We Investigated LOKESI: Legit or Scam? The Facts

Recently, Lokesi.com service surfaced, promoting itself as a platform to store cryptocurrency and other assets securely. I managed to gather credible proof that unmistakably indicates it is, actually, a fraudulent platform.

Despite the promises of the most user-friendly, dependable, and client-friendly service, Lokesi.com does not offer any of them. All this is just a golden wrap around a blatant scam, which steals your funds and never gives them back. Any tales about bonuses, backing from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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LOKESI Scam Overview

Originally, LOKESI poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another notable marketing point for this service is partnerships with celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, rascals use AI-generated videos where those celebrities advertise the fake crypto service as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a glaring wrap around a transparent scam.

LOKESI Scam

Initially, LOKESI repeats the appearance of many similar online platforms. There are quite a few examples, like Cryptoalley, Pachsi or Fewyx. They are totally indistinguishable in terms of visual elements, with slight discrepancies in the webpage header. Other specific elements, and at times even crypto wallet addresses, are matching. Presumably, all these scam websites are managed by the same team of frauds.

Cryptocurrency Scam Summary

How the LOKESI Scam Works?

LOKESI is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use several website designs, which still share the same overall layout. Another mutual 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 sophisticated psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.

Step 1: Promotion

To begin the deceptive scheme, criminals create and fill accounts on popular social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Utilizing bots and sponsored promotions (when feasible), scam actors increase the visibility of their scam activities to potential victims. And as I said, fraudsters do not shy away using generative AI for creating clips with the aforementioned celebrities that advertise 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 LOKESI in TikTok. Most of these videos are AI-generated deepfakes

Users obtain an incentive to enroll, attracted by the commitment of obtaining cryptocurrency benefits valued at thousands of dollars, all free of charge. To augment the attractiveness of the offer, false claims of sponsorship by a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

After clicking the promos, victims end up on a page filled with enticing offers. “Crypto starts with LOKESI”, “Your crypto savings are secured with LOKESI, “Start earning with LOKESI – they look rather credible. To heat up the interest and make the users proceed to step 3, crooks say that unlocking the promised bonus requires registration. And since nothing concerning happens at this point, unaware users happily proceed – 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 sign up using your personal info, 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 mentioned, scammers bait folks for registration with bonuses. And all the personal info needed for it – username, email, crypto wallet address – is valuable for user identification. Solely by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the promised bonus 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. And this is what initiates the final stage of the scam.

Step 4: Requesting funds

It is obvious that any crypto purchases require you to have capital on your account. In the case of LOKESI, users are also compelled to top up to get the bonuses. And these top ups is what creates the majority of the money 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 participating on this site hoping to use all the credited funds and withdraw them.

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

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that fraudsters are naught on intentions to give your money back. But to make it look more legitimate, they’ve crafted a whole pack of reasons to decline the withdrawal request. Usually, they repeat what KYC guidelines say, but for the Lokesi.com they are here exclusively to make the wireout impossible.

By asking for your personal info, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple other checks you should go through 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 Lokesi.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Lokesi.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. LOKESI 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. LOKESI 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. LOKESI 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%, LOKESI capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Lokesi.com as a definite scam.

What Should I do as a Victim?

If you had to deal with LOKESI 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 timeline of the scam, its masters may get in touch with you with particular files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we previously figured out, these scammers have no intent of returning your money. So, what do these emails and browser add-ons represent? Correct – this is another side of the deceptive plan designed to entice you into deliberately installing malicious applications onto your device.

Both plugins and attachments added to emails can serve as a shell for diverse malicious software. In this case, I foresee the presence of spyware and stealers among all types of malware. While it is not mandatory for scammers to distribute malware, the likelihood is always significant. As previously mentioned, their conscience is of no concern, and their dignity is already severely tarnished. They have no scruples to give up and strive to boost profits.

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