Tegwex Reviewed: Legit or Total Ripoff? Read This First

Recently, Tegwex.com site popped up, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably confirms it is, actually, a scam service.

Despite the promises of the most easy, dependable, and client-friendly service, Tegwex.com does not offer any of them. In fact, all this is just a gilded wrap around a blatant scam, which takes your funds and never returns them. Any tales about gifts, endorsement from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Tegwex Scam Overview

Originally, Tegwex poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another bright 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, frauds use deepfake videos with those celebs promote the fake crypto service as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around a transparent scam.

Tegwex Scam

First and foremost, Tegwex shares the layout of multiple similar websites. There are quite a few examples, like Synaop, Spoxdex or Sanoxbit. They are completely identical in terms of graphic elements, with slight discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are matching. Presumably, all these scam online platforms are managed by a single gang of swindrels.

Cryptocurrency Scam Summary

How the Tegwex Scam Works?

Tegwex is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use several website designs, which still share the identical 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 begin the fraud, criminals set up and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Utilizing bots and sponsored ads (when feasible), scam actors boost the exposure of their deceptive activities to potential victims. And as I said, fraudsters do not shy away using deepfake for creating videos with the mentioned celebs that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who registers the service immediately.

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

Users receive an incentive to register, enticed by the promise of obtaining cryptocurrency benefits valued at hundreds of dollars, all without cost. To enhance the attractiveness of the offer, fake claims of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon following the ads, targets end up on a page filled with attractive offers. “Crypto starts with Tegwex”, “Your crypto savings are secured with Tegwex, “Start earning with Tegwex – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that unlocking the promised bonus requires registration. And as nothing concerning happens at this point, unaware users happily proceed – especially since the gift appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you register using your personal data, 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, deceivers bait folks into registration for bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the claimed bonus is not available to use right away. To make it at least usable for crypto 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 operations require having capital on your account. With Tegwex, users are also coerced to top up to claim the bonuses. And this is what creates most of the money 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 engaging on this website hoping to use all the credited capital and withdraw them.

This, however, is where the victim notices the issues. When comparing 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 retrieve the capital 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 are naught on intentions to give your money back. But to make the denial look more realistic, they’ve crafted a whole bunch of reasons to decline the withdrawal request. Usually, they repeat what KYC regulations say, but in this case they are here only to make the wireout impossible.

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

• Cryptocurrency-Only Transactions. Tegwex.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Tegwex arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Tegwex resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Tegwex employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Tegwex capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Tegwex.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Tegwex 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 fraud, scoundrels may contact you with specific files. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we already figured out, these scoundrels have no intent of returning 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 installing destructive software onto your device.

Both plugins and files added to emails can act as a shell for diverse malicious software. In this situation, I foresee the presence of spyware and stealers among other forms of malware. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As noted, their morality is of no concern, and their dignity is already deeply compromised. They have no principles to lose and intend to boost gains.

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