We Looked Into Livaxxen: Scam or Trustworthy? The Verdict

Recently, Livaxxen.com site surfaced, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather reliable evidence that unmistakably indicates it is, in truth, a scam service.

Regardless of the promises of the most user-friendly, trustworthy, and client-friendly service, Livaxxen.com does not fulfill any of them. In fact, all this is just a golden wrap around a dirty scam, which steals your money and never gives them back. Any tales about gifts, endorsement from celebrities etc are absent as well.

Livaxxen Scam Overview

Originally, Livaxxen poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another highlighted selling point for this service is backing from celebrities that are known as crypto activists. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, con actors use AI-generated videos with those celebs promote the fake crypto service as if it was the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

Livaxxen Scam

To begin with, Livaxxen repeats the appearance of many equivalent websites. There are quite a few examples, like Lcdww, Cryptohub or Bulary. They are entirely undistinguishable in terms of graphic elements, with slight discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are identical. Presumably, all these deceptive sites are operated by the same gang of fraudsters.

Cryptocurrency Scam Summary

How the Livaxxen Scam Works?

Livaxxen is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use various 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 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 start the fraud, criminals establish and fill accounts on well-liked social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Employing bots and paid advertisements (when feasible), fraud actors boost the exposure of their scam activities to possible victims. And as I said, scammers do not shy away 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 registers the service immediately.

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

Step 2: Gaining Traffic

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

This is the last stage when it is possible to skip the scam without any losses. Before you sign up 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 the starting poing of the main fraud action. As I just mentioned, scammers bait folks into signing up for bonuses. And all the personal info needed for it – username, email, crypto wallet address – is valuable for user identification. Exclusively by gathering this data and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the equivalent sum. And this is what initiates the final stage of the scam.

Step 4: Requesting funds

Eventually, any cryptocurrency operations require having funds on your account. In the case of Livaxxen, users are also coerced to top up to claim 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 trading on this website hoping to use all the transferred money and withdraw them.

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

Step 5: Escaping from Funds Withdrawal

Needless to say that scoundrels are naught on intentions to send you money. But to make the denial look more realistic, they’ve made up a whole bunch of reasons to decline the withdrawal request. Most of them repeat what Know Your Client requirements say, but in this case they are here only to make the withdrawal 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 numerous other checks you should go through before getting your funds back. And every check will uncover more and more info of yours, which – you guessed it right – will be then sold 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 Livaxxen.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Livaxxen.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Livaxxen arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Livaxxen resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Livaxxen employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Livaxxen capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Livaxxen.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Livaxxen 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 scam, its masters may get in touch with you with specific files. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we earlier determined, these scoundrels have no intention of restoring your funds. So, what do these email messages and browser add-ons represent? Correct – that is another side of the fraudulent scheme designed to entice you into deliberately running harmful programs onto your system.

Both plugins and attachments included to email messages can serve as a shell for different malware. In this scenario, I foresee the presence of spyware and stealers among all forms of threats. While it is not obligatory for scammers to distribute malware, the chance is always existent. As noted, their ethics is of little concern, and their reputation is already severely tarnished. They have no scruples to give up and intend to boost profits.

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