Saedex Reviewed: Real Deal or Total Ripoff? Read This First

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

Regardless of the promises of the most convenient, dependable, and customer-centric service, Saedex.com does not offer any of them. All this is just a shiny wrap around a blatant scam, which steals your money and data and never returns them. Any stories about gifts, backing from celebrities etc are non-existent as well.

Saedex Scam Overview

Originally, Saedex poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another bright marketing point for this platform is backing from celebrities that have relation to the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, frauds employ AI-generated videos with those celebs advertise the fraud 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 mentioned above, all this is just a vivid wrap around an obvious scam.

Saedex Scam

To begin with, Saedex copies the layout of numerous equivalent websites. There are quite a few examples, like Terunax, Vegobit or Zalunex. They are totally undistinguishable in terms of graphic elements, with small discrepancies in the site header. Other details, and sometimes even crypto wallet addresses, are matching. Most likely, all these fraudulent sites are operated by the same gang of frauds.

Cryptocurrency Scam Summary

How the Saedex Scam Works?

Saedex is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use numerous 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 initiate the deceptive scheme, criminals establish and fill accounts on popular social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Employing bots and sponsored ads (when achievable), fraud actors increase the visibility of their deceptive activities to potential victims. And as I said, fraudsters do not shy away using deepfake for creating videos with the aforementioned 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 Saedex in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

After following the promos, users end up on a page filled with appealing offers. “Crypto starts with Saedex”, “Your crypto savings are secured with Saedex, “Start earning with Saedex – they look rather credible. To heat up the interest and make the users proceed to step 3, crooks say that unlocking the pledged bonus requires registration. And as nothing questionable happens at this point, unexperienced users happily proceed – especially since the reward 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 data, rascals will not 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, scammers bait folks for registration with bonuses. And all the personal data needed for it – email, username, crypto wallet address – are valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make at least cryptocurrency purchases on the platform with it, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Eventually, any crypto operations require you to have funds on your account. With Saedex, users are also compelled to top up to claim 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 trading on this website hoping to use all the transferred money and withdraw them.

This, however, is where the victim notices the issues. When keeping an eye on the actual cryptocurrency wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw the funds 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. But to make it look more legitimate, they’ve elaborated a whole pack of reasons to decline the withdrawal request. Usually, they repeat what KYC regulations say, but in this case they are here only to make the withdrawal impossible.

By asking for your personal information, 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 funds back. And each of these checks will share more and more information, which – you guessed it right – will be then traded 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 Saedex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Saedex 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 scam, its masters may get in touch with you with particular documents. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency assets. As we earlier figured out, these scammers have no plan of returning your capital. So, what do these emails and browser extensions represent? Correct – that is another component of the deceptive plan designed to throw you into willingly running malicious programs onto your device.

Both add-ons and attachments attached to emails can act as a shell for diverse malicious software. In this scenario, I anticipate the presence of spyware and stealers among other forms of malicious programs. While it is not obligatory for scammers to distribute malware, the chance is always existent. As noted, their ethics is of no concern, and their reputation is already deeply compromised. They have nothing to lose and strive to boost revenues.

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