make the wireout impossible.

By requesting your personal information, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your funds back. And each of these checks will share 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 Linwexy.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Linwexy 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 timeline of the fraud, rascals may reach out to you with particular files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we already determined, these scoundrels have no intention of returning your capital. So, what can these email messages and browser extensions represent? You guessed – that is another element of the scam designed to throw you into deliberately installing malicious applications onto your computer.

Both add-ons and attachments attached to emails can act as a shell for different malware. In this case, I expect the presence of spyware and stealers among other kinds of threats. While it is not obligatory for scammers to distribute malware, the probability is always significant. As noted, their conscience is of little concern, and their reputation is already neck deep in mud. They have no scruples to give up and strive to boost revenues.

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