We Looked Into Trumpexchange: Scam or Trustworthy? The Verdict

Recently, Trumpexchange.com website popped up, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable proof that unmistakably indicates it is, in fact, a fraudulent platform.

Despite the promises of the most user-friendly, dependable, and customer-centric service, Trumpexchange.com does not fulfill any of them. All this is just a golden wrap around a dirty scam, which takes your funds and never gives them back. Any tales about bonuses, backing from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Trumpexchange Scam Overview

Originally, Trumpexchange poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another notable selling point for this site is backing from celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look more realistic, con actors use AI-generated videos with those celebs advertise the fake crypto service as if it was the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

Trumpexchange Scam

First and foremost, Trumpexchange repeats the layout of many similar online platforms. There are quite a few examples, like Tecolax, Skobdex or Bitwane. They are totally identical in terms of visual elements, with minor discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are unchanged. Probably, all these deceptive sites are operated by a single gang of frauds.

Cryptocurrency Scam Summary

How the Trumpexchange Scam Works?

Trumpexchange is a part of a extensive 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 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 generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Utilizing bots and sponsored ads (when possible), scam actors intensify the presence of their deceptive activities to potential victims. And as I said, scammers do not shy away using deepfake for creating videos with the aforementioned 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 Trumpexchange in TikTok. Most of these videos are AI-generated deepfakes

Users get an incentive to enroll, attracted by the commitment of getting crypto benefits valued at hundreds of dollars, all without cost. To enhance the appeal of the offer, false suggestions of sponsorship by a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After clicking the promos, targets end up on a page filled with attractive offers. “Crypto starts with Trumpexchange”, “Your crypto savings are secured with Trumpexchange, “Start earning with Trumpexchange – they look rather reliable. To heat up users and make them proceed to step 3, scammers say that getting the pledged bonus requires registration. And since nothing concerning happens at this point, unaware users happily move on – especially as the reward 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 sign up using your personal information, crooks 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, scammers bait folks for registration with bonuses. And all the personal info needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Solely 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 it at least usable for crypto purchases, you need to top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any crypto operations require having funds on your account. In the case of Trumpexchange, users are also coerced to top up to use 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 promised gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the transferred funds and withdraw them.

This is where the victim notices the issues. When keeping an eye on the actual crypto wallet vs what the site says, you can notice 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 scoundrels are naught on intentions to send you money. Though to make the denial look more legitimate, they’ve made up a whole bunch of reasons to decline the wireout request. Usually, they repeat what Know Your Client requirements say, but in this case they are here exclusively 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 grand back. And each of these checks will reveal more and more information, 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 Trumpexchange.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Trumpexchange 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. Trumpexchange.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. Trumpexchange 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. Trumpexchange.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%, Trumpexchange preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Trumpexchange as a scam.

What Should I do as a Victim?

If you had to deal with Trumpexchange 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 the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

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, scoundrels may reach out to you with particular files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we previously figured out, these rascals have no intent of restoring your capital. So, what do these emails and browser add-ons represent? Correct – this is another component of the scam designed to entice you into deliberately installing harmful software onto your device.

Both add-ons and attachments attached to email messages can serve as a shell for various malicious software. In this case, I anticipate the presence of spyware and stealers among all types of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always existent. As previously mentioned, their ethics is of little concern, and their dignity is already neck deep in mud. They have no scruples to give up and intend to boost profits.

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