Skyxcoin Review: Legit or Scam? Read This First

Recently, Skyxcoin.com service popped up, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather reliable supporting information that clearly confirms it is, actually, a deceptive service.

Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Skyxcoin.com does not follow any of them. All this is just a shiny wrap around a clear scam, which takes your money and never gives them back. Any stories about gifts, sponsorship from celebrities etc are absent as well.

Skyxcoin Scam Overview

Originally, Skyxcoin poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another notable marketing point for this site is partnerships with celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, rascals use 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 blatant wrap around a transparent scam.

Skyxcoin Scam

First and foremost, Skyxcoin shares the design of many equivalent online platforms. There are quite a few examples, like Gainglobopt, Primemaxtrades or Lenutex. They are totally indistinguishable in terms of graphic elements, with small discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are identical. Presumably, all these scam websites are led by a single group of frauds.

Cryptocurrency Scam Summary

How the Skyxcoin Scam Works?

Skyxcoin is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use various website designs, which still share the similar overall layout. Another shared 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 start the scam, criminals set up and fill accounts on well-liked social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Utilizing bots and sponsored promotions (when possible), fraud actors intensify the exposure of their scam activities to possible victims. And as I said, fraudsters do not shy away using generative AI for creating clips with the aforementioned celebs that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

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

Step 2: Gaining Traffic

After clicking the promotions, victims end up on a page filled with enticing offers. “Crypto starts with Skyxcoin”, “Your crypto savings are secured with Skyxcoin, “Start earning with Skyxcoin – they look rather credible. To heat up users and make them proceed to step 3, crooks say that obtaining the pledged bonus requires registration. And as nothing questionable happens at this point, unaware users happily keep on – 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 sign up using your personal info, swindrels will not 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 mentioned, frauds bait folks for registration with bonuses. And all the personal data needed for it – email, username, crypto wallet address – are valuable for user identification. Only 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, you cannot use the promised bonus right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the sum of a bonus. And this is what initiates the final stage of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency operations require having funds on your account. In the case of Skyxcoin, users are also compelled to top up to get 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 committed gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the transferred money and withdraw them.

This is where the victim notices the issues. When keeping an eye on the real crypto wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to retrieve the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have no intentions to send you money. Though to make it look more legitimate, they’ve crafted a whole pack of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client requirements say, but in this case they are here only to make the wireout impossible.

By asking for your personal info, scammers 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 reveal more and more info of yours, 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 Skyxcoin.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Skyxcoin.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. Skyxcoin 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. Skyxcoin 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. Skyxcoin 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%, Skyxcoin capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Skyxcoin.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Skyxcoin 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 timeline of the scam, its actors may reach out to you with specific documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto funds. As we earlier figured out, these deceivers have no plan of restoring your capital. So, what can these emails and browser extensions represent? Correct – this is another element of the deceptive plan designed to entice you into deliberately running harmful programs onto your computer.

Both extensions and files added to email messages can function as a shell for different malicious code. In this situation, I expect the presence of spyware and stealers among other kinds of malware. While it is not obligatory for scammers to distribute malware, the probability is always greater than zero. As noted, their morality is of negligible importance, and their reputation is already seriously marred. They have nothing to give up and strive to boost profits.

Frequently asked questions