We Investigated Tosdex: Legit or Scam? The Facts

Recently, Tosdex.com website appeared, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather credible evidence that unmistakably confirms it is, in fact, a deceptive platform.

Regardless of the promises of the most user-friendly, dependable, and client-friendly service, Tosdex.com does not offer any of them. All this is just a gilded wrap around a dirty scam, which takes your money and data and never gives them back. Any stories about gifts, endorsement from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Tosdex Scam Overview

Originally, Tosdex poses as a crypto trading & cryptowallet service with exceptionally low commission fees. Another bright selling point for this site is partnerships with celebrities that are known in 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, frauds use AI-generated videos where those celebrities advertise the fake crypto service as the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

Tosdex Scam

Initially, Tosdex copies the appearance of multiple equivalent online platforms. There are quite a few examples, like Nesoxy, Exfinbit or Digitalcoin. They are completely identical in terms of graphic elements, with slight discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are unchanged. Presumably, all these scam online platforms are led by the same gang of scoundrels.

Cryptocurrency Scam Summary

How the Tosdex Scam Works?

Tosdex is a part of a large 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 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To begin the deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Employing bots and sponsored promotions (when possible), fraud actors increase the visibility of their scam activities to possible victims. And as I said, crooks do not disdain using generative AI for creating videos with the aforementioned celebs that promote 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 Tosdex in TikTok. Most of these videos are AI-generated deepfakes

Users receive a stimulus to register, drawn by the commitment of obtaining crypto rewards valued at thousands of dollars, all without cost. To enhance the attractiveness of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon clicking the promotions, targets end up on a page filled with attractive offers. “Crypto starts with Tosdex”, “Your crypto savings are secured with Tosdex, “Start earning with Tosdex – they look rather credible. To heat up users and make them proceed to step 3, crooks say that obtaining the pledged bonus requires registration. And as nothing suspicious happens at this point, unexperienced users happily move on – especially as the gift 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, frauds will not earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just mentioned, deceivers bait folks into signing up for bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Solely by gathering this info and selling it further into the Darknet, fraudsters 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 cryptocurrency purchases, the user should top up the account with the sum of a bonus. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Eventually, any cryptocurrency purchases require you to have capital on your account. With Tosdex, users are also compelled to top up to claim 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 promised gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the credited capital and withdraw them.

This is where the problems start to surface. When keeping an eye on the actual 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 swindlers are naught on intentions to send you money. But to make it look more legitimate, they’ve crafted a whole bunch of reasons to decline the wireout request. Most of them repeat what Know Your Client requirements say, but in this case they are here only to make the withdrawal impossible.

By asking for your personal information, deceivers just stall hoping for you to accept the loss 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 Tosdex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Tosdex 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%, Tosdex exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Tosdex as a scam.
• Dubious Corporate Information. Tosdex 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. Tosdex.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. Tosdex 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 Tosdex 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.

• Report to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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, rascals may contact you with particular files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we already figured out, these deceivers have no intention of returning your money. So, what can these email messages and browser extensions represent? Correct – that is another component of the scam designed to entice you into willingly installing destructive applications onto your computer.

Both extensions and files included to email messages can function as a carrier for diverse malware. In this scenario, I foresee the presence of spyware and stealers among all forms of threats. While it is not mandatory for scammers to distribute malware, the probability is always existent. As stated, their ethics is of negligible importance, and their dignity is already neck deep in mud. They have no scruples to lose and aim to maximize profits.

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