We Looked Into Wazanex: Scam or Trustworthy? The Verdict

Recently, Wazanex.com website surfaced, promoting itself as a platform where you can safely keep cryptocurrency and other assets. I managed to gather credible proof that unmistakably indicates it is, actually, a scam service.

Despite the promises of the most user-friendly, dependable, and client-friendly service, Wazanex.com does not follow any of them. All this is just a shiny wrap around a clear scam, which steals your funds and never returns them. Any tales about bonuses, backing from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

When we talk about the intrusion of unfamiliar programs into your computer’s work, the proverb “Forewarned is forearmed” describes the situation as accurately as possible. Gridinsoft Anti-Malware is exactly the tool that is always useful to have in your armory: fast, efficient, up-to-date. It is appropriate to use it as an emergency help at the slightest suspicion of infection.

DOWNLOAD NOW

Gridinsoft Anti-Malware 6-day trial available.
EULA | Privacy Policy | 10% Off Coupon

Subscribe to our Telegram channel to be the first to know about news and our exclusive materials on information security.

Wazanex Scam Overview

Originally, Wazanex poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another bright marketing 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, frauds use AI-generated videos where those celebrities advertise the scam as if it was the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

Wazanex Scam

Initially, Wazanex shares the layout of many equivalent websites. There are quite a few examples, like Lecolax, Lamynex or Lamwex. They are entirely undistinguishable in terms of visual elements, with minor discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are unchanged. Probably, all these fraudulent online platforms are managed by a single gang of fraudsters.

Cryptocurrency Scam Summary

How the Wazanex Scam Works?

Wazanex is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use various website designs, which still share the same 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 scam, criminals create and fill accounts on well-liked social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and sponsored ads (when achievable), scam actors increase the exposure of their scam activities to possible victims. And as I said, crooks do not shy away using generative AI 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 enrolls the service immediately.

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

Users obtain a stimulus to register, enticed by the assurance of obtaining crypto rewards valued at thousands of dollars, all without cost. To augment the attractiveness of the offer, false claims of cooperation with a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon following the ads, victims end up on a page filled with appealing offers. “Crypto starts with Wazanex”, “Your crypto savings are secured with Wazanex, “Start earning with Wazanex – they look rather authoritative. To heat up users and make them proceed to step 3, scammers say that obtaining the promised bonus requires registration. And since nothing suspicious happens at this point, unaware users happily move on – especially as the gift appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you sign up using your personal data, swindrels will not 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 said, frauds bait folks into registration to get bonuses. And all the personal information needed for it – username, email, 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, the promised bonus is not available to use right away. To make at least cryptocurrency purchases on the platform with it, you need to top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Eventually, any crypto purchases require having money on your account. In the case of Wazanex, users are also compelled to top up to claim the bonuses. And these top ups is what creates the majority of the cash flow to this scam site. 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 deposited capital and withdraw them.

This is where the first obvious problems start to surface. When keeping an eye on the real crypto wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to withdraw the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have 0 intentions to return your money. Though to make the denial look more legitimate, they’ve elaborated a whole bunch of reasons to decline the transfer-out request. Most of them repeat what Know Your Client regulations say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal data, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your funds back. And every check 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 Wazanex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Wazanex 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 Wazanex 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 Wazanex, 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 Wazanex is a definite scam.

What Should I do as a Victim?

If you had to deal with Wazanex 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.

• Report to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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, fraudsters may reach out to you with particular documents. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency savings. As we earlier determined, these deceivers have no intent of restoring your money. So, what do these messages and browser extensions represent? You guessed it right – this is another side of the deceptive plan designed to throw you into deliberately running malicious programs onto your system.

Both add-ons and files attached to email messages can function as a shell for various malicious code. In this case, I expect the presence of spyware and stealers among all kinds of malware. While it is not obligatory for scammers to distribute malware, the chance is always greater than zero. As noted, their conscience is of little concern, and their reputation is already deeply compromised. They have no scruples to give up and intend to maximize revenues.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

To use Gridinsoft for remove malicious threats, follow the steps below:

1. Begin by downloading Gridinsoft Anti-Malware, accessible via the blue button below or directly from the official website gridinsoft.com.

2.Once the Gridinsoft setup file (setup-gridinsoft-fix.exe) is downloaded, execute it by clicking on the file.

3.Follow the installation setup wizard's instructions diligently.

4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.

Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.

5. Upon completion, Anti-Malware will present a detailed report containing all the detected malicious items and threats on your PC.

6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.

8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.

Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.

Frequently asked questions