Investigating Spacewam: Legit or Scam? The Truth Exposed

Recently, Spacewam.com site appeared, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather credible proof that unmistakably indicates it is, in fact, a scam site.

Despite the promises of the most user-friendly, trustworthy, and customer-centric service, Spacewam.com does not offer any of them. In fact, all this is just a shiny wrap around a blatant scam, which takes your money and data and never returns them. Any tales about gifts, endorsement from celebrities etc are nowhere to be found as well.

Spacewam Scam Overview

Originally, Spacewam poses as a crypto trading & cryptowallet platform with exceptionally low commission fees. Another notable marketing point for this site is partnerships with celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look real, frauds use deepfake 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 blatant wrap around a transparent scam.

Spacewam Scam

First and foremost, Spacewam shares the layout of many equivalent online platforms. There are quite a few examples, like Profluix, Bitmaner or Bitstray. They are completely indistinguishable in terms of visual elements, with minor discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Most likely, all these deceptive websites are managed by a single group of swindrels.

Cryptocurrency Scam Summary

How the Spacewam Scam Works?

Spacewam is a part of a extensive 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 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 complex 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 initiate the deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Using bots and paid advertisements (when achievable), scam actors increase the presence of their fraudulent activities to possible victims. And as I said, scammers do not disdain 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 registers the service immediately.

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

Users get an encouragement to enroll, enticed by the assurance of getting cryptocurrency prizes valued at hundreds of dollars, all for free. To enhance the appeal of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the promos, users end up on a page filled with enticing offers. “Crypto starts with Spacewam”, “Your crypto savings are secured with Spacewam, “Start earning with Spacewam – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that getting the promised bonus requires registration. And since nothing questionable happens at this point, uninformed users happily proceed – especially since the bonus 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 info, rascals 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, scammers bait folks into signing up for bonuses. And all the personal data needed for it – email, username, 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 claimed 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 begins.

Step 4: Requesting funds

It is obvious that any crypto operations require you to have funds on your account. In the case of Spacewam, users are also compelled to top up to get the bonuses. And this 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 site hoping to use all the credited money and withdraw them.

This is where the problems start to surface. When comparing the real crypto wallet vs what the site says, you can observe 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

There’s no need to explain that scoundrels have zero intentions to send you money. Though to make the denial look more realistic, they’ve made up a whole pack of reasons to decline the withdrawal request. Usually, they repeat what KYC regulations say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for your personal data, deceivers 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 would desperately need to undergo before getting your grand back. And every check will uncover more and more info of yours, which – you guessed it right – will be then traded 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 Spacewam.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Spacewam often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Spacewam.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Spacewam raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Spacewam.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Spacewam preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Spacewam as a scam.

What Should I do as a Victim?

If you had to deal with Spacewam 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 course of the scam, scoundrels may get in touch with you with specific documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency assets. As we earlier figured out, these scoundrels have no plan of restoring your money. So, what can these messages and browser plugins represent? You guessed it right – this is another side of the deceptive plan designed to entice you into willingly installing destructive applications onto your computer.

Both extensions and files attached to email messages can act as a shell for various malicious code. In this case, I foresee the presence of spyware and stealers among all types of malware. While it is not obligatory for scammers to distribute malware, the probability is always above zero. As noted, their conscience is of negligible importance, and their dignity is already deeply compromised. They have no principles to give up and strive to boost gains.

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