Investigating Muscoinx: Legit or Scam? The Truth Revealed

Recently, Muscoinx.com site popped up, promoting itself as a platform to store cryptocurrency and other assets securely. I managed to gather credible supporting information that clearly confirms it is, actually, a fraudulent service.

Despite the promises of the most user-friendly, trustworthy, and customer-centric service, Muscoinx.com does not follow any of them. In fact, all this is just a gilded wrap around a dirty scam, which takes your money and never gives them back. Any tales about gifts, backing from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Muscoinx Scam Overview

Originally, Muscoinx poses as a crypto trading & cryptowallet platform with exceptionally low commission fees. Another highlighted marketing point for this site is backing from celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look real, frauds use AI-generated videos with those celebs promote the scam as if it was the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around a transparent scam.

Muscoinx Scam

Initially, Muscoinx copies the appearance of numerous equivalent pages. There are quite a few examples, like Nexbithub, Bytwax or Bitoneu. They are entirely identical in terms of visual elements, with minor discrepancies in the webpage header. Other particulars, and sometimes even crypto wallet addresses, are the same. Presumably, all these deceptive sites are operated by the same group of swindrels.

Cryptocurrency Scam Summary

How the Muscoinx Scam Works?

Muscoinx is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use several website designs, which still share the similar overall layout. Another shared 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 advanced psychological tricks that make the user believe in the legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To start the deceptive scheme, criminals set up and fill accounts on popular social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Employing bots and sponsored ads (when achievable), fraud actors boost the exposure of their scam activities to potential victims. And as I said, fraudsters do not shy away using generative AI for creating clips with the mentioned celebrities that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users obtain a stimulus to enroll, drawn by the assurance of receiving crypto prizes valued at thousands of dollars, all free of charge. To augment the appeal 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

After following the promotions, victims end up on a page filled with enticing offers. “Crypto starts with Muscoinx”, “Your crypto savings are secured with Muscoinx, “Start earning with Muscoinx – they look rather credible. To heat up the interest and make the users proceed to step 3, scammers say that obtaining the pledged bonus requires registration. And as nothing questionable happens at this point, unaware users happily proceed – especially since the reward 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 data, rascals 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 for registration with bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, the promised bonus is not available to use right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the sum of a bonus. And this is what initiates the final stage of the scam.

Step 4: Requesting funds

It is obvious that any cryptocurrency purchases require having money on your account. In the case of Muscoinx, users are also forced to top up to use the bonuses. And this is what creates most of the cash flow to this scam website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the transferred capital and withdraw them.

This is where the victim notices the issues. 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 pull out 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 fraudsters have 0 intentions to send you money. But to make the denial look more legitimate, they’ve elaborated a whole pack of reasons to decline the wireout request. Most of them repeat what KYC regulations say, but for the Muscoinx.com they are here exclusively to make the wireout impossible.

By asking for your personal data, frauds just stall hoping for you to accept the loss 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 every check will uncover 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 Muscoinx.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Muscoinx 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional financial setbacks.

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 scam, rascals may contact you with specific files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we earlier figured out, these scammers have no intention of returning your money. So, what do these email messages and browser extensions represent? Correct – that is another component of the deceptive plan designed to entice you into willingly installing destructive applications onto your device.

Both add-ons and attachments included to emails can serve as a carrier for different malicious code. In this situation, I anticipate the presence of spyware and stealers among other kinds of malware. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As noted, their ethics is of negligible importance, and their reputation is already deeply compromised. They have no scruples to give up and intend to maximize revenues.

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