We Looked at the Evidence: Is Wadeu Legit or Scam?

Recently, Wadeu.com website surfaced, promoting itself as a place to store cryptocurrency and other assets safely. I managed to gather reliable evidence that clearly indicates it is, in fact, a deceptive service.

Despite the promises of the most convenient, dependable, and client-friendly service, Wadeu.com does not fulfill any of them. All this is just a shiny wrap around a clear scam, which steals your money and never gives them back. Any tales about gifts, endorsement from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Wadeu Scam Overview

Originally, Wadeu poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another bright selling point for this service is partnerships with celebrities that are known in the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look real, con actors use deepfake videos with those celebs advertise the scam 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 mentioned above, all this is just a glaring wrap around an obvious scam.

Wadeu Scam

Initially, Wadeu repeats the appearance of many similar online platforms. There are quite a few examples, like Netolax, Locerax or Greenbit. They are entirely identical in terms of graphic elements, with slight discrepancies in the site header. Other details, and sometimes even crypto wallet addresses, are unchanged. Most likely, all these deceptive sites are managed by a single team of scammers.

Cryptocurrency Scam Summary

How the Wadeu Scam Works?

Wadeu is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Swindlers 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To start the scam, criminals create and fill accounts on popular social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Using bots and paid promotions (when feasible), fraud actors intensify 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 celebs that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who enrolls the service immediately.

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

Users obtain a stimulus to register, attracted by the commitment of obtaining crypto rewards valued at hundreds of dollars, all free of charge. To increase the attractiveness of the offer, false suggestions of cooperation with a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After clicking the promotions, targets end up on a page filled with attractive offers. “Crypto starts with Wadeu”, “Your crypto savings are secured with Wadeu, “Start earning with Wadeu – they look rather credible. To heat up users and make them proceed to step 3, crooks say that unlocking the promised bonus requires registration. And since nothing suspicious happens at this point, uninformed users happily keep on – especially as the bonus 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 information, swindrels 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, scammers bait folks for registration with bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Only by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the claimed 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. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Eventually, any cryptocurrency operations require you to have money on your account. With Wadeu, users are also coerced to top up to use the bonuses. And this is what creates the majority of the money flow to this fraudulent website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the deposited capital and withdraw them.

This, however, is where the victim notices the problems. When comparing the real cryptocurrency wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to retrieve the money 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 it look more legitimate, they’ve made up a whole bunch of reasons to decline the transfer-out request. Most of them repeat what Know Your Client requirements say, but in this case they are here only to make the wireout 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 money back. And every check 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 Wadeu.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Wadeu employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Wadeu exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Wadeu as a scam.
• Dubious Corporate Information. Wadeu arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Wadeu.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Wadeu utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Wadeu 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, rascals may contact you with specific files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we earlier figured out, these rascals have no intent of restoring your money. So, what can these email messages and browser add-ons represent? Correct – this is another component of the scam designed to entice you into willingly running malicious software onto your device.

Both plugins and files included to emails can serve as a carrier for different malicious code. In this situation, I anticipate the presence of spyware and stealers among all forms of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always greater than zero. As noted, their conscience is of negligible importance, and their reputation is already deeply compromised. They have no principles to lose and intend to maximize revenues.

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