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

Recently, Saybex.com service surfaced, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather credible supporting information that clearly indicates it is, actually, a scam service.

Regardless of the promises of the most easy, reliable, and client-friendly service, Saybex.com does not offer any of them. All this is just a golden wrap around a dirty scam, which takes your money and never gives them back. Any stories about gifts, backing from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Saybex Scam Overview

Originally, Saybex poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another bright marketing point for this service 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 claims having significant support from them. To make these claims look more realistic, frauds employ AI-generated videos where those celebrities advertise the fake crypto service as if it was the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around an obvious scam.

Saybex Scam

First and foremost, Saybex repeats the layout of multiple equivalent pages. There are quite a few examples, like Sayzex, Landunpro or Immediatevista. They are completely undistinguishable in terms of visual elements, with slight discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are matching. Most likely, all these deceptive websites are led by the same gang of scoundrels.

Cryptocurrency Scam Summary

How the Saybex Scam Works?

Saybex is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use several website designs, which still share the similar 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 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 fraud, criminals set up and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Using bots and paid ads (when achievable), fraud actors increase the exposure of their deceptive activities to potential victims. And as I said, fraudsters do not shy away using deepfake for creating videos with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

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

Users obtain an incentive to sign up, drawn by the assurance of receiving cryptocurrency prizes valued at thousands of dollars, all without cost. To augment the appeal of the offer, false claims of sponsorship by a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

After clicking the promotions, targets end up on a page filled with attractive offers. “Crypto starts with Saybex”, “Your crypto savings are secured with Saybex, “Start earning with Saybex – they look rather reliable. To heat up the interest and make the users proceed to step 3, fraudsters say that claiming the promised bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily proceed – especially as the bonus appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you register using your personal data, frauds will not 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, scammers bait folks into registration to get 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, 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 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

Obviously, any crypto operations require having money on your account. With Saybex, users are also coerced to top up to claim the bonuses. And these top ups is what creates most of the cash 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 credited capital and withdraw them.

This, however, is where the victim notices the problems. 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 capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers are naught on intentions to give your money back. But to make it look more legitimate, they’ve developed a whole pack of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client requirements say, but for the Saybex.com they are here only to make the withdrawal 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 multiple other checks you should go through before getting your funds back. And every check will uncover more and more info of yours, which – you guessed it right – will be then marketed 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 Saybex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Saybex employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Saybex exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Saybex as a scam.
• Dubious Corporate Information. Saybex arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Saybex.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Saybex utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Saybex 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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, its actors may contact you with specific documents. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we earlier figured out, these rascals have no intent of returning your capital. So, what can these emails and browser add-ons represent? You guessed it right – that is another element of the fraudulent scheme designed to entice you into deliberately running malicious software onto your computer.

Both add-ons and attachments added to email messages can act as a shell for diverse malicious software. In this case, I expect the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the probability is always significant. As noted, their morality is of no concern, and their dignity is already severely tarnished. They have no scruples to give up and aim to boost profits.

Remove spyware with Gridinsoft Anti-Malware

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