We Investigated Spacewum: Legit or Scam? The Facts

Recently, Spacewum.com service surfaced, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather credible proof that clearly reveals it is, actually, a scam site.

Despite what Spacewum site says, they won’t ever refund your funds. Even though the figures displayed in the “member area”, there is absolutely no way to retrieve even a cent. All commitments regarding crypto bonuses are baseless as well.

Spacewum Scam Overview

The key offering that Spacewum strives to provide is a safe and user-friendly crypto wallet service. The website pledges exchange services, tools for managing wallets, transfers, dashboards, and similar stuff. In reality, they aim to emulate the functionality of a crypto exchange, akin to Binance or Coinbase. However, it in actuality solely serves as a shell needed to lull the vigilance.

Spacewum Scam

First and foremost, Spacewum mimics the design of multiple equivalent websites. There are quite a few examples, like Sunspacex, Tradexbtc or Loonabitex. They are entirely identical in terms of graphic elements, with small discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are the same. Presumably, all these fraudulent websites are managed by a single group of scoundrels.

Cryptocurrency Scam Summary

How the Spacewum Scam Works?

Spacewum is yet another webpage within a vast network of associated crypto scam platforms. The administrators employ different brand names and websites, like Spacewum.com, to trap victims. However, these fraudulent sites possess identical designs, terms of service, and About information. This unveils their origins as parts of the equal scam network, which advocates the same form of fraud under diverse covers. The scammers merely duplicate the same fraudulent website under diverse names to fool users into believing they are joining a new opportunity. However, in reality, it’s the identical group of swindlers orchestrating the misleading commitments and attempts to take deposited money. The managers shrewdly make use of psychological maneuvers and captivating propositions to carry out their deceitful plots.

Step 1: Spreading

To start the scam, criminals create and fill accounts on well-liked social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Utilizing bots and sponsored advertisements (when achievable), scam actors boost the presence of their fraudulent activities to potential victims. This strategy permits them to cast a wide net and interact with their targeted viewers. This public commonly comprises of cryptocurrency enthusiastic individuals seeking opportunities to generate profits.

Users obtain an encouragement to enroll, attracted by the commitment of getting crypto rewards valued at thousands of dollars, all for free. To augment the attractiveness of the offer, false suggestions of cooperation with a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

People who express interest go to Spacewum.com via links included in ads or bot-generated posts. The webpage uses captivating visuals, design features that appear genuine, and claims of holding a legitimate license, all intended to present an initial impression of credibility.

Step 3: Data Gathering

To claim their benefits, users need to actively sign up on Spacewum and get instructions to submit sensitive and personal information during the enrollment procedure. This includes linking their cryptocurrency wallets, providing email addresses, specifying phone numbers, furnishing identification papers, and more.

Step 4: Requesting funds

Once signed up, users notice considerable amounts of cryptocurrency, valued at hundreds of dollars, within their Spacewum wallets. However, as is common with such bonuses, you cannot withdraw them before making a deposit. Usually, a deposit of $100 is required to withdraw the sign-up bonus. This stipulation serves as the snare that ultimately results to the money loss.

Step 5: Disappear

The instant the deposit is submitted, the fraudsters halt all contact. They proceed to block users, delete accounts, and abscond with both the transferred capital and essential personal information. The phony rewards remain perpetually uncredited, as they lack actual existence. They act solely as a deceptive ploy. This technique forms the foundation for the scammers’ ability to trick victims and steal hard-earned funds through their deceptive online crypto scheme.

Signs of Scam

I gathered several facts that point at the scammy nature of the Spacewum.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Spacewum 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 scam, fraudsters may reach out to you with particular files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we earlier figured out, these scammers have no intention of restoring your funds. So, what can these messages and browser plugins represent? You guessed it right – that is another element of the deceptive plan designed to entice you into deliberately installing harmful programs onto your system.

Both extensions and files attached to emails can function as a shell for different malware. In this scenario, I anticipate the presence of spyware and stealers among other kinds of malware. While it is not obligatory for scammers to distribute malware, the likelihood is always above zero. As stated, their ethics is of little concern, and their reputation is already deeply compromised. They have no scruples to lose and strive to boost revenues.

Frequently asked questions