We Investigated UpGex: Legit or Scam? The Facts

Recently, Upgex.com site appeared, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather reliable proof that clearly indicates it is, actually, a fraudulent platform.

Despite the promises of the most convenient, dependable, and client-friendly service, Upgex.com does not offer any of them. In fact, all this is just a golden wrap around a blatant scam, which steals your funds and never returns them. 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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UpGex Scam Overview

Originally, UpGex poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another notable selling point for this service is partnerships with celebrities that have relation to the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, frauds use deepfake videos where those celebrities advertise the fraud as 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 blatant wrap around a transparent scam.

UpGex Scam

First and foremost, UpGex copies the appearance of numerous equivalent pages. There are quite a few examples, like Lafme, Trustvex or Luxerybit. They are entirely undistinguishable in terms of graphic elements, with minor discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are unchanged. Presumably, all these scam online platforms are operated by a single group of scoundrels.

Cryptocurrency Scam Summary

How the UpGex Scam Works?

UpGex is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use several website designs, which still share the similar 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 begin the deceptive scheme, criminals set up and fill accounts on popular social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Using bots and sponsored advertisements (when achievable), fraud actors boost the visibility of their deceptive activities to possible victims. And as I said, scammers do not shy away using generative AI for creating videos with the mentioned celebs that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

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

Users get an encouragement to enroll, enticed by the promise of getting cryptocurrency benefits valued at thousands of dollars, all without cost. To increase the attractiveness of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon following the ads, victims end up on a page filled with attractive offers. “Crypto starts with UpGex”, “Your crypto savings are secured with UpGex, “Start earning with UpGex – they look rather authoritative. 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, unexperienced users happily proceed – especially since the reward appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal info, frauds 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 into registration for bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, the alleged bonus is not available for withdrawal right away. To make it at least usable for cryptocurrency purchases, you need to 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 operations require you to have money on your account. With UpGex, users are also forced to top up to claim the bonuses. And these top ups is what creates the majority of the cash flow to this scam site. 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 transferred funds and withdraw them.

This is where the victim notices the problems. When keeping an eye on the real cryptocurrency wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw the money 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 return your money. But to make the denial look more realistic, they’ve made up a whole pack of reasons to decline the wireout request. Usually, they repeat what Know Your Client guidelines say, but in this case they are here exclusively to make the withdrawal impossible.

By requesting your personal info, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your grand back. And each of these checks will uncover more and more information, 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 Upgex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Upgex.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. UpGex 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. UpGex 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. UpGex 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%, UpGex capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Upgex.com as a definite scam.

What Should I do as a Victim?

If you had to deal with UpGex 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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 masters may reach out to you with particular documents. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency savings. As we previously figured out, these deceivers have no intent of restoring your money. So, what do these email messages and browser plugins represent? Correct – this is another element of the deceptive plan designed to throw you into willingly installing destructive software onto your device.

Both extensions and files added to email messages can serve as a shell for different malicious software. In this situation, I expect the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the likelihood is always greater than zero. As previously mentioned, their conscience is of negligible importance, and their dignity is already deeply compromised. They have no principles to give up and aim to boost gains.

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