The Vefyx Scam – What You Need To Know

Recently, Vefyx.com website appeared, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather reliable proof that unmistakably indicates it is, in truth, a fraudulent service.

Regardless of the promises of the most user-friendly, trustworthy, and client-friendly service, Vefyx.com does not follow any of them. All this is just a shiny wrap around a blatant scam, which steals your money and never returns them. Any stories about bonuses, endorsement from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Vefyx Scam Overview

Originally, Vefyx poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another highlighted marketing point for this service is partnerships with 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 real, frauds employ AI-generated videos where those celebrities advertise the fraud as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

Vefyx Scam

Initially, Vefyx copies the appearance of many similar online platforms. There are quite a few examples, like Us, Togedex or Jutab. They are entirely identical in terms of visual elements, with slight discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are matching. Presumably, all these fraudulent online platforms are managed by the same gang of scammers.

Cryptocurrency Scam Summary

How the Vefyx Scam Works?

Vefyx is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use numerous 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To begin the scam, criminals create and fill accounts on popular social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Employing bots and paid advertisements (when feasible), fraud actors boost the visibility of their deceptive activities to possible victims. And as I said, crooks do not shy away using generative AI for creating clips with the aforementioned celebrities 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 Vefyx in TikTok. Most of these videos are AI-generated deepfakes

Users obtain an incentive to sign up, attracted by the assurance of receiving crypto rewards valued at thousands of dollars, all free of charge. To enhance the appeal of the offer, fake claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon following the ads, targets end up on a page filled with attractive offers. “Crypto starts with Vefyx”, “Your crypto savings are secured with Vefyx, “Start earning with Vefyx – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that claiming the promoted bonus requires registration. And since nothing concerning happens at this point, unaware users happily proceed – especially since the gift 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 register using your personal data, rascals 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 said, deceivers bait folks for registration with bonuses. And all the personal info needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Still, 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 equivalent sum. And this is what initiates the final stage of the scam.

Step 4: Requesting funds

It is obvious that any crypto purchases require having funds on your account. With Vefyx, 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 scam website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the credited funds and withdraw them.

This, however, is where the problems start to surface. When comparing the actual crypto wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out 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 scoundrels have zero intentions to give your money back. But to make it look more realistic, they’ve made up a whole pack of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client guidelines say, but for the Vefyx.com they are here only to make the withdrawal impossible.

By asking for your personal data, scammers 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 grand back. And each of these checks will reveal more and more info of yours, 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 Vefyx.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Vefyx 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 course of the scam, fraudsters may contact you with particular files. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we already determined, these scammers have no plan of returning your capital. So, what do these email messages and browser add-ons represent? Correct – that is another side of the fraudulent scheme designed to throw you into willingly installing harmful applications onto your computer.

Both plugins and files attached to emails can act as a carrier for diverse malware. In this situation, I foresee the presence of spyware and stealers among all forms of malware. While it is not obligatory for scammers to distribute malware, the probability is always greater than zero. As noted, their conscience is of no concern, and their reputation is already deeply compromised. They have no principles to lose and intend to maximize revenues.

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