The Truth About Tradexton: Legit or Scam? Our Review

Recently, Tradexton.com site surfaced, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather credible supporting information that clearly indicates it is, actually, a fraudulent platform.

Despite the promises of the most easy, trustworthy, and client-friendly service, Tradexton.com does not fulfill any of them. All this is just a gilded wrap around a dirty scam, which takes your money and never gives them back. Any tales about bonuses, endorsement from celebrities etc are non-existent as well.

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Tradexton Scam Overview

Originally, Tradexton poses as a crypto trading & cryptowallet service with exceptionally low commission fees. Another highlighted selling point for this platform 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 AI-generated videos where those celebrities advertise the fraud as if it was 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.

Tradexton Scam

Initially, Tradexton repeats the layout of numerous similar pages. There are quite a few examples, like Btcmal, Sluwex or Bidmux. They are entirely identical in terms of graphic elements, with minor discrepancies in the website header. Other details, and sometimes even crypto wallet addresses, are matching. Most likely, all these scam online platforms are operated by a single team of fraudsters.

Cryptocurrency Scam Summary

How the Tradexton Scam Works?

Tradexton is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous 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 sophisticated psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.

Step 1: Promotion

To start the deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Employing bots and sponsored ads (when feasible), scam actors boost the visibility of their scam activities to possible victims. And as I said, crooks do not disdain using generative AI for creating clips with the mentioned celebs that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who joins the service immediately.

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

Users get an incentive to register, enticed by the promise of getting crypto benefits valued at hundreds of dollars, all without cost. To augment the appeal of the offer, fake claims of cooperation with a celebrity are added. 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 enticing offers. “Crypto starts with Tradexton”, “Your crypto savings are secured with Tradexton, “Start earning with Tradexton – they look rather authoritative. To heat up users and make them proceed to step 3, crooks say that obtaining the promoted bonus requires registration. And since nothing concerning happens at this point, uninformed users happily keep 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 information, crooks 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, crypto wallet address – are valuable for user identification. Only by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make at least crypto purchases on the platform with it, you need to top up the account with the sum of a bonus. And this is what starts the final step of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency operations require you to have money on your account. With Tradexton, users are also coerced to top up to claim the bonuses. And these top ups is what creates the majority of the money flow to this fraudulent site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the deposited money and withdraw them.

This is where the issues start to surface. When comparing the real cryptocurrency wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to withdraw the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers are naught on intentions to send you money. Though to make the fraud look more realistic, they’ve crafted a whole bunch of reasons to decline the withdrawal request. Most of them repeat what Know Your Client requirements say, but for the Tradexton.com they are here only to make the wireout impossible.

By asking for your personal information, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your money back. And each of these checks will share 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 Tradexton.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Tradexton often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Tradexton.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Tradexton raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Tradexton.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Tradexton preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Tradexton as a scam.

What Should I do as a Victim?

If you had to deal with Tradexton 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 fraud, its actors may contact you with particular files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we earlier determined, these rascals have no intention of restoring your money. So, what can these emails and browser extensions represent? You guessed – that is another element of the fraudulent scheme designed to throw you into willingly installing harmful applications onto your device.

Both plugins and attachments attached to emails can serve as a shell for diverse malicious code. In this scenario, I foresee the presence of spyware and stealers among other kinds of threats. While it is not mandatory for scammers to distribute malware, the chance is always greater than zero. As stated, their morality is of negligible importance, and their reputation is already seriously marred. They have nothing to lose and strive to boost revenues.

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