The Truth About Microwex: Legit or Scam? Our Review

Recently, Microwex.com site popped up, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather credible evidence that clearly reveals it is, in truth, a fraudulent platform.

Regardless of the promises of the most user-friendly, trustworthy, and customer-centric service, Microwex.com does not follow any of them. All this is just a gilded wrap around a dirty scam, which steals your money and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Microwex Scam Overview

Originally, Microwex poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another highlighted marketing point for this service is backing from celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look real, frauds employ AI-generated videos with those celebs advertise 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 mentioned above, all this is just a blatant wrap around an obvious scam.

Microwex Scam

To begin with, Microwex copies the appearance of numerous equivalent pages. There are quite a few examples, like Micfex, Dipxrend or Bitsefix. They are entirely undistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other details, and at times even crypto wallet addresses, are matching. Probably, all these deceptive sites are operated by the same gang of fraudsters.

Cryptocurrency Scam Summary

How the Microwex Scam Works?

Microwex is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use numerous website designs, which still share the similar overall layout. Another common 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 initiate the deceptive scheme, criminals establish and fill accounts on popular social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Utilizing bots and paid ads (when possible), scam actors boost the visibility of their fraudulent activities to possible victims. And as I said, crooks do not disdain using generative AI for creating videos with the mentioned celebs that advertise 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 Microwex in TikTok. Most of these videos are AI-generated deepfakes

Users get a stimulus to enroll, attracted by the commitment of getting cryptocurrency rewards valued at thousands of dollars, all for free. To enhance the attractiveness 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

Upon following the ads, victims end up on a page filled with enticing offers. “Crypto starts with Microwex”, “Your crypto savings are secured with Microwex, “Start earning with Microwex – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that obtaining the promised bonus requires registration. And since nothing questionable happens at this point, unexperienced users happily proceed – especially since the bonus appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you sign up using your personal information, swindrels will not earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just mentioned, frauds bait folks into registration to get bonuses. And all the personal info needed for it – email, username, crypto wallet address – is valuable for user identification. Exclusively by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the alleged bonus is not available to use right away. To make it at least usable for crypto purchases, the user should top up the account with the equivalent sum. And this is what starts the final step of the scam.

Step 4: Requesting funds

Eventually, any cryptocurrency purchases require having funds on your account. In the case of Microwex, users are also forced to top up to claim the bonuses. And this is what creates most of the cash flow to this fraudulent site. 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 transferred funds and withdraw them.

This, however, is where the victim notices the problems. When keeping an eye on the real cryptocurrency wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to retrieve the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that swindlers have 0 intentions to give your money back. But to make it look more legitimate, they’ve made up a whole bunch of reasons to decline the wireout request. Most of them repeat what KYC requirements say, but for the Microwex.com they are here exclusively to make the withdrawal impossible.

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

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

What Should I do as a Victim?

If you had to deal with Microwex 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 duration of the fraud, rascals may reach out to you with particular documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we already figured out, these scammers have no plan of returning your money. So, what do these messages and browser add-ons represent? You guessed – this is another component of the deceptive plan designed to throw you into willingly running harmful programs onto your device.

Both extensions and attachments added to email messages can function as a shell for various malicious software. In this situation, I expect the presence of spyware and stealers among all kinds of malware. While it is not obligatory for scammers to distribute malware, the chance is always significant. As noted, their conscience is of no concern, and their dignity is already neck deep in mud. They have no principles to lose and intend to maximize profits.

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Frequently asked questions

The truth about Microwex

Name: Microwex

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