We Looked Into Lubatexes: Scam or Trustworthy? The Verdict

Recently, Lubatexes.com site appeared, promoting itself as a place to store cryptocurrency and other assets safely. I managed to gather reliable supporting information that clearly confirms it is, actually, a fraudulent site.

Despite what Lubatexes site says, they won’t refund your funds. Regardless of the figures displayed in the “member area”, there is no ability to withdraw even a coin. All pledges regarding crypto bonuses are empty as well.

Lubatexes Scam Overview

The primary offering that Lubatexes strives to provide is a safe and convenient cryptocurrency wallet service. The site pledges exchange services, tools for controlling wallets, transfers, dashboards, and similar functions. In truth, they endeavor to emulate the functionality of a crypto exchange, like Binance or Coinbase. However, it actually exclusively serves as a shell intended to lull the vigilance.

Lubatexes Scam

First and foremost, Lubatexes mimics the layout of numerous equivalent websites. There are quite a few examples, like Loydex, Lomsnex or Hotcoinw. They are completely identical in terms of graphic elements, with slight discrepancies in the website header. Other particulars, and at times even crypto wallet addresses, are the same. Most likely, all these deceptive websites are operated by the same team of scoundrels.

Cryptocurrency Scam Summary

How the Lubatexes Scam Works?

Lubatexes is yet another website within a wide-ranging network of associated crypto fraudulent sites. The managers employ different brand identities and sites, like Lubatexes.com, to capture victims. Nevertheless, these fraudulent sites share the same designs, terms of service, and About information. This reveals their sources as a part of the same criminal network, which advocates the identical mode of scam under different appearances. The deceivers just copy the same fraudulent website under various names to fool users into believing they are joining a fresh platform. However, in actuality, it’s the equal system of scammers orchestrating the deceptive promises and undertakings to seize deposited funds. The operators skillfully utilize psychological tactics and captivating propositions to execute their dishonest plans.

Step 1: Spreading

To begin the scam, criminals establish and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Using bots and sponsored advertisements (when achievable), fraud actors increase the visibility of their deceptive activities to possible victims. This strategy permits them to cast a wide net and connect with their aimed audience. The latter usually comprises of cryptocurrency enthusiasts searching for opportunities to make profits.

Users receive an encouragement to enroll, drawn by the commitment of getting crypto rewards valued at hundreds of dollars, all without cost. To enhance the attractiveness of the offer, false claims of cooperation with a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Individuals who express interest go to Lubatexes.com via links present in promotions or bot-generated posts. The webpage employs captivating visuals, design elements that appear legitimate, and assertions of holding a official license, all aimed to present an initial perception of reliability.

Step 3: Data Gathering

To collect their benefits, users need to deliberately sign up on Lubatexes and receive guidance to submit sensitive and personal information throughout the sign-up process. This includes linking their cryptocurrency wallets, revealing email addresses, supplying phone numbers, submitting identification documents, and the like.

Step 4: Requesting funds

Once signed up, users observe significant amounts of cryptocurrency, valued at hundreds of dollars, within their Lubatexes wallets. However, as is common with such rewards, you can’t withdraw them ahead of making a deposit. Typically, a funds transfer of $100 is required to withdraw the sign-up bonus. This condition serves as the trap that ultimately results to the money loss.

Step 5: Disappear

The instant the deposit is submitted, the fraudsters halt all interaction. They move forward to block users, remove accounts, and abscond with both the submitted money and essential personal details. The fabricated prizes continue to be perpetually uncredited, as they lack genuine existence. They act exclusively as a phishing maneuver. This approach forms the foundation for the deceivers’ capacity to deceive victims and embezzle hard-earned money through their duplicative internet-based crypto scam.

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Lubatexes 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 timeline of the fraud, its actors may contact you with specific documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto savings. As we previously figured out, these scammers have no intent of restoring your capital. So, what can these emails and browser plugins represent? You guessed – this is another component of the scam designed to entice you into deliberately installing destructive programs onto your device.

Both add-ons and attachments included to emails can function as a carrier for different malicious code. In this scenario, I anticipate the presence of spyware and stealers among all forms of threats. While it is not mandatory for scammers to distribute malware, the chance is always greater than zero. As previously mentioned, their conscience is of little concern, and their reputation is already severely tarnished. They have no scruples to lose and aim to maximize revenues.

Frequently asked questions