We Looked Into Tedwex: Scam or Trustworthy? The Verdict

Recently, Tedwex.com service surfaced, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather credible supporting information that unmistakably reveals it is, in fact, a scam site.

Regardless of the promises of the most easy, dependable, and customer-centric service, Tedwex.com does not fulfill any of them. In fact, all this is just a gilded wrap around a dirty scam, which takes your money and never gives them back. Any stories about gifts, endorsement from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Tedwex Scam Overview

Originally, Tedwex poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another notable marketing point for this platform is partnerships with celebrities that are known as crypto activists. 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 deepfake videos where those celebrities promote the fake crypto service as if it was the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a vivid wrap around an obvious scam.

Tedwex Scam

To begin with, Tedwex repeats the layout of multiple similar websites. There are quite a few examples, like Remrex, Geerny or Ecolorix. They are completely identical in terms of graphic elements, with minor discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Most likely, all these fraudulent sites are operated by a single gang of scammers.

Cryptocurrency Scam Summary

How the Tedwex Scam Works?

Tedwex is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use various 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 sophisticated 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 initiate the fraud, criminals create and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Employing bots and paid ads (when feasible), fraud actors intensify the visibility of their scam activities to possible victims. And as I said, fraudsters do not disdain using deepfake for creating clips with the mentioned celebrities that advertise 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 Tedwex in TikTok. Most of these videos are AI-generated deepfakes

Users obtain a stimulus to register, enticed by the commitment of obtaining cryptocurrency prizes valued at hundreds of dollars, all without cost. To increase the attractiveness of the offer, fake claims of sponsorship by a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the promotions, users end up on a page filled with appealing offers. “Crypto starts with Tedwex”, “Your crypto savings are secured with Tedwex, “Start earning with Tedwex – they look rather credible. To heat up the interest and make the users proceed to step 3, scammers say that claiming the promoted bonus requires registration. And as nothing suspicious happens at this point, unexperienced users happily move on – especially since the gift appears to be right behind the corner.

This is the last stage when it is possible to get away from the scam without any losses. Before you register using your personal info, rascals will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, deceivers bait folks into signing up to get bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Only by gathering this info and selling it further into the Darknet, swindlers 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, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Obviously, any cryptocurrency operations require having funds on your account. In the case of Tedwex, users are also compelled to top up to get the bonuses. And these top ups is what creates most 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 site hoping to use all the deposited funds and withdraw them.

This is where the first obvious issues start to surface. When keeping an eye on the real cryptocurrency wallet vs what the website says, you can notice 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 zero intentions to send you money. Though to make it look more legitimate, they’ve elaborated a whole bunch of reasons to decline the withdrawal request. Most of them repeat what KYC regulations say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for 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 funds back. And each of these checks will uncover more and more information, 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 Tedwex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Tedwex 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 masters may contact you with specific files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we previously determined, these rascals have no intent of giving back your capital. So, what can these messages and browser extensions represent? Correct – this is another component of the fraudulent scheme designed to throw you into deliberately installing harmful applications onto your system.

Both plugins and files included to email messages can serve as a carrier for diverse malicious code. In this situation, I anticipate the presence of spyware and stealers among other forms of threats. While it is not mandatory for scammers to distribute malware, the likelihood is always above zero. As stated, their conscience is of no concern, and their reputation is already seriously marred. They have no scruples to give up and intend to maximize revenues.

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