The Wedexy Scam – Don’t Become the Next Victim

Recently, Wedexy.com site appeared, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably indicates it is, in fact, a deceptive service.

Regardless of the promises of the most user-friendly, trustworthy, and customer-centric service, Wedexy.com does not offer any of them. In fact, all this is just a golden wrap around a blatant scam, which steals your money and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are absent as well.

Wedexy Scam Overview

Originally, Wedexy poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another notable selling point for this platform is backing from celebrities that have relation to 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 fraud as the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

Wedexy Scam

Initially, Wedexy copies the appearance of multiple similar websites. There are quite a few examples, like Whitedexx, Xeynex or Zondexy. They are entirely undistinguishable in terms of visual elements, with small discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are the same. Probably, all these fraudulent websites are operated by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Wedexy Scam Works?

Wedexy is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous website designs, which still share the identical 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 sophisticated 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 start the deceptive scheme, criminals create and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Using bots and sponsored ads (when possible), fraud actors intensify the visibility of their deceptive activities to potential victims. And as I said, fraudsters do not shy away using generative AI for creating videos with the aforementioned celebs that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users obtain a stimulus to sign up, attracted by the assurance of getting crypto benefits valued at hundreds of dollars, all without cost. To augment the attractiveness of the offer, false suggestions of sponsorship by a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon following the promos, targets end up on a page filled with appealing offers. “Crypto starts with Wedexy”, “Your crypto savings are secured with Wedexy, “Start earning with Wedexy – they look rather credible. To heat up users and make them proceed to step 3, crooks say that retrieving the pledged bonus requires registration. And since nothing concerning happens at this point, uninformed users happily proceed – especially as the reward appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you register using your personal information, swindrels will not be able to earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just mentioned, scammers bait folks for registration with bonuses. And all the personal data needed for it – username, email, crypto wallet address – are valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, crooks 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 crypto purchases, the user should top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Eventually, any cryptocurrency purchases require having capital on your account. With Wedexy, users are also forced to top up to claim the bonuses. And this is what creates the majority of the money flow to this scam site. 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 transferred capital and withdraw them.

This is where the first obvious issues start to surface. When comparing the real crypto wallet vs what the site 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 swindlers are naught on intentions to give your money back. But to make the fraud look more legitimate, they’ve made up a whole bunch of reasons to decline the wireout request. Usually, they repeat what Know Your Client requirements say, but in this case they are here only to make the withdrawal impossible.

By requesting your personal info, deceivers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your grand back. And every check will reveal 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 Wedexy.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Wedexy 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%, Wedexy exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Wedexy as a scam.
• Dubious Corporate Information. Wedexy 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. Wedexy.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. Wedexy 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 Wedexy 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 the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

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 timeline of the fraud, fraudsters may get in touch with you with specific files. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we already figured out, these deceivers have no intention of giving back your capital. So, what do these emails and browser add-ons represent? Correct – that is another element of the scam designed to entice you into willingly running harmful programs onto your system.

Both plugins and files added to email messages can function as a shell for diverse malware. In this scenario, I expect the presence of spyware and stealers among all forms of malware. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As noted, their ethics is of negligible importance, and their reputation is already neck deep in mud. They have no scruples to give up and intend to boost profits.

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