The Sloxcoin Scam – What You Need To Know

Recently, Sloxcoin.com website surfaced, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather reliable proof that unmistakably confirms it is, in truth, a scam site.

Despite the promises of the most easy, dependable, and client-friendly service, Sloxcoin.com does not follow any of them. All this is just a gilded wrap around a blatant scam, which steals your money and data and never gives them back. Any stories about gifts, endorsement from celebrities etc are nowhere to be found as well.

Sloxcoin Scam Overview

Originally, Sloxcoin poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another bright marketing point for this platform 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, con actors use AI-generated videos with those celebs advertise the fake crypto service as if it was the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a vivid wrap around an obvious scam.

Sloxcoin Scam

Initially, Sloxcoin repeats the layout of many equivalent pages. There are quite a few examples, like Qwantbit, Fxsnetwork or Finolu. They are entirely identical in terms of graphic elements, with small discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are identical. Probably, all these fraudulent websites are operated by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Sloxcoin Scam Works?

Sloxcoin is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use several website designs, which still share the same 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 complex 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 begin the fraud, criminals establish and fill accounts on popular social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Employing bots and sponsored advertisements (when feasible), scam actors boost the exposure of their scam activities to possible victims. And as I said, crooks do not disdain using deepfake for creating videos with the mentioned celebs 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.

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

Users receive an encouragement to register, attracted by the assurance of getting cryptocurrency benefits valued at thousands of dollars, all without cost. To increase the appeal of the offer, false suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon following the promos, victims end up on a page filled with attractive offers. “Crypto starts with Sloxcoin”, “Your crypto savings are secured with Sloxcoin, “Start earning with Sloxcoin – they look rather authoritative. To heat up the interest and make the users proceed to step 3, crooks say that unlocking the promoted bonus requires registration. And since nothing questionable happens at this point, uninformed users happily move on – especially since the gift appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal info, swindrels 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 into registration for bonuses. And all the personal data needed for it – username, email, crypto wallet address – is valuable for user identification. Only by gathering this data and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make at least cryptocurrency purchases on the platform with it, the user should 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 operations require you to have capital on your account. In the case of Sloxcoin, users are also compelled to top up to get the bonuses. And this is what creates the majority of the cash flow to this fraudulent 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 transferred money and withdraw them.

This, however, is where the victim notices the issues. When comparing the real cryptocurrency wallet vs what the site says, you can spot 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

Needless to say that fraudsters have 0 intentions to return your money. But to make the denial look more realistic, they’ve made up a whole pack of reasons to decline the wireout request. Usually, they repeat what KYC regulations say, but in this case they are here only to make the withdrawal 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 multiple other checks you should go through before getting your money back. And each of these checks will reveal 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 Sloxcoin.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Sloxcoin 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 get in touch with you with specific files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto funds. As we previously figured out, these scammers have no intention of giving back your money. So, what can these email messages and browser plugins represent? You guessed it right – that is another component of the fraudulent scheme designed to throw you into deliberately running harmful applications onto your device.

Both add-ons and attachments attached to emails can act as a shell for various malicious code. In this case, I foresee the presence of spyware and stealers among other kinds of malicious programs. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As noted, their morality is of no concern, and their reputation is already deeply compromised. They have no scruples to lose and strive to maximize profits.

Frequently asked questions