LOWENEX Review: Legit or Scam? Read This First

Recently, Lowenex.com site appeared, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather credible evidence that unmistakably confirms it is, in fact, a deceptive service.

Despite the promises of the most user-friendly, dependable, and customer-centric service, Lowenex.com does not follow any of them. In fact, all this is just a golden wrap around a dirty scam, which steals your funds and never returns them. Any stories about gifts, sponsorship from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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LOWENEX Scam Overview

Originally, LOWENEX poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another notable marketing 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 more realistic, con actors use deepfake videos where those celebrities promote the fake crypto service as if it was the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

LOWENEX Scam

Initially, LOWENEX repeats the layout of multiple similar pages. There are quite a few examples, like Sorfex, Vacolex or Zarenex. They are totally identical in terms of graphic elements, with slight discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are matching. Probably, all these fraudulent websites are managed by the same group of frauds.

Cryptocurrency Scam Summary

How the LOWENEX Scam Works?

LOWENEX is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Scammers 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 complex psychological tricks that make the user believe in the authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To begin the fraud, criminals establish and fill accounts on popular social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Employing bots and sponsored ads (when possible), fraud actors boost the exposure of their deceptive activities to possible victims. And as I said, scammers do not disdain using generative AI 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 LOWENEX in TikTok. Most of these videos are AI-generated deepfakes

Users obtain an encouragement to register, drawn by the promise of receiving crypto benefits valued at thousands of dollars, all for free. To increase the appeal of the offer, fake claims of sponsorship by a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After clicking the promos, targets end up on a page filled with attractive offers. “Crypto starts with LOWENEX”, “Your crypto savings are secured with LOWENEX, “Start earning with LOWENEX – they look rather reliable. To heat up users and make them proceed to step 3, fraudsters say that obtaining the promised bonus requires registration. And since nothing concerning happens at this point, unaware users happily keep on – especially since the bonus appears to be right behind the corner.

At this point, it is possible to steer away from 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 mentioned, frauds bait folks into registration for bonuses. And all the personal information needed for it – username, email, crypto wallet address – is valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the claimed 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. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any crypto operations require you to have money on your account. In the case of LOWENEX, users are also coerced to top up to get the bonuses. And this is what creates the majority of the cash flow to this fraudulent site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the credited money and withdraw them.

This, however, is where the first obvious problems start to surface. When keeping an eye on the actual cryptocurrency wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out 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 have 0 intentions to return your money. Though to make the denial look more legitimate, they’ve developed a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what KYC guidelines say, but in this case they are here exclusively to make the withdrawal impossible.

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

• False Celebrity Sponsorship. LOWENEX often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Lowenex.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. LOWENEX raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Lowenex.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, LOWENEX preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling LOWENEX as a scam.

What Should I do as a Victim?

If you had to deal with LOWENEX 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, scoundrels may contact you with particular documents. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency savings. As we earlier determined, these rascals have no intention of returning your funds. So, what do these messages and browser add-ons represent? Correct – that is another side of the deceptive plan designed to entice you into deliberately installing malicious programs onto your device.

Both extensions and files added to email messages can serve as a shell for various malicious code. In this case, I foresee the presence of spyware and stealers among other forms of malware. While it is not obligatory 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 no scruples to give up and aim to maximize revenues.

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