Mxbeast Review: Legit or Scam? Read This First

Recently, Mxbeast.com service popped up, promoting itself as a platform where you can safely keep cryptocurrency and other assets. I managed to gather credible proof that unmistakably indicates it is, in truth, a scam site.

Regardless of the promises of the most convenient, trustworthy, and client-friendly service, Mxbeast.com does not offer any of them. All this is just a golden wrap around a clear scam, which takes your money and never returns them. Any tales about bonuses, backing from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Mxbeast Scam Overview

Originally, Mxbeast poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another notable marketing point for this platform 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 real, con actors employ AI-generated videos where those celebrities advertise the fake crypto service as the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a glaring wrap around a transparent scam.

Mxbeast Scam

To begin with, Mxbeast repeats the design of multiple similar pages. There are quite a few examples, like Moonzex, Lomenax or Xenwix. They are totally undistinguishable in terms of graphic elements, with slight discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are the same. Most likely, all these deceptive online platforms are led by the same group of scoundrels.

Cryptocurrency Scam Summary

How the Mxbeast Scam Works?

Mxbeast is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous website designs, which still share the identical 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 complex psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the fraud, criminals create and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Using bots and paid promotions (when achievable), scam actors boost the presence of their fraudulent activities to potential victims. And as I said, fraudsters do not disdain using deepfake for creating videos with the aforementioned celebs 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 Mxbeast in TikTok. Most of these videos are AI-generated deepfakes

Users receive a stimulus to sign up, enticed by the promise of obtaining crypto benefits valued at hundreds of dollars, all for free. To increase the appeal of the offer, false claims of sponsorship by a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After following the promos, users end up on a page filled with appealing offers. “Crypto starts with Mxbeast”, “Your crypto savings are secured with Mxbeast, “Start earning with Mxbeast – they look rather credible. To heat up the interest and make the users proceed to step 3, crooks say that obtaining the pledged bonus requires registration. And since nothing concerning happens at this point, unaware users happily keep on – especially as the bonus 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 sign up using your personal info, frauds 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 said, deceivers bait folks for registration with bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Only by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the promised bonus right away. To make at least crypto purchases on the platform with it, you need to top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Eventually, any cryptocurrency purchases require you to have funds on your account. In the case of Mxbeast, users are also coerced to top up to use the bonuses. And these top ups is what creates the majority of the money flow to this scam site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the credited funds and withdraw them.

This is where the problems start to surface. When keeping an eye on the real 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 swindlers have zero intentions to return your money. But to make the denial look more realistic, they’ve crafted a whole bunch of reasons to decline the withdrawal request. Usually, they repeat what KYC requirements say, but for the Mxbeast.com they are here exclusively to make the wireout impossible.

By asking for your personal info, deceivers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your funds back. And every check will share more and more info of yours, 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 Mxbeast.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Mxbeast 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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 timeline of the fraud, its masters may get in touch with you with specific files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we previously figured out, these scoundrels have no intention of restoring your money. So, what can these emails and browser extensions represent? Correct – this is another component of the deceptive plan designed to throw you into deliberately running destructive programs onto your device.

Both extensions and files included to email messages can function as a carrier for diverse malicious software. In this situation, I foresee the presence of spyware and stealers among all types of malicious programs. While it is not obligatory for scammers to distribute malware, the chance is always above zero. As previously mentioned, their ethics is of little concern, and their reputation is already neck deep in mud. They have no scruples to give up and strive to boost gains.

Remove spyware with Gridinsoft Anti-Malware

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