We Looked at the Evidence: Is Prexoin Legit or Scam?

Recently, Prexoin.com service surfaced, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather credible evidence that unmistakably confirms it is, actually, a scam platform.

Despite the promises of the most easy, trustworthy, and client-friendly service, Prexoin.com does not fulfill any of them. In fact, all this is just a shiny wrap around a dirty scam, which steals your money and data and never gives them back. Any stories about bonuses, endorsement from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Prexoin Scam Overview

Originally, Prexoin poses as a crypto trading & cryptowallet service with exceptionally low commission fees. Another highlighted 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, con actors employ deepfake videos where those celebrities advertise the scam as the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

Prexoin Scam

First and foremost, Prexoin copies the appearance of many similar websites. There are quite a few examples, like Bitwazix, Bimaxed or Usdtagd. They are totally indistinguishable in terms of visual elements, with slight discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are identical. Presumably, all these scam sites are led by a single team of fraudsters.

Cryptocurrency Scam Summary

How the Prexoin Scam Works?

Prexoin is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use several 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 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 initiate the deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Using bots and sponsored advertisements (when possible), fraud actors boost the visibility of their fraudulent activities to possible victims. And as I said, scammers do not disdain using generative AI for creating videos with the mentioned 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 Prexoin in TikTok. Most of these videos are AI-generated deepfakes

Users receive an encouragement to sign up, enticed by the promise of obtaining crypto benefits valued at hundreds of dollars, all free of charge. To augment the attractiveness of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

After following the ads, users end up on a page filled with attractive offers. “Crypto starts with Prexoin”, “Your crypto savings are secured with Prexoin, “Start earning with Prexoin – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that obtaining the promised bonus requires registration. And as nothing questionable happens at this point, uninformed users happily keep on – especially since the bonus appears to be right behind the corner.

This is the last stage when it is possible to get away from the scam without any losses. Before you sign up using your personal info, crooks will not 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 info needed for it – username, email, crypto wallet address – are valuable for user identification. Only by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, the promised bonus is not available for withdrawal right away. To make at least crypto purchases on the platform with it, you need to top up the account with the sum of a bonus. And this is what starts the final step of the scam.

Step 4: Requesting funds

Eventually, any crypto operations require having capital on your account. In the case of Prexoin, users are also forced to top up to claim the bonuses. And this is what creates most 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 website hoping to use all the credited funds and withdraw them.

This, however, is where the victim notices the issues. When comparing the real crypto wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to withdraw the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that scoundrels are naught on intentions to give your money back. But to make the denial look more legitimate, they’ve crafted a whole bunch of reasons to decline the wireout request. Usually, they repeat what KYC guidelines say, but in this case they are here only to make the wireout impossible.

By requesting 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 would desperately need to undergo before getting your money back. And every check will reveal 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 Prexoin.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Prexoin 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 timeline of the fraud, rascals may reach out to you with particular files. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency savings. As we previously figured out, these deceivers have no plan of restoring your money. So, what do these messages and browser extensions represent? Correct – that is another component of the deceptive plan designed to entice you into willingly running harmful programs onto your system.

Both add-ons and files attached to emails can function as a carrier for diverse malicious code. In this scenario, I anticipate the presence of spyware and stealers among other kinds of malicious programs. While it is not obligatory for scammers to distribute malware, the chance is always greater than zero. As noted, their ethics is of negligible importance, and their dignity is already neck deep in mud. They have no principles to give up and strive to maximize gains.

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