The Rexwexy Scam – Don’t Become the Next Victim

Recently, Rexwexy.com website popped up, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather credible supporting information that unmistakably reveals it is, actually, a deceptive service.

Despite the promises of the most easy, reliable, and customer-centric service, Rexwexy.com does not offer any of them. All this is just a golden wrap around a blatant scam, which steals your money and never gives them back. Any tales about gifts, endorsement from celebrities etc are non-existent as well.

Rexwexy Scam Overview

Originally, Rexwexy poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another bright selling point for this site is backing from celebrities that are known as crypto activists. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, con actors use deepfake videos with those celebs advertise the scam 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 a transparent scam.

Rexwexy Scam

To begin with, Rexwexy copies the design of many similar online platforms. There are quite a few examples, like Linwexy, Exolyn or Venolax. They are totally indistinguishable in terms of visual elements, with slight discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are the same. Presumably, all these deceptive websites are managed by a single gang of fraudsters.

Cryptocurrency Scam Summary

How the Rexwexy Scam Works?

Rexwexy is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use various website designs, which still share the similar 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 sophisticated 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 start the deceptive scheme, criminals establish and fill accounts on popular social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Employing bots and paid ads (when achievable), scam actors intensify the visibility of their scam activities to potential victims. And as I said, scammers do not shy away using deepfake for creating clips with the mentioned celebrities that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who registers the service immediately.

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

Users receive an encouragement to register, attracted by the commitment of receiving crypto prizes valued at thousands of dollars, all free of charge. To enhance the attractiveness of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After clicking the promos, targets end up on a page filled with attractive offers. “Crypto starts with Rexwexy”, “Your crypto savings are secured with Rexwexy, “Start earning with Rexwexy – they look rather reliable. To heat up users and make them proceed to step 3, fraudsters say that obtaining the promised bonus requires registration. And since nothing suspicious happens at this point, unexperienced users happily move on – especially as the gift 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, crooks will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, frauds bait folks for registration with bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – is 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 claimed 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 step of the scam.

Step 4: Requesting funds

Eventually, any crypto purchases require you to have capital on your account. With Rexwexy, users are also forced to top up to claim the bonuses. And these top ups is what creates most of the money flow to this fraudulent website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the deposited funds and withdraw them.

This, however, is where the first obvious issues start to surface. When keeping an eye on the real crypto wallet vs what the site says, you can spot 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

There’s no need to explain that fraudsters are naught on intentions to give your money back. But to make it look more legitimate, they’ve developed a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client guidelines say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for your personal info, deceivers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your grand back. And every check will reveal more and more info of yours, 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 Rexwexy.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Rexwexy 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 the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

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, fraudsters may get in touch with you with specific files. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we previously determined, these rascals have no plan of returning your money. So, what do these email messages and browser plugins represent? Correct – this is another component of the fraudulent scheme designed to throw you into willingly running harmful applications onto your system.

Both add-ons and files added to email messages can act as a shell for various malicious code. In this case, I anticipate the presence of spyware and stealers among other forms of malicious programs. While it is not mandatory for scammers to distribute malware, the likelihood is always greater than zero. As noted, their morality is of no concern, and their reputation is already neck deep in mud. They have no scruples to lose and intend to maximize gains.

Frequently asked questions