We Investigated Wefnam: Legit or Scam? The Facts

Recently, Wefnam.com service popped up, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather reliable proof that unmistakably indicates it is, actually, a deceptive platform.

Despite the promises of the most convenient, reliable, and client-friendly service, Wefnam.com does not offer any of them. In fact, all this is just a gilded wrap around a clear scam, which steals your money and data 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!

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Wefnam Scam Overview

Originally, Wefnam poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another notable selling point for this platform is partnerships with 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 employ deepfake videos where those celebrities promote the scam as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

Wefnam Scam

First and foremost, Wefnam shares the design of numerous similar online platforms. There are quite a few examples, like Zandonex, Xenerax or Ecoinix. They are entirely identical in terms of visual elements, with slight discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are the same. Most likely, all these fraudulent online platforms are operated by a single group of scammers.

Cryptocurrency Scam Summary

How the Wefnam Scam Works?

Wefnam is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use several website designs, which still share the similar 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To start the fraud, criminals set up and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Using bots and sponsored ads (when possible), fraud actors increase the presence of their scam activities to potential victims. And as I said, scammers do not disdain using deepfake for creating videos with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who registers the service immediately.

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

Users get an incentive to sign up, drawn by the commitment of obtaining crypto benefits valued at hundreds of dollars, all for free. To increase the attractiveness of the offer, fake suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Upon clicking the promos, victims end up on a page filled with attractive offers. “Crypto starts with Wefnam”, “Your crypto savings are secured with Wefnam, “Start earning with Wefnam – they look rather authoritative. To heat up the interest and make the users proceed to step 3, crooks say that getting the promised bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily proceed – especially since the reward appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you register using your personal info, swindrels will not be able to 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 mentioned, deceivers bait folks into registration for bonuses. And all the personal information needed for it – email, username, crypto wallet address – is valuable for user identification. Exclusively by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, the claimed bonus is not available to use right away. To make it at least usable for crypto purchases, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Obviously, any crypto operations require having capital on your account. With Wefnam, users are also forced to top up to use the bonuses. And these top ups is what creates most 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 participating on this site hoping to use all the credited capital and withdraw them.

This is where the first obvious issues start to surface. When keeping an eye on the actual cryptocurrency 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 money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have zero intentions to return your money. Though to make the fraud look more realistic, they’ve crafted a whole bunch of reasons to decline the transfer-out request. Most of them repeat what Know Your Client requirements say, but for the Wefnam.com they are here exclusively to make the withdrawal impossible.

By requesting your personal data, 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 money back. And each of these checks will uncover more and more information, 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 Wefnam.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Wefnam 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%, Wefnam exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Wefnam as a scam.
• Dubious Corporate Information. Wefnam 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. Wefnam.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. Wefnam 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 Wefnam 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 duration of the scam, rascals may get in touch with you with particular documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto assets. As we earlier determined, these deceivers have no intention of giving back your funds. So, what do these emails and browser plugins represent? You guessed it right – this is another element of the deceptive plan designed to throw you into deliberately running harmful software onto your system.

Both extensions and attachments attached to emails can serve as a shell for various malicious software. In this case, I foresee the presence of spyware and stealers among all forms of threats. While it is not obligatory for scammers to distribute malware, the probability is always significant. As noted, their morality is of no concern, and their reputation is already neck deep in mud. They have nothing to lose and aim to maximize profits.

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