Recently, Safefex.com website surfaced, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather credible proof that unmistakably indicates it is, actually, a scam platform.
Regardless of the promises of the most user-friendly, dependable, and client-friendly service, Safefex.com does not offer any of them. In fact, all this is just a gilded wrap around a dirty scam, which steals your money and data and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are nowhere to be found as well.
Safefex Scam Overview
Originally, Safefex poses as a crypto trading & cryptowallet platform with exceptionally low commission fees. Another bright selling point for this site is backing from celebrities that are known in 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 use AI-generated videos with those celebs advertise the scam as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a glaring wrap around an obvious scam.
Initially, Safefex copies the appearance of numerous equivalent online platforms. There are quite a few examples, like Nevelix, Chaingaps or Beastmoon. They are completely indistinguishable in terms of visual elements, with small discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are identical. Probably, all these fraudulent sites are led by a single team of frauds.
Cryptocurrency Scam Summary
|AS13335 Cloudflare, Inc.
United States, San Francisco
|Fraudulent offers of cryptocurrency services
How the Safefex Scam Works?
Safefex is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Rascals 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 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 begin the scam, criminals set up and fill accounts on well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Using bots and paid advertisements (when achievable), scam actors intensify the exposure of their deceptive activities to potential victims. And as I said, crooks do not disdain using generative AI for creating clips with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who registers the service immediately.
Users receive an encouragement to enroll, drawn by the commitment of getting crypto benefits valued at thousands of dollars, all without cost. To augment the attractiveness of the offer, false claims of cooperation with a celebrity are added. As you may guess, these assertions are entirely baseless.
Step 2: Gaining Traffic
Upon clicking the promotions, victims end up on a page filled with attractive offers. “Crypto starts with Safefex”, “Your crypto savings are secured with Safefex, “Start earning with Safefex – they look rather credible. To heat up users and make them proceed to step 3, scammers say that unlocking the pledged bonus requires registration. And since nothing concerning happens at this point, uninformed users happily proceed – especially as the bonus appears to be right behind the corner.
At this point, it is possible to get away from the scam without any losses. Before you register using your personal data, crooks will not be able to earn even a nickel from your presence on the website.
Step 3: Data Gathering
This is the starting poing of the main fraud action. As I just said, scammers bait folks for registration with bonuses. And all the personal information needed for it – username, email, crypto wallet address – are valuable for user identification. Exclusively by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.
As it turns out, the promised bonus is not available to use right away. To make at least cryptocurrency purchases on the platform with it, you need to top up the account with the equivalent sum. And this is what initiates the final stage of the scam.
Step 4: Requesting funds
Eventually, any cryptocurrency purchases require you to have funds on your account. In the case of Safefex, 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 site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the transferred funds and withdraw them.
This, however, is where the issues start to surface. When comparing the actual crypto wallet vs what the site says, you can observe that no transactions are done whatsoever. And then, when you’d try to pull out the capital from your account, the scam is finally uncovered to the user.
Step 5: Escaping from Funds Withdrawal
There’s no need to explain that scoundrels are naught on intentions to send you money. But to make the fraud look more realistic, they’ve developed a whole bunch of reasons to decline the wireout request. Usually, they repeat what KYC requirements say, but in this case they are here exclusively to make the withdrawal impossible.
By asking for your personal information, frauds 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 money back. And every check will uncover 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 Safefex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- Cryptocurrency-Only Transactions. Safefex.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
- Dubious Company Credentials. Safefex arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
- Baseless Hype Generation. Safefex resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
- Fictitious Celebrity Association. Safefex employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
- Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
- Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Safefex capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Safefex.com as a definite scam.
What Should I do as a Victim?
If you had to deal with Safefex 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 duration of the scam, scoundrels may get in touch with you with particular documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we previously determined, these rascals have no intent of giving back your funds. So, what do these email messages and browser plugins represent? You guessed – that is another element of the scam designed to throw you into deliberately running destructive software onto your computer.
Both add-ons and files attached to emails can serve as a shell for diverse malware. In this situation, I foresee the presence of spyware and stealers among all forms of malicious programs. While it is not mandatory for scammers to distribute malware, the likelihood is always greater than zero. As noted, their ethics is of no concern, and their reputation is already severely tarnished. They have no scruples to give up and aim to maximize gains.
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Frequently asked questions
The vast majority of information posted on the Safefex site is false. It is either fabricated, or a manipulation that misses the context of mentioned events. However, things like quotes or other interactive elements related to current prices may be trustworthy. But I would rather avoid using them as a primary source of information.
No, there is no legitimate information on the Safefex site. The operators of this site use fabricated details and deceptive tactics to create an appearance of credibility, such as appealing visuals and claims of being a licensed company. However, these claims are false, and the site is part of a larger network of interconnected crypto scam sites designed to defraud victims. The scammers manipulate users into providing sensitive personal information and making deposits, ultimately leading to the loss of funds.
Unfortunately, recovering funds lost to a scam like Safefex can be extremely challenging, if not impossible. Scammers often operate from obscure locations and use various tactics to cover their tracks, making it difficult to trace or retrieve the stolen funds. In many cases, these scams are designed to exploit victims and disappear once they have obtained the money.
Spotting crypto trading scams requires vigilance and a critical eye. Here are some tips to help you identify potential crypto trading scams in the future:
- Verify Regulation and Licensing. Before proceeding, ensure that the platform or service is regulated and possesses the necessary licenses from relevant authorities. Scammers often operate without proper authorization.
- Resist Urgency. Be cautious of tactics that create a false sense of urgency to pressure you into quick decisions. Legitimate investments provide ample time for research and consideration.
- Consult Reviews and Feedback. Seek independent reviews and feedback from other traders. While positive reviews can be fabricated, negative reviews often reveal valuable insights.
- Question Unrealistic Promises. Approach offers with unrealistically high returns or guaranteed profits skeptically. If an investment opportunity seems too good to be true, it probably is.
- Scrutinize Celebrity Endorsements. Exercise skepticism when faced with endorsements from celebrities or public figures. Scammers frequently create fake endorsements to enhance credibility.
If you have become a victim of a Safefex or similar crypto trading scam, it’s important to take immediate action to minimize further damage and increase the chances of recovering your losses. Here’s what you should do:
- Document the Events. Gather and safeguard all pertinent information, including emails, screenshots, transaction records, and any correspondence with the scammers. This documentation holds utmost importance for reporting the scam and seeking assistance.
- Contact Financial Institutions. If you conducted any payments or deposits through your credit card or bank account, promptly notify your financial institution. They might offer assistance in contesting transactions or initiating chargebacks.
- Seek Legal Advice. Consult with a legal professional who specializes in fraud or financial matters. They can provide advice on potential legal actions you can take to recover your funds.
- Inform the Authorities. Lodge an official report with your local law enforcement agency and relevant regulatory bodies within your country. Present them with the amassed evidence. This step instigates investigations and enhances awareness about the scam.
- Notify Cryptocurrency Exchanges. Should you have employed a cryptocurrency exchange for transactions linked to the scam, inform the exchange about the fraudulent activity. In certain cases, they could extend their assistance.
- Consult Legal Counsel. Seek counsel from a legal expert specialized in fraud or financial matters. They can provide guidance on potential legal avenues for recovering your funds.
- Immediately Halt Communication. Once you recognize that you have fallen victim to a scam, cease all communication with the scammers. Refrain from responding to their emails, messages, or phone calls.
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