We Investigated Rygexo: Legit or Scam? The Facts

Recently, Rygexo.com site surfaced, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather credible supporting information that clearly indicates it is, in fact, a fraudulent service.

Despite the promises of the most convenient, dependable, and client-friendly service, Rygexo.com does not offer any of them. In fact, all this is just a golden wrap around a dirty scam, which takes your money and never gives them back. Any stories about bonuses, backing from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Rygexo Scam Overview

Originally, Rygexo poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another highlighted marketing point for this platform is partnerships with celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, rascals use deepfake videos where those celebrities advertise the scam as if it was the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around an obvious scam.

Rygexo Scam

First and foremost, Rygexo repeats the appearance of numerous similar websites. There are quite a few examples, like Bymex, Wezyx or Tuduvix. They are completely undistinguishable in terms of graphic elements, with slight discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Most likely, all these scam online platforms are operated by a single team of scammers.

Cryptocurrency Scam Summary

How the Rygexo Scam Works?

Rygexo is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use numerous website designs, which still share the same 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 complex 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 deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Utilizing bots and sponsored promotions (when achievable), scam actors intensify the exposure of their scam activities to potential victims. And as I said, fraudsters do not shy away using generative AI for creating videos with the mentioned celebrities that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who registers the service immediately.

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

Users obtain an incentive to register, attracted by the assurance of getting crypto rewards valued at hundreds of dollars, all without cost. To increase the appeal of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After following the promos, targets end up on a page filled with enticing offers. “Crypto starts with Rygexo”, “Your crypto savings are secured with Rygexo, “Start earning with Rygexo – they look rather credible. To heat up users and make them proceed to step 3, scammers say that obtaining the pledged bonus requires registration. And as nothing questionable happens at this point, unexperienced users happily move on – especially as the bonus appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you register using your personal info, rascals 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, deceivers bait folks into registration for bonuses. And all the personal information needed for it – email, username, crypto wallet address – are valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, crooks 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 equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Eventually, any cryptocurrency purchases require you to have funds on your account. In the case of Rygexo, users are also forced to top up to use the bonuses. And these top ups is what creates most of the cash 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 engaging on this website hoping to use all the credited funds and withdraw them.

This is where the first obvious problems start to surface. When comparing the real cryptocurrency wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to retrieve 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 return your money. Though to make the fraud look more legitimate, they’ve elaborated a whole pack of reasons to decline the withdrawal request. Usually, they repeat what Know Your Client requirements say, but for the Rygexo.com they are here only to make the wireout impossible.

By requesting your personal information, frauds just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your grand back. And every check will share 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 Rygexo.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Rygexo 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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 course of the fraud, scoundrels may reach out to you with specific files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency assets. As we previously figured out, these rascals have no intent of returning your capital. So, what do these messages and browser add-ons represent? Correct – this is another side of the deceptive plan designed to throw you into deliberately running destructive applications onto your system.

Both extensions and files included to emails can act as a carrier for various malicious software. In this scenario, I anticipate the presence of spyware and stealers among all kinds of threats. While it is not obligatory for scammers to distribute malware, the probability is always significant. As stated, their ethics is of no concern, and their dignity is already seriously marred. They have nothing to give up and intend to maximize gains.

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