We Investigated Pytnex: Legit or Scam? The Facts

Recently, Pytnex.com website appeared, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather credible evidence that unmistakably indicates it is, in truth, a scam site.

Despite what Pytnex site says, they won’t pay off your funds. Despite the numbers displayed in the “member area”, there is zero way to withdraw even a coin. All commitments regarding crypto bonuses are baseless as well.

It is better to prevent, than repair and repent!

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Pytnex Scam Overview

The key feature that Pytnex attempts to provide is a secure and user-friendly cryptocurrency wallet service. The website pledges exchange services, tools for handling wallets, transfers, dashboards, and similar stuff. In truth, they endeavor to emulate the functionality of a crypto trading platform, akin to Binance or Coinbase. However, it in actuality exclusively serves as a cover intended to lull the vigilance.

Pytnex Scam

To begin with, Pytnex mimics the appearance of many equivalent online platforms. There are quite a few examples, like Colwex, Bitonaxis or Coinwez. They are completely undistinguishable in terms of visual elements, with small discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are identical. Most likely, all these deceptive websites are operated by the same group of scoundrels.

Cryptocurrency Scam Summary

How the Pytnex Scam Works?

Pytnex is yet another website within a vast network of interconnected crypto fraudulent sites. The administrators employ different brand identities and websites, like Pytnex.com, to trap victims. However, these false websites possess the same designs, terms of service, and About information. This reveals their beginnings as a part of the same criminal network, which promotes the identical mode of fraud under various disguises. The fraudsters simply copy the equal fraudulent site under different names to fool users into believing they are joining a new venture. However, in reality, it’s the identical group of fraudsters orchestrating the fraudulent pledges and efforts to take deposited cryptocurrency. The administrators skillfully utilize psychological tactics and captivating invitations to implement their deceitful plots.

Step 1: Spreading

To start the fraud, criminals set up and fill accounts on well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Using bots and sponsored promotions (when possible), fraud actors intensify the exposure of their fraudulent activities to possible victims. This strategy enables them to create a wide net and connect with their focused spectators. The public usually consists of cryptocurrency enthusiastic individuals looking for chances to make profits.

Users receive an encouragement to register, enticed by the promise of getting crypto benefits valued at hundreds of dollars, all for free. To enhance the appeal of the offer, false claims of cooperation with a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Individuals who express interest go to Pytnex.com via links featured in advertisements or bot-generated posts. The website utilizes captivating visuals, design aspects that appear authentic, and claims of holding a legitimate license, all aimed to project an initial perception of trustworthiness.

Step 3: Data Gathering

To redeem their rewards, users are required to deliberately create an profile on Pytnex and get instructions to submit sensitive and private information during the sign-up procedure. This includes linking their cryptocurrency wallets, providing email addresses, specifying phone numbers, submitting identification papers, and more.

Step 4: Requesting funds

Once enrolled, users notice substantial amounts of cryptocurrency, valued at hundreds of dollars, within their Pytnex wallets. Nonetheless, as it usually happens with such rewards, you can’t withdraw them before topping up your account. Usually, a payment of $100 is required to withdraw the sign-up bonus. This stipulation serves as the enticement that eventually leads to the money loss.

Step 5: Disappear

The moment the payment is made, the deceivers terminate all contact. They go ahead to bar users, delete accounts, and disappear with both the deposited funds and critical individual data. The phony prizes remain perpetually uncredited, as they lack genuine existence. They act solely as a deceptive ploy. This approach forms the foundation for the scammers’ capability to deceive victims and embezzle hard-earned money through their deceptive web crypto fraud.

Signs of Scam

I gathered several facts that point at the scammy nature of the Pytnex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Pytnex 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. Pytnex.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. Pytnex 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. Pytnex.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%, Pytnex preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Pytnex as a scam.

What Should I do as a Victim?

If you had to deal with Pytnex 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 course of the scam, scoundrels may get in touch with you with specific documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we already figured out, these scammers have no plan of restoring your capital. So, what do these emails and browser add-ons represent? You guessed it right – this is another component of the scam designed to throw you into deliberately installing destructive applications onto your computer.

Both plugins and attachments attached to emails can serve as a carrier for various malicious software. In this scenario, I anticipate the presence of spyware and stealers among other types of threats. While it is not obligatory for scammers to distribute malware, the chance is always existent. As stated, their conscience is of no concern, and their dignity is already seriously marred. They have no scruples to lose and intend to boost profits.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

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Trojan Killer for “spyware” removal on locked PC

In situations where it becomes impossible to download antivirus applications directly onto the infected computer due to malware blocking access to websites, an alternative solution is to utilize the Trojan Killer application.

There is a really little number of security tools that are able to be set up on the USB drives, and antiviruses that can do so in most cases require to obtain quite an expensive license. For this instance, I can recommend you to use another solution of GridinSoft - Trojan Killer Portable. It has a 14-days cost-free trial mode that offers the entire features of the paid version. This term will definitely be 100% enough to wipe malware out.

Trojan Killer is a valuable tool in your cybersecurity arsenal, helping you to effectively remove malware from infected computers. Now, we will walk you through the process of using Trojan Killer from a USB flash drive to scan and remove malware on an infected PC. Remember, always obtain permission to scan and remove malware from a computer that you do not own.

Step 1: Download & Install Trojan Killer on a Clean Computer:

1. Go to the official GridinSoft website (gridinsoft.com) and download Trojan Killer to a computer that is not infected.

2. Insert a USB flash drive into this computer.

3. Install Trojan Killer to the "removable drive" following the on-screen instructions.

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Step 2: Update Signature Databases:

5. After launching Trojan Killer, ensure that your computer is connected to the Internet.

6. Click "Update" icon to download the latest signature databases, which will ensure the tool can detect the most recent threats.

Step 3: Scan the Infected PC:

7. Safely eject the USB flash drive from the clean computer.

8. Boot the infected computer to the Safe Mode.

9. Insert the USB flash drive.

10. Run tk.exe

11. Once the program is open, click on "Full Scan" to begin the malware scanning process.

Step 4: Remove Found Threats:

12. After the scan is complete, Trojan Killer will display a list of detected threats.

13. Click on "Cure PC!" to remove the identified malware from the infected PC.

14. Follow any additional on-screen prompts to complete the removal process.

Step 5: Restart Your Computer:

15. Once the threats are removed, click on "Restart PC" to reboot your computer.

16. Remove the USB flash drive from the infected computer.

Congratulations on effectively removing spyware and the concealed threats from your computer! You can now have peace of mind, knowing that they won't resurface again. Thanks to Gridinsoft's capabilities and commitment to cybersecurity, your system is now protected.

Frequently asked questions

The truth about Pytnex

Name: Pytnex

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Pytnex, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Pytnex scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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