The Vexbix Scam – Don’t Become the Next Victim

Recently, Vexbix.com site appeared, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather reliable proof that unmistakably confirms it is, in truth, a deceptive service.

Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Vexbix.com does not fulfill any of them. In fact, all this is just a golden wrap around a blatant scam, which takes your funds and never gives them back. Any tales about gifts, backing from celebrities etc are non-existent as well.

Vexbix Scam Overview

Originally, Vexbix poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another highlighted selling point for this service is backing from celebrities that are known as crypto activists. 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 employ AI-generated videos with those celebs promote the fraud as if it was the best thing in the world. Obviously, 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.

Vexbix Scam

Initially, Vexbix copies the design of multiple similar websites. There are quite a few examples, like Xmasbit, Volarpro or Vocarex. They are entirely undistinguishable in terms of graphic elements, with small discrepancies in the website header. Other details, and at times even crypto wallet addresses, are unchanged. Most likely, all these scam websites are operated by a single gang of scammers.

Cryptocurrency Scam Summary

How the Vexbix Scam Works?

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

Step 1: Promotion

To start the fraud, criminals create and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Using bots and paid advertisements (when possible), fraud actors increase the visibility of their scam activities to possible victims. And as I said, fraudsters do not shy away using generative AI for creating videos with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

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

Users obtain a stimulus to enroll, enticed by the commitment of receiving cryptocurrency rewards valued at hundreds of dollars, all without cost. To increase the appeal of the offer, false suggestions of sponsorship by a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

After clicking the promos, victims end up on a page filled with attractive offers. “Crypto starts with Vexbix”, “Your crypto savings are secured with Vexbix, “Start earning with Vexbix – they look rather reliable. To heat up the interest and make the users proceed to step 3, fraudsters say that claiming the promoted bonus requires registration. And since nothing concerning happens at this point, uninformed users happily proceed – 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 data, crooks will not be able to 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 mentioned, frauds bait folks for registration with bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Solely 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 alleged bonus is not available to use 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

It is obvious that any crypto purchases require having money on your account. With Vexbix, users are also compelled to top up to get the bonuses. And these top ups is what creates the majority 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 trading on this site hoping to use all the transferred capital and withdraw them.

This, however, is where the victim notices the problems. When comparing the real crypto wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to retrieve the capital 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 have no intentions to give your money back. But to make the fraud look more legitimate, they’ve made up a whole pack 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 info, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your money back. And every check will reveal more and more info of yours, 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 Vexbix.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Vexbix 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 course of the fraud, its masters may contact you with particular files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we previously determined, these scammers have no intent of giving back your capital. So, what can these messages and browser add-ons represent? You guessed it right – this is another side of the scam designed to throw you into willingly running malicious programs onto your device.

Both add-ons and files added to emails can serve as a carrier for different malware. In this situation, I expect the presence of spyware and stealers among other kinds of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always existent. As noted, their morality is of little concern, and their dignity is already severely tarnished. They have nothing to give up and aim to maximize gains.

Frequently asked questions