Recently, Paspacex.com site popped up, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather reliable evidence that clearly confirms it is, actually, a deceptive service.
Despite the promises of the most easy, reliable, and customer-centric service, Paspacex.com does not follow any of them. All this is just a gilded wrap around a dirty scam, which steals your funds and never returns them. Any tales about bonuses, sponsorship from celebrities etc are nowhere to be found as well.
Paspacex Scam Overview
Originally, Paspacex poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another notable selling point for this platform is partnerships with 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, frauds use AI-generated videos with those celebs advertise the fraud as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around a transparent scam.
Paspacex Scam
To begin with, Paspacex repeats the design of many similar websites. There are quite a few examples, like Nesbitx, Zespacex or Wespacex. They are totally undistinguishable in terms of visual elements, with slight discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are identical. Most likely, all these fraudulent websites are operated by the same group of scoundrels.
Cryptocurrency Scam Summary
| Website | Paspacex.com |
| Hosting | AS13335 Cloudflare, Inc. United States, San Francisco |
| IP Address | 104.21.51.246 |
| Threat Type | Scam/Fraud |
| Scam Type | Fraudulent offers of cryptocurrency services |
How the Paspacex Scam Works?
Paspacex is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use various website designs, which still share the identical 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 advanced 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 scam, criminals create and fill accounts on popular social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Employing bots and paid promotions (when achievable), fraud actors intensify the visibility of their scam activities to potential victims. And as I said, fraudsters do not disdain using deepfake for creating clips with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.
Promotions of cryptoscams like Paspacex in TikTok. Most of these videos are AI-generated deepfakes
Users get an incentive to register, attracted by the promise of getting crypto benefits valued at hundreds of dollars, all for free. To enhance the attractiveness of the offer, fake suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.
Step 2: Gaining Traffic
Upon clicking the promos, victims end up on a page filled with attractive offers. “Crypto starts with Paspacex”, “Your crypto savings are secured with Paspacex, “Start earning with Paspacex – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that unlocking the promised bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily move on – especially since the gift appears to be right behind the corner.
At this point, it is possible to steer away from the scam without any losses. Before you sign up 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 the starting poing of the main fraud action. As I just said, frauds bait folks into registration to get bonuses. And all the personal info needed for it – username, email, crypto wallet address – are valuable for user identification. Only by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Still, 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 cryptocurrency purchases, you need to top up the account with the sum of a bonus. And this is what starts the final stage of the scam.
Step 4: Requesting funds
It is obvious that any crypto operations require you to have money on your account. In the case of Paspacex, users are also coerced to top up to get the bonuses. And this is what creates the majority of the money flow to this scam website. 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 deposited money and withdraw them.
This is where the first obvious issues start to surface. When keeping an eye on the real cryptocurrency wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to withdraw the money from your account, the scam is finally uncovered to the user.
Step 5: Escaping from Funds Withdrawal
Needless to say that swindlers are naught on intentions to return your money. But to make it look more realistic, they’ve made up a whole bunch of reasons to decline the wireout request. Usually, they repeat what Know Your Client regulations say, but for the Paspacex.com they are here exclusively to make the wireout impossible.
By requesting your personal info, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your money back. And each of these checks will reveal 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 Paspacex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- False Celebrity Sponsorship. Paspacex 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. Paspacex.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. Paspacex 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. Paspacex.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%, Paspacex preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Paspacex as a scam.
What Should I do as a Victim?
If you had to deal with Paspacex 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 duration of the fraud, its actors may contact you with particular documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we earlier figured out, these scammers have no intention of giving back your funds. So, what can these messages and browser plugins represent? You guessed it right – this is another side of the deceptive plan designed to entice you into deliberately running destructive software onto your device.
Both plugins and attachments added to email messages can act as a shell for various malware. In this scenario, I foresee the presence of spyware and stealers among all types of malware. While it is not mandatory for scammers to distribute malware, the probability is always greater than zero. As previously mentioned, their morality is of negligible importance, and their dignity is already neck deep in mud. They have no principles to lose and strive to boost gains.
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Frequently asked questions
The vast majority of information posted on the Paspacex site is false. It is either fabricated, or a manipulation that misses the context of mentioned events. However, things like quotes or other interactive elements related to current prices may be trustworthy. But I would rather avoid using them as a primary source of information.
No, there is no legitimate information on the Paspacex site. The operators of this site use fabricated details and deceptive tactics to create an appearance of credibility, such as appealing visuals and claims of being a licensed company. However, these claims are false, and the site is part of a larger network of interconnected crypto scam sites designed to defraud victims. The scammers manipulate users into providing sensitive personal information and making deposits, ultimately leading to the loss of funds.
Unfortunately, recovering funds lost to a scam like Paspacex can be extremely challenging, if not impossible. Scammers often operate from obscure locations and use various tactics to cover their tracks, making it difficult to trace or retrieve the stolen funds. In many cases, these scams are designed to exploit victims and disappear once they have obtained the money.
Spotting crypto trading scams requires vigilance and a critical eye. Here are some tips to help you identify potential crypto trading scams in the future:
- Too Good to Be True Promises. Be cautious of offers that promise unrealistically high returns or guaranteed profits. If an investment opportunity sounds too good to be true, it likely is.
- Pressure to Act Quickly. Scammers often use tactics like creating a sense of urgency to pressure you into making quick decisions. Legitimate investments allow you time to research and consider your options.
- Lack of Regulation or Licensing. Check if the platform or service is regulated and licensed by relevant authorities. Scammers often operate without proper authorization.
- Social Proof and Celebrity Endorsements: Be skeptical of endorsements from celebrities or public figures. Scammers often fabricate endorsements to gain credibility.
- Check for Reviews and Feedback: Look for independent reviews and feedback from other traders. Scammers may fabricate positive reviews, but negative reviews can provide valuable insights.
If you have become a victim of a Paspacex or similar crypto trading scam, it’s important to take immediate action to minimize further damage and increase the chances of recovering your losses. Here’s what you should do:
- Cease Communication. If you realize that you’ve been scammed, stop all communication with the scammers. Do not respond to their emails, messages, or calls.
- Document Everything. Gather and preserve all relevant information, including emails, screenshots, transaction records, and any communication you had with the scammers. This documentation will be crucial for reporting the scam and seeking assistance.
- Report to Authorities. File a report with your local law enforcement agency and any relevant regulatory authorities in your country. Provide them with all the evidence you have gathered. This helps initiate investigations and raises awareness about the scam.
- Contact Financial Institutions. If you made any payments or deposits using your credit card or bank account, contact your financial institution immediately. They may be able to help you with disputing transactions or initiating a chargeback.
- Seek Legal Advice. Consult with a legal professional who specializes in fraud or financial matters. They can provide advice on potential legal actions you can take to recover your funds.
- Notify Cryptocurrency Exchanges. If you used a cryptocurrency exchange to make transactions related to the scam, notify the exchange about the fraudulent activity. They may be able to assist you in some cases.
- Monitor Your Accounts. Keep a close eye on your financial and online accounts for any suspicious activity. Change passwords and enable two-factor authentication wherever possible.
The truth about Paspacex
Name: Paspacex
Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Paspacex, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Paspacex scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.
Operating System: All
Application Category: Crypto Scams
