The Truth About Megatexes: Legit or Scam? Our Review

Recently, Megatexes.com site surfaced, promoting itself as a platform to keep cryptocurrency and other assets safely. I managed to gather credible evidence that clearly confirms it is, in fact, a deceptive site.

Regardless of the promises of the most easy, reliable, and customer-centric service, Megatexes.com does not follow any of them. In fact, all this is just a shiny wrap around a blatant scam, which takes your money and data and never returns them. Any tales about gifts, sponsorship from celebrities etc are nowhere to be found as well.

Megatexes Scam Overview

Originally, Megatexes poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another notable selling point for this site is backing from celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, con actors employ deepfake videos with those celebs advertise the fraud as the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a blatant wrap around an obvious scam.

Megatexes Scam

To begin with, Megatexes repeats the layout of many similar websites. There are quite a few examples, like Cronoswap, Coinlex or Truebit. They are entirely identical in terms of graphic elements, with small discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are identical. Most likely, all these deceptive online platforms are managed by a single group of scoundrels.

Cryptocurrency Scam Summary

How the Megatexes Scam Works?

Megatexes is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Rascals 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the fraud, criminals set up and fill accounts on popular social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Utilizing bots and sponsored promotions (when possible), scam actors intensify the presence of their scam activities to potential victims. And as I said, scammers do not shy away using generative AI for creating videos with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

Promotions of cryptoscams like Megatexes in TikTok. Most of these videos are AI-generated deepfakes

Users get an incentive to enroll, drawn by the assurance of receiving cryptocurrency rewards valued at thousands of dollars, all without cost. To increase the attractiveness of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, victims end up on a page filled with attractive offers. “Crypto starts with Megatexes”, “Your crypto savings are secured with Megatexes, “Start earning with Megatexes – they look rather reliable. To heat up users and make them proceed to step 3, crooks say that unlocking the pledged bonus requires registration. And as nothing concerning happens at this point, unaware users happily keep on – especially as the gift appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you register using your personal info, crooks will not be able to earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just mentioned, scammers bait folks into signing up for bonuses. And all the personal info needed for it – username, email, crypto wallet address – is valuable for user identification. Exclusively by gathering this information 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 to use right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the sum of a bonus. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Eventually, any crypto operations require having capital on your account. With Megatexes, users are also forced to top up to claim the bonuses. And these top ups is what creates the majority of the cash flow to this fraudulent website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the deposited money and withdraw them.

This, however, is where the first obvious problems start to surface. When comparing the actual crypto wallet vs what the site says, you can notice 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 have no intentions to return your money. But to make the denial look more legitimate, they’ve elaborated a whole bunch of reasons to decline the withdrawal request. Most of them repeat what Know Your Client guidelines say, but for the Megatexes.com they are here only to make the wireout impossible.

By asking for 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 would desperately need to undergo before getting your money back. And each of these checks will share more and more information, which – you guessed it right – will be then sold 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 Megatexes.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Megatexes 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 the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

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 duration of the fraud, scoundrels may contact you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we previously figured out, these scammers have no intention of giving back your funds. So, what can these emails and browser extensions represent? Correct – this is another element of the scam designed to entice you into willingly installing destructive software onto your system.

Both extensions and attachments included to emails can function as a shell for diverse malware. In this scenario, I expect the presence of spyware and stealers among all types of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always significant. As stated, their morality is of no concern, and their dignity is already neck deep in mud. They have no principles to lose and intend to boost profits.

Frequently asked questions