Investigating Sayzex: Legit or Scam? The Truth Revealed

Recently, Sayzex.com site appeared, promoting itself as a place to store cryptocurrency and other assets safely. I managed to gather reliable evidence that unmistakably indicates it is, in fact, a scam service.

Despite the promises of the most convenient, reliable, and client-friendly service, Sayzex.com does not fulfill any of them. All this is just a gilded wrap around a dirty scam, which steals your money and data and never returns them. Any stories about bonuses, sponsorship from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Sayzex Scam Overview

Originally, Sayzex poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another highlighted marketing point for this platform is partnerships with celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look real, rascals employ deepfake videos where those celebrities promote the fraud 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 glaring wrap around a transparent scam.

Sayzex Scam

Initially, Sayzex shares the layout of many similar websites. There are quite a few examples, like Landunpro, Immediatevista or Baywes. They are entirely identical in terms of visual elements, with minor discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are unchanged. Presumably, all these scam sites are managed by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Sayzex Scam Works?

Sayzex is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous website designs, which still share the same 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 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 primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Utilizing bots and paid advertisements (when possible), fraud actors increase the visibility of their scam activities to potential victims. And as I said, crooks do not shy away using generative AI for creating videos with the aforementioned celebs that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who enrolls the service immediately.

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

Users get an incentive to register, enticed by the promise of receiving cryptocurrency rewards valued at hundreds of dollars, all without cost. To augment the attractiveness of the offer, false suggestions of sponsorship by a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After clicking the promotions, targets end up on a page filled with attractive offers. “Crypto starts with Sayzex”, “Your crypto savings are secured with Sayzex, “Start earning with Sayzex – they look rather authoritative. To heat up the interest and make the users proceed to step 3, fraudsters say that unlocking the promised bonus requires registration. And since nothing questionable happens at this point, uninformed users happily proceed – especially since 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, frauds will not be able to 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, deceivers bait folks into signing up to get bonuses. And all the personal data needed for it – email, username, crypto wallet address – are valuable for user identification. Solely by gathering this information and selling it further into the Darknet, fraudsters 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 crypto purchases, the user should top up the account with the sum of a bonus. And this is what starts the final step of the scam.

Step 4: Requesting funds

Eventually, any cryptocurrency purchases require having capital on your account. In the case of Sayzex, users are also compelled to top up to claim 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 pledged gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the credited funds and withdraw them.

This is where the issues start to surface. When comparing the real cryptocurrency 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 funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have 0 intentions to give your money back. Though to make the fraud look more realistic, they’ve elaborated a whole pack of reasons to decline the transfer-out request. Most of them repeat what KYC guidelines say, but for the Sayzex.com they are here only to make the withdrawal impossible.

By asking for your personal info, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are a dozen other checks you would desperately need to undergo before getting your money back. And every check will share 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 Sayzex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Sayzex 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%, Sayzex exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Sayzex as a scam.
• Dubious Corporate Information. Sayzex 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. Sayzex.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. Sayzex 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 Sayzex 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 specific files. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we earlier determined, these scoundrels have no intention of giving back your capital. So, what can these emails and browser add-ons represent? You guessed it right – that is another element of the deceptive plan designed to throw you into deliberately running harmful programs onto your computer.

Both plugins and attachments included to email messages can function as a carrier for various malware. In this case, I anticipate the presence of spyware and stealers among all forms of malware. While it is not mandatory for scammers to distribute malware, the probability is always above zero. As stated, their morality is of little concern, and their reputation is already seriously marred. They have no principles to lose and aim to maximize gains.

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