Walletxcoin Reviewed: Legit or Total Ripoff? Read This First

Recently, Walletxcoin.com website appeared, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably reveals it is, actually, a scam service.

Regardless of the promises of the most easy, trustworthy, and client-friendly service, Walletxcoin.com does not follow any of them. All this is just a gilded wrap around a clear scam, which steals your funds and never gives them back. 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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Walletxcoin Scam Overview

Originally, Walletxcoin poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another bright selling point for this service is backing from celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, rascals employ deepfake videos where those celebrities promote the scam 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 glaring wrap around a transparent scam.

Walletxcoin Scam

Initially, Walletxcoin shares the layout of multiple equivalent online platforms. There are quite a few examples, like Verginox, Verexcoin or Misobit. They are entirely identical in terms of visual elements, with minor discrepancies in the webpage header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Probably, all these fraudulent online platforms are managed by the same group of scoundrels.

Cryptocurrency Scam Summary

How the Walletxcoin Scam Works?

Walletxcoin is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Rascals 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 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 begin the fraud, criminals set up and fill accounts on popular social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Employing bots and paid ads (when achievable), fraud actors boost the exposure of their scam activities to possible victims. And as I said, crooks do not disdain using deepfake for creating clips 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 Walletxcoin in TikTok. Most of these videos are AI-generated deepfakes

Users obtain a stimulus to sign up, enticed by the commitment of getting cryptocurrency rewards valued at thousands of dollars, all for free. To increase the appeal of the offer, fake suggestions of sponsorship by a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After following the promotions, users end up on a page filled with appealing offers. “Crypto starts with Walletxcoin”, “Your crypto savings are secured with Walletxcoin, “Start earning with Walletxcoin – they look rather credible. To heat up the interest and make the users proceed to step 3, fraudsters say that getting the pledged bonus requires registration. And since nothing suspicious happens at this point, unexperienced users happily move on – especially since the bonus appears to be right behind the corner.

At this point, 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 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 info needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Only by gathering this info 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 promised bonus right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the equivalent sum. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency purchases require you to have money on your account. In the case of Walletxcoin, users are also forced to top up to get 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 trading on this site hoping to use all the credited money and withdraw them.

This, however, is where the first obvious issues start to surface. When keeping an eye on the real cryptocurrency wallet vs what the site says, you can observe 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

Needless to say that swindlers are naught on intentions to give your money back. Though to make the fraud look more legitimate, they’ve developed a whole pack of reasons to decline the wireout request. Usually, they repeat what KYC regulations say, but for the Walletxcoin.com they are here exclusively 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 multiple other checks you should go through before getting your money back. And each of these checks will share more and more info of yours, which – you guessed it right – will be then traded 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 Walletxcoin.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Walletxcoin 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 duration of the scam, its actors may contact you with specific files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency savings. As we previously figured out, these deceivers have no plan of giving back your money. So, what do these email messages and browser add-ons represent? Correct – this is another element of the deceptive plan designed to throw you into willingly installing destructive software onto your device.

Both plugins and files included to emails can act as a carrier for various malware. In this case, I anticipate the presence of spyware and stealers among other types of malicious programs. While it is not mandatory for scammers to distribute malware, the likelihood is always significant. As previously mentioned, their ethics is of little concern, and their reputation is already deeply compromised. They have no scruples to lose and aim to maximize gains.

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Frequently asked questions

The truth about Walletxcoin

Name: Walletxcoin

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Walletxcoin, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Walletxcoin scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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