The Truth About Saxyn: Legit or Scam? Our Review

Recently, Saxyn.com site appeared, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather credible proof that unmistakably reveals it is, actually, a scam site.

Despite the promises of the most convenient, dependable, and client-friendly service, Saxyn.com does not follow any of them. In fact, all this is just a golden wrap around a blatant 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.

It is better to prevent, than repair and repent!

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Saxyn Scam Overview

Originally, Saxyn poses as a crypto trading & cryptowallet platform with exceptionally low commission fees. Another bright selling point for this service is partnerships with celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, rascals use AI-generated videos where those celebrities advertise the fake crypto service as the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

Saxyn Scam

To begin with, Saxyn repeats the design of multiple equivalent online platforms. There are quite a few examples, like Paebiru, Loulos or Frandex. They are completely indistinguishable in terms of visual elements, with small discrepancies in the site header. Other particulars, and at times even crypto wallet addresses, are matching. Probably, all these fraudulent online platforms are led by the same team of frauds.

Cryptocurrency Scam Summary

How the Saxyn Scam Works?

Saxyn is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use several 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 advanced psychological tricks that make the user believe in the authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To begin the fraud, criminals create and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Utilizing bots and sponsored promotions (when possible), scam actors increase the exposure of their deceptive activities to potential victims. And as I said, fraudsters do not disdain using generative AI for creating clips 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 Saxyn in TikTok. Most of these videos are AI-generated deepfakes

Users receive a stimulus to register, attracted by the commitment of getting crypto benefits valued at hundreds of dollars, all without cost. To increase the attractiveness of the offer, fake claims of cooperation with a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Upon clicking the promos, users end up on a page filled with attractive offers. “Crypto starts with Saxyn”, “Your crypto savings are secured with Saxyn, “Start earning with Saxyn – they look rather credible. To heat up users and make them proceed to step 3, fraudsters say that obtaining the pledged bonus requires registration. And as nothing concerning happens at this point, uninformed users happily keep on – especially as the gift 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 sign up using your personal info, 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 said, deceivers bait folks for registration with bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, the claimed bonus is not available for withdrawal right away. To make it at least usable for cryptocurrency purchases, you need to 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

It is obvious that any crypto purchases require having funds on your account. With Saxyn, users are also forced to top up to use the bonuses. And this is what creates the majority of the cash flow to this scam website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the credited funds and withdraw them.

This, however, is where the victim notices the issues. When comparing the real crypto wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to pull out the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers have no intentions to return your money. But to make the denial look more realistic, they’ve developed a whole bunch of reasons to decline the wireout request. Most of them repeat what Know Your Client guidelines say, but in this case they are here only to make the wireout impossible.

By asking for 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 multiple other checks you would desperately need to undergo before getting your grand back. And each of these checks will share more and more info of yours, 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 Saxyn.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Saxyn 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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 fraud, its actors may contact you with particular files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency funds. As we already figured out, these deceivers have no intention of returning your capital. So, what do these email messages and browser plugins represent? You guessed it right – this is another component of the fraudulent scheme designed to entice you into deliberately installing harmful programs onto your system.

Both extensions and files included to emails can function as a shell for different malware. In this case, I expect the presence of spyware and stealers among other forms of threats. While it is not mandatory for scammers to distribute malware, the chance is always greater than zero. As stated, their morality is of little concern, and their reputation is already neck deep in mud. They have no principles to lose and strive to boost profits.

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