Investigating OXBEAST: Legit or Scam? The Truth Exposed

Recently, Oxbeast.com service appeared, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather reliable evidence that clearly indicates it is, in truth, a fraudulent site.

Despite the promises of the most convenient, dependable, and customer-centric service, Oxbeast.com does not follow any of them. In fact, all this is just a shiny wrap around a blatant scam, which steals your money and data and never gives them back. Any stories about bonuses, sponsorship from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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OXBEAST Scam Overview

Originally, OXBEAST poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another highlighted selling point for this service is backing from celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look real, rascals use AI-generated videos where those celebrities advertise the fake crypto service 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 an obvious scam.

OXBEAST Scam

To begin with, OXBEAST repeats the layout of many similar online platforms. There are quite a few examples, like Jebinex, Xcasik or Winto. They are entirely identical in terms of visual elements, with slight discrepancies in the site header. Other particulars, and at times even crypto wallet addresses, are the same. Most likely, all these fraudulent websites are managed by the same team of swindrels.

Cryptocurrency Scam Summary

How the OXBEAST Scam Works?

OXBEAST is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use various website designs, which still share the same 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 start the scam, criminals establish and fill accounts on popular social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Using bots and sponsored promotions (when possible), fraud actors intensify the visibility of their fraudulent activities to potential victims. And as I said, fraudsters do not disdain using generative AI 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 joins the service immediately.

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

Users get a stimulus to register, drawn by the commitment of obtaining crypto rewards valued at hundreds of dollars, all for free. To enhance the appeal of the offer, false suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After following the promotions, users end up on a page filled with appealing offers. “Crypto starts with OXBEAST”, “Your crypto savings are secured with OXBEAST, “Start earning with OXBEAST – they look rather credible. To heat up the interest and make the users proceed to step 3, crooks say that claiming the pledged bonus requires registration. And since nothing concerning happens at this point, uninformed users happily keep on – especially since the reward appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you register using your personal info, frauds 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 said, deceivers bait folks for registration with bonuses. And all the personal information needed for it – username, email, crypto wallet address – are valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, the claimed bonus is not available to use right away. To make at least cryptocurrency purchases on the platform with it, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any cryptocurrency purchases require having money on your account. With OXBEAST, users are also forced to top up to use the bonuses. And this 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 participating on this site hoping to use all the transferred funds and withdraw them.

This, however, is where the problems start to surface. When keeping an eye on the actual crypto wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have 0 intentions to send you money. Though to make it look more legitimate, they’ve elaborated a whole pack of reasons to decline the withdrawal request. Most of them repeat what Know Your Client requirements say, but in this case they are here only to make the withdrawal impossible.

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

• False Celebrity Sponsorship. OXBEAST often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Oxbeast.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. OXBEAST raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Oxbeast.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, OXBEAST preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling OXBEAST as a scam.

What Should I do as a Victim?

If you had to deal with OXBEAST 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 course of the fraud, its actors may contact you with particular files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we already figured out, these deceivers have no intent of giving back your funds. So, what do these email messages and browser plugins represent? Correct – this is another component of the fraudulent scheme designed to entice you into deliberately installing malicious programs onto your system.

Both extensions and attachments added to emails can serve as a carrier for diverse malware. In this case, I foresee the presence of spyware and stealers among all types of malware. While it is not mandatory for scammers to distribute malware, the likelihood is always significant. As stated, their morality is of little concern, and their reputation is already severely tarnished. They have nothing to give up and intend to maximize gains.

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