We Investigated Polyxchain: Legit or Scam? The Facts

Recently, Polyxchain.com service appeared, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather credible evidence that clearly reveals it is, actually, a scam service.

Regardless of the promises of the most easy, trustworthy, and client-friendly service, Polyxchain.com does not offer any of them. All this is just a shiny wrap around a clear scam, which takes your money and data and never gives them back. Any stories about bonuses, endorsement from celebrities etc are non-existent as well.

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Polyxchain Scam Overview

Originally, Polyxchain poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another notable selling point for this platform is backing from celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, rascals employ AI-generated videos where those celebrities promote the fake crypto service as if it was 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 vivid wrap around a transparent scam.

Polyxchain Scam

To begin with, Polyxchain shares the design of many equivalent online platforms. There are quite a few examples, like Pixeltechoptions, Vitrexe or Trustxer. They are entirely indistinguishable in terms of graphic elements, with small discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are unchanged. Presumably, all these scam websites are operated by the same gang of frauds.

Cryptocurrency Scam Summary

How the Polyxchain Scam Works?

Polyxchain is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use various website designs, which still share the identical 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 sophisticated 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 fraud, criminals set up and fill accounts on popular social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and paid promotions (when feasible), fraud actors boost the exposure of their scam activities to possible victims. And as I said, crooks do not disdain using deepfake for creating clips 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 Polyxchain in TikTok. Most of these videos are AI-generated deepfakes

Users obtain an incentive to sign up, enticed by the assurance of getting crypto benefits valued at hundreds of dollars, all for free. To augment the appeal of the offer, false suggestions of cooperation with a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, users end up on a page filled with attractive offers. “Crypto starts with Polyxchain”, “Your crypto savings are secured with Polyxchain, “Start earning with Polyxchain – they look rather reliable. To heat up users and make them proceed to step 3, fraudsters say that claiming the promised bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily keep on – especially since the reward appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you register using your personal info, frauds will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, deceivers bait folks into registration for bonuses. And all the personal info needed for it – email, username, crypto wallet address – are valuable for user identification. Solely 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, you cannot use the promised bonus right away. To make at least crypto purchases on the platform with it, the user should top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

It is obvious that any crypto purchases require having funds on your account. With Polyxchain, users are also coerced to top up to get the bonuses. And these top ups is what creates the majority of the money flow to this scam website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the credited capital and withdraw them.

This is where the issues start to surface. When keeping an eye on the actual cryptocurrency wallet vs what the site says, you can observe 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 swindlers are naught on intentions to return your money. But to make the fraud look more legitimate, they’ve crafted a whole bunch of reasons to decline the wireout request. Most of them repeat what Know Your Client guidelines say, but for the Polyxchain.com they are here only to make the withdrawal impossible.

By asking for your personal information, scammers just stall hoping for you to understand that you’ve been scammed 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 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 Polyxchain.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Polyxchain employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Polyxchain exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Polyxchain as a scam.
• Dubious Corporate Information. Polyxchain arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Polyxchain.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Polyxchain utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Polyxchain 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 scam, its masters may contact you with particular documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency assets. As we already determined, these deceivers have no intent of restoring your funds. So, what can these messages and browser plugins represent? Correct – this is another component of the deceptive plan designed to entice you into willingly installing malicious software onto your system.

Both plugins and attachments added to email messages can act as a carrier for various malware. In this case, I foresee the presence of spyware and stealers among all kinds of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always existent. As stated, their conscience is of no concern, and their reputation is already deeply compromised. They have nothing to give up and intend to boost profits.

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