We Investigated Warestox: Legit or Scam? The Facts

Recently, Warestox.com site popped up, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather credible evidence that unmistakably indicates it is, actually, a fraudulent service.

Regardless of the promises of the most convenient, dependable, and customer-centric service, Warestox.com does not fulfill any of them. All this is just a shiny wrap around a dirty scam, which takes your funds and never gives them back. Any stories about bonuses, sponsorship from celebrities etc are non-existent as well.

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Warestox Scam Overview

Originally, Warestox poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another notable selling point for this site is backing from celebrities that are known as crypto activists. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, con actors employ deepfake videos with those celebs promote the fake crypto service as the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a vivid wrap around an obvious scam.

Warestox Scam

Initially, Warestox repeats the layout of multiple similar online platforms. There are quite a few examples, like Cryptcapex, Tallwincoin or Ecosminer. They are totally identical in terms of visual elements, with minor discrepancies in the site header. Other particulars, and at times even crypto wallet addresses, are the same. Most likely, all these fraudulent websites are managed by the same team of fraudsters.

Cryptocurrency Scam Summary

How the Warestox Scam Works?

Warestox is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous website designs, which still share the identical overall layout. Another common 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 legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Using bots and paid ads (when achievable), fraud actors intensify the visibility of their deceptive activities to potential victims. And as I said, fraudsters do not shy away using deepfake for creating videos with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

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

Users obtain an incentive to sign up, drawn by the assurance of receiving crypto rewards valued at thousands of dollars, all without cost. To increase the attractiveness of the offer, fake claims of sponsorship by a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon following the ads, users end up on a page filled with appealing offers. “Crypto starts with Warestox”, “Your crypto savings are secured with Warestox, “Start earning with Warestox – they look rather reliable. To heat up the interest and make the users proceed to step 3, fraudsters say that claiming the promised bonus requires registration. And as nothing questionable happens at this point, unexperienced users happily move on – especially since the gift 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 info, frauds 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, scammers bait folks for registration with bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Only by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.

As it turns out, the alleged bonus is not available for withdrawal right away. To make it at least usable for crypto purchases, you need to top up the account with the sum of a bonus. And this is what initiates the final stage of the scam.

Step 4: Requesting funds

It is obvious that any crypto operations require having funds on your account. With Warestox, users are also coerced to top up to claim the bonuses. And this 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 site hoping to use all the transferred capital and withdraw them.

This, however, is where the victim notices the problems. 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 scoundrels have no intentions to give your money back. Though to make the denial look more legitimate, they’ve developed a whole bunch of reasons to decline the withdrawal request. Most of them repeat what KYC requirements say, but for the Warestox.com they are here only to make the withdrawal impossible.

By asking for your personal information, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your money back. And each of these checks will reveal 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 Warestox.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Warestox 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%, Warestox exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Warestox as a scam.
• Dubious Corporate Information. Warestox 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. Warestox.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. Warestox 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 Warestox 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, scoundrels may get in touch with you with specific files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we already figured out, these scammers have no intent of giving back your capital. So, what do these email messages and browser add-ons represent? You guessed it right – this is another component of the deceptive plan designed to throw you into willingly installing harmful programs onto your system.

Both add-ons and attachments added to email messages can function as a carrier for various malicious software. In this situation, I anticipate the presence of spyware and stealers among other kinds of malware. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As stated, their conscience is of little concern, and their dignity is already severely tarnished. They have nothing to give up and aim to maximize revenues.

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Frequently asked questions

The truth about Warestox

Name: Warestox

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Warestox, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Warestox 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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