Is Lumvex Legit or Another Scam? The Truth Revealed

Recently, Lumvex.com site appeared, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather reliable evidence that clearly reveals it is, actually, a scam service.

Contrary to the assertions of Lumvex.com, they won’t return your capital. Despite the numbers displayed in the “member area”, there is no possibility to take out even a coin. All pledges regarding crypto rewards are baseless as well.

It is better to prevent, than repair and repent!

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Lumvex Scam Overview

The key offering that Lumvex attempts to provide is a protected and user-friendly cryptocurrency wallet service. The site pledges exchange solutions, tools for handling wallets, transfers, dashboards, and similar stuff. In truth, they try to emulate the functionality of a crypto trading platform, like Binance or Coinbase. However, it in actuality exclusively serves as a cover needed to lull the vigilance.

Lumvex Scam

To begin with, Lumvex mimics the layout of multiple similar websites. There are quite a few examples, like Losrex, Upkenny or Voxsu. They are totally undistinguishable in terms of graphic elements, with slight discrepancies in the website header. Other particulars, and at times even crypto wallet addresses, are the same. Presumably, all these deceptive websites are operated by a single gang of scammers.

Cryptocurrency Scam Summary

How the Lumvex Scam Works?

Lumvex is yet another online platform within a wide-ranging network of linked crypto fraudulent sites. The managers employ various brand names and sites, like Lumvex.com, to ensnare victims. However, these false websites share the same designs, terms of service, and About information. This unveils their beginnings as components of the same scam network, which endorses the same type of scam under different covers. The deceivers just copy the identical deceptive site under different names to deceive users into thinking they are participating in a fresh venture. However, in actuality, it’s the same group of swindlers orchestrating the fraudulent pledges and efforts to grab deposited cryptocurrency. The administrators cleverly employ psychological maneuvers and captivating propositions to execute their deceitful plans.

Step 1: Spreading

To start the fraud, criminals establish and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Employing bots and sponsored advertisements (when feasible), fraud actors intensify the presence of their fraudulent activities to possible victims. This strategy enables them to create an extensive net and interact with their aimed spectators. This group commonly comprises of cryptocurrency fans looking for prospects to earn profits.

Users obtain an encouragement to register, attracted by the promise of receiving crypto benefits valued at thousands of dollars, all without cost. To augment the appeal of the offer, fake claims of cooperation with a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

People who express interest visit Lumvex.com via links featured in advertisements or bot-generated posts. The site uses captivating visuals, design features that appear genuine, and claims of possessing a official license, all intended to convey an initial perception of trustworthiness.

Step 3: Data Gathering

To redeem their prizes, users are required to proactively sign up on Lumvex and receive instructions to provide sensitive and private information during the enrollment procedure. This includes linking their cryptocurrency wallets, sharing email addresses, giving phone numbers, submitting identification documents, and more.

Step 4: Requesting funds

Once enrolled, users witness considerable amounts of cryptocurrency, valued at thousands of dollars, within their Lumvex wallets. Nonetheless, as is standard with such rewards, you can’t withdraw them before making a deposit. Usually, a payment of $100 is asked to access the sign-up bonus. This stipulation serves as the enticement that eventually results to the money loss.

Step 5: Disappear

The point in time the funds transfer is sent, the fraudsters halt all interaction. They proceed to restrict users, remove accounts, and vanish with both the transferred funds and critical individual information. The fabricated rewards continue to be perpetually uncredited, as they lack actual existence. They act solely as a deceptive ploy. This method forms the foundation for the scammers’ ability to mislead victims and steal hard-earned funds through their double-dealing internet-based crypto scheme.

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Lumvex 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, its masters may reach out to you with specific files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we earlier determined, these deceivers have no intent of restoring your funds. So, what can these messages and browser extensions represent? You guessed it right – that is another element of the deceptive plan designed to entice you into deliberately running harmful applications onto your device.

Both extensions and files attached to emails can function as a carrier for different malware. In this scenario, I foresee 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 stated, their morality is of negligible importance, and their reputation is already neck deep in mud. They have no principles to give up and strive to boost profits.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

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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 Lumvex

Name: Lumvex

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Lumvex, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Lumvex 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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