Investigating Loydex: Legit or Scam? The Truth Exposed

Recently, Loydex.com website surfaced, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather credible supporting information that clearly reveals it is, actually, a deceptive platform.

Contrary to the claims of Loydex.com, they won’t ever refund your funds. Even though the numbers displayed in the “member area”, there is no possibility to take out even a single penny. All promises regarding crypto rewards are empty as well.

It is better to prevent, than repair and repent!

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Loydex Scam Overview

The primary feature that Loydex strives to provide is a safe and convenient crypto wallet service. The website pledges crypto exchange services, tools for handling wallets, transfers, dashboards, and similar stuff. In reality, they aim to emulate the functionality of a crypto trading platform, like Binance or Coinbase. However, it in actuality only serves as a shell intended to fool the cautious.

Loydex Scam

To begin with, Loydex imitates the layout of numerous equivalent online platforms. There are quite a few examples, like Lomsnex, Hotcoinw or Hotcoinq. They are completely identical in terms of graphic elements, with minor discrepancies in the webpage header. Other particulars, and sometimes even crypto wallet addresses, are identical. Probably, all these fraudulent websites are managed by the same gang of frauds.

Cryptocurrency Scam Summary

How the Loydex Scam Works?

Loydex is yet another webpage within a wide-ranging network of linked crypto scam sites. The managers employ various brand names and websites, like Loydex.com, to capture victims. Nonetheless, these false websites share identical designs, terms of service, and About content. This unveils their beginnings as components of the identical scam network, which advocates the similar mode of fraud under diverse appearances. The scammers simply copy the identical fraudulent website under diverse names to deceive users into thinking they are participating in a new venture. However, in actuality, it’s the equal group of swindlers orchestrating the misleading promises and undertakings to grab deposited funds. The administrators shrewdly make use of psychological maneuvers and captivating offers to implement their dishonest schemes.

Step 1: Spreading

To initiate the deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Using bots and sponsored promotions (when feasible), scam actors increase the presence of their scam activities to possible victims. This approach permits them to create an extensive net and engage with their targeted audience. The latter typically consists of cryptocurrency enthusiastic individuals seeking prospects to earn profits.

Users get an incentive to sign up, drawn by the promise of getting crypto benefits valued at thousands of dollars, all for free. To increase the appeal of the offer, fake suggestions of cooperation with a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

People who demonstrate interest go to Loydex.com via links present in advertisements or bot-generated posts. The webpage employs captivating visuals, design elements that appear authentic, and assertions of possessing a legitimate license, all aimed to project an initial image of credibility.

Step 3: Data Gathering

To redeem their prizes, users must actively sign up on Loydex and get prompts to provide sensitive and private information throughout the enrollment process. This includes linking their cryptocurrency wallets, revealing email addresses, supplying phone numbers, furnishing identification papers, and the like.

Step 4: Requesting funds

Once enrolled, users witness substantial amounts of cryptocurrency, valued at thousands of dollars, within their Loydex wallets. Nonetheless, as is standard with such bonuses, you can’t withdraw them ahead of making a deposit. Typically, a payment of $100 is required to access the sign-up bonus. This condition serves as the snare that eventually results to the money loss.

Step 5: Disappear

The instant the funds transfer is submitted, the fraudsters terminate all contact. They move forward to bar users, delete accounts, and vanish with both the transferred money and essential personal data. The fictitious benefits persist perpetually uncredited, as they lack real existence. They operate purely as a deceptive ploy. This approach forms the foundation for the deceivers’ ability to deceive victims and steal hard-earned funds through their double-dealing internet-based crypto fraud.

Signs of Scam

I gathered several facts that point at the scammy nature of the Loydex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Loydex 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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 fraud, rascals may get in touch with you with particular files. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we previously figured out, these deceivers have no intent of giving back your capital. So, what can these email messages and browser plugins represent? Correct – this is another component of the deceptive plan designed to entice you into willingly running destructive software onto your system.

Both add-ons and files attached to email messages can serve as a shell for various malicious code. In this situation, I foresee the presence of spyware and stealers among other forms of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always above zero. As noted, their conscience is of no concern, and their reputation is already seriously marred. They have no principles to lose and aim to boost profits.

Remove spyware with Gridinsoft Anti-Malware

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Trojan Killer for “spyware” removal on locked PC

In situations where it becomes impossible to download antivirus applications directly onto the infected computer due to malware blocking access to websites, an alternative solution is to utilize the Trojan Killer application.

There is a really little number of security tools that are able to be set up on the USB drives, and antiviruses that can do so in most cases require to obtain quite an expensive license. For this instance, I can recommend you to use another solution of GridinSoft - Trojan Killer Portable. It has a 14-days cost-free trial mode that offers the entire features of the paid version. This term will definitely be 100% enough to wipe malware out.

Trojan Killer is a valuable tool in your cybersecurity arsenal, helping you to effectively remove malware from infected computers. Now, we will walk you through the process of using Trojan Killer from a USB flash drive to scan and remove malware on an infected PC. Remember, always obtain permission to scan and remove malware from a computer that you do not own.

Step 1: Download & Install Trojan Killer on a Clean Computer:

1. Go to the official GridinSoft website (gridinsoft.com) and download Trojan Killer to a computer that is not infected.

2. Insert a USB flash drive into this computer.

3. Install Trojan Killer to the "removable drive" following the on-screen instructions.

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Step 2: Update Signature Databases:

5. After launching Trojan Killer, ensure that your computer is connected to the Internet.

6. Click "Update" icon to download the latest signature databases, which will ensure the tool can detect the most recent threats.

Step 3: Scan the Infected PC:

7. Safely eject the USB flash drive from the clean computer.

8. Boot the infected computer to the Safe Mode.

9. Insert the USB flash drive.

10. Run tk.exe

11. Once the program is open, click on "Full Scan" to begin the malware scanning process.

Step 4: Remove Found Threats:

12. After the scan is complete, Trojan Killer will display a list of detected threats.

13. Click on "Cure PC!" to remove the identified malware from the infected PC.

14. Follow any additional on-screen prompts to complete the removal process.

Step 5: Restart Your Computer:

15. Once the threats are removed, click on "Restart PC" to reboot your computer.

16. Remove the USB flash drive from the infected computer.

Congratulations on effectively removing spyware and the concealed threats from your computer! You can now have peace of mind, knowing that they won't resurface again. Thanks to Gridinsoft's capabilities and commitment to cybersecurity, your system is now protected.

Frequently asked questions

The truth about Loydex

Name: Loydex

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Loydex, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Loydex scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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