Sosbex Review: Legit or Scam? Read This First

Recently, Sosbex.com site surfaced, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather reliable proof that unmistakably indicates it is, actually, a fraudulent platform.

Despite the promises of the most easy, trustworthy, and customer-centric service, Sosbex.com does not offer any of them. All this is just a shiny wrap around a blatant scam, which steals your money and data and never gives them back. Any tales about gifts, endorsement from celebrities etc are absent as well.

Sosbex Scam Overview

Originally, Sosbex poses as a crypto trading & cryptowallet service with exceptionally low commission fees. Another highlighted marketing point for this service is partnerships with celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look real, frauds use deepfake videos with those celebs advertise the fraud as the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a glaring wrap around an obvious scam.

Sosbex Scam

To begin with, Sosbex copies the appearance of numerous similar pages. There are quite a few examples, like Hupdex, Grembit or Coinhobo. They are totally indistinguishable in terms of graphic elements, with slight discrepancies in the webpage header. Other particulars, and sometimes even crypto wallet addresses, are identical. Presumably, all these deceptive online platforms are led by a single group of frauds.

Cryptocurrency Scam Summary

How the Sosbex Scam Works?

Sosbex is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use several website designs, which still share the identical 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 authenticity 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 mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Using bots and paid ads (when possible), scam actors boost the exposure of their deceptive activities to potential victims. And as I said, crooks do not disdain using deepfake for creating clips with the aforementioned 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 Sosbex 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 appealing offers. “Crypto starts with Sosbex”, “Your crypto savings are secured with Sosbex, “Start earning with Sosbex – they look rather credible. To heat up the interest and make the users proceed to step 3, fraudsters say that retrieving the promised bonus requires registration. And as nothing concerning happens at this point, unexperienced users happily move on – especially since the reward appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you register using your personal data, 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 said, frauds bait folks for registration with bonuses. And all the personal info needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Solely by gathering this info and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, the promised bonus is not available for withdrawal right away. To make it at least usable for cryptocurrency purchases, the user should 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 purchases require you to have capital on your account. In the case of Sosbex, users are also forced to top up to get the bonuses. And these top ups is what creates the majority of the cash flow to this scam site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the credited capital and withdraw them.

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

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that fraudsters have zero intentions to give your money back. But to make it look more realistic, they’ve elaborated a whole bunch of reasons to decline the transfer-out request. Most of them repeat what Know Your Client requirements say, but for the Sosbex.com they are here exclusively to make the withdrawal impossible.

By requesting your personal data, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your money back. And each of these checks will uncover 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 Sosbex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Sosbex 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 fraud, its actors may reach out to you with specific files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we previously determined, these scammers have no intention of returning your funds. So, what can these messages and browser add-ons represent? You guessed – this is another component of the deceptive plan designed to entice you into deliberately installing destructive programs onto your device.

Both extensions and files attached to emails can serve as a carrier for various malicious software. In this situation, I foresee the presence of spyware and stealers among other types of malware. While it is not obligatory for scammers to distribute malware, the chance is always greater than zero. As noted, their morality is of little concern, and their dignity is already seriously marred. They have no scruples to give up and intend to boost revenues.

Frequently asked questions