Is Veznex Legit or Another Scam? The Truth Revealed

Recently, Veznex.com service appeared, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather reliable supporting information that clearly reveals it is, in truth, a deceptive platform.

Despite the promises of the most easy, dependable, and customer-centric service, Veznex.com does not offer any of them. All this is just a golden wrap around a blatant scam, which takes your money and never gives them back. Any tales about bonuses, endorsement from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Veznex Scam Overview

Originally, Veznex poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another notable selling point for this site is backing from celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, frauds employ AI-generated videos where those celebrities advertise the scam as the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

Veznex Scam

Initially, Veznex repeats the layout of many equivalent websites. There are quite a few examples, like Tranzbix, Tradelly or Menwex. They are completely indistinguishable in terms of visual elements, with slight discrepancies in the site header. Other particulars, and at times even crypto wallet addresses, are unchanged. Presumably, all these scam sites are managed by a single team of scoundrels.

Cryptocurrency Scam Summary

How the Veznex Scam Works?

Veznex 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 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 advanced 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 initiate the fraud, criminals establish and fill accounts on popular social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Employing bots and paid advertisements (when achievable), fraud actors boost the presence of their scam activities to potential victims. And as I said, scammers do not disdain using deepfake for creating videos with the mentioned celebrities that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who registers the service immediately.

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

Users receive an incentive to enroll, attracted by the commitment of obtaining cryptocurrency benefits valued at thousands of dollars, all without cost. To enhance the attractiveness of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon following the promotions, victims end up on a page filled with attractive offers. “Crypto starts with Veznex”, “Your crypto savings are secured with Veznex, “Start earning with Veznex – they look rather reliable. To heat up the interest and make the users proceed to step 3, scammers say that obtaining the pledged bonus requires registration. And as nothing suspicious happens at this point, unaware users happily move on – especially as the bonus 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 information, rascals 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, frauds bait folks into registration for bonuses. And all the personal info needed for it – email, username, crypto wallet address – is valuable for user identification. Only 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, you cannot use the alleged bonus right away. To make it at least usable for cryptocurrency purchases, the user should 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

Eventually, any crypto purchases require having capital on your account. In the case of Veznex, users are also compelled to top up to use 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 website hoping to use all the credited money and withdraw them.

This is where the issues start to surface. When keeping an eye on the real crypto wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to pull out the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have zero intentions to return your money. But to make the denial look more legitimate, they’ve elaborated a whole pack of reasons to decline the wireout request. Usually, they repeat what Know Your Client guidelines say, but for the Veznex.com they are here only to make the withdrawal impossible.

By requesting your personal information, deceivers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen 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 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 Veznex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Veznex does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Veznex like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Veznex, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Veznex is a definite scam.

What Should I do as a Victim?

If you had to deal with Veznex 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 scam, its masters may contact you with specific documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we earlier determined, these deceivers have no intention of giving back your money. So, what do these email messages and browser plugins represent? Correct – that is another side of the deceptive plan designed to throw you into deliberately running malicious software onto your system.

Both extensions and files attached to emails can act as a shell for diverse malware. In this scenario, I foresee the presence of spyware and stealers among all kinds of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always significant. As stated, their ethics is of no concern, and their dignity is already neck deep in mud. They have no principles to lose and aim to maximize revenues.

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