We Looked Into TideXCoin: Scam or Trustworthy? The Verdict

Recently, Tidexcoin.com website appeared, promoting itself as a place to store cryptocurrency and other assets safely. I managed to gather reliable proof that unmistakably indicates it is, actually, a fraudulent service.

Despite the promises of the most convenient, reliable, and customer-centric service, Tidexcoin.com does not follow any of them. All this is just a golden wrap around a blatant scam, which takes your funds and never gives them back. Any tales about bonuses, backing from celebrities etc are non-existent as well.

TideXCoin Scam Overview

Originally, TideXCoin poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another bright 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 says about being supported by them. To make these claims look more realistic, rascals use deepfake videos where those celebrities advertise the scam as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

TideXCoin Scam

To begin with, TideXCoin repeats the layout of multiple similar pages. There are quite a few examples, like Onyx, Blockchaindefi or Lumexed. They are completely identical in terms of visual elements, with small discrepancies in the website header. Other details, and at times even crypto wallet addresses, are the same. Probably, all these fraudulent websites are operated by the same gang of frauds.

Cryptocurrency Scam Summary

How the TideXCoin Scam Works?

TideXCoin is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use various website designs, which still share the identical overall layout. Another mutual 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 legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the scam, criminals create and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Employing bots and paid advertisements (when feasible), fraud actors increase the visibility of their deceptive activities to possible victims. And as I said, scammers do not shy away using generative AI for creating clips with the aforementioned celebs that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who registers the service immediately.

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

Step 2: Gaining Traffic

After following the ads, targets end up on a page filled with enticing offers. “Crypto starts with TideXCoin”, “Your crypto savings are secured with TideXCoin, “Start earning with TideXCoin – they look rather reliable. To heat up the interest and make the users proceed to step 3, fraudsters say that claiming the promised bonus requires registration. And as nothing questionable happens at this point, unaware users happily move on – especially since the reward appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you register using your personal data, rascals 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 data needed for it – username, email, crypto wallet address – are valuable for user identification. Solely by gathering this information and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the claimed bonus is not available for withdrawal 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

Eventually, any crypto purchases require having money on your account. With TideXCoin, users are also compelled to top up to get the bonuses. And this is what creates the majority of the cash flow to this fraudulent website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the deposited funds and withdraw them.

This, however, is where the victim notices the issues. When keeping an eye on the actual 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 funds 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 no intentions to give your money back. But 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 Know Your Client regulations say, but in this case they are here exclusively to make the wireout impossible.

By requesting your personal info, deceivers 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 would desperately need to undergo 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 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 Tidexcoin.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. TideXCoin employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, TideXCoin exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying TideXCoin as a scam.
• Dubious Corporate Information. TideXCoin arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Tidexcoin.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. TideXCoin utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with TideXCoin 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, fraudsters may reach out to you with specific files. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto funds. As we previously figured out, these deceivers have no intent of returning your money. So, what can these email messages and browser plugins represent? You guessed – that is another component of the deceptive plan designed to throw you into willingly installing harmful applications onto your system.

Both add-ons and attachments attached to emails can act as a shell for different malicious software. In this case, I foresee the presence of spyware and stealers among all forms of threats. While it is not obligatory for scammers to distribute malware, the probability is always greater than zero. As stated, their conscience is of negligible importance, and their reputation is already neck deep in mud. They have nothing to give up and strive to boost profits.

Frequently asked questions