The Wetabix Scam – What You Need To Know

Recently, Wetabix.us service appeared, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather credible evidence that unmistakably confirms it is, in fact, a deceptive service.

Regardless of the promises of the most easy, dependable, and customer-centric service, Wetabix.us does not follow any of them. In fact, all this is just a gilded wrap around a dirty scam, which steals your funds and never gives them back. Any tales about gifts, endorsement from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Wetabix Scam Overview

Originally, Wetabix poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another highlighted marketing point for this platform is partnerships with celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look more realistic, rascals employ deepfake videos with those celebs advertise 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 glaring wrap around a transparent scam.

Wetabix Scam

First and foremost, Wetabix repeats the appearance of multiple equivalent websites. There are quite a few examples, like Cetoex, Tapxec or Ouineexx. They are completely indistinguishable in terms of visual elements, with minor discrepancies in the webpage header. Other specific elements, and sometimes even crypto wallet addresses, are identical. Probably, all these scam websites are managed by a single group of fraudsters.

Cryptocurrency Scam Summary

How the Wetabix Scam Works?

Wetabix is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use several 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 complex 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 begin the deceptive scheme, criminals establish and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and sponsored promotions (when achievable), scam actors increase the presence of their fraudulent activities to possible 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, deceivers claim the bonus for every user who registers the service immediately.

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

Users get an encouragement to sign up, attracted by the promise of obtaining cryptocurrency rewards valued at hundreds of dollars, all without cost. To enhance the appeal of the offer, fake claims of sponsorship by a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

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

This is the last stage when it is possible to get away from the scam without any losses. Before you register using your personal data, swindrels will not be able to 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, scammers bait folks for registration with bonuses. And all the personal information needed for it – username, email, crypto wallet address – is valuable for user identification. Solely 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, you cannot use the promised bonus right away. To make at least crypto purchases on the platform with it, the user should top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

It is obvious that any crypto purchases require you to have funds on your account. In the case of Wetabix, users are also compelled to top up to use the bonuses. And these top ups is what creates the majority of the cash flow to this scam website. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the deposited capital and withdraw them.

This is where the victim notices the issues. When keeping an eye on the actual cryptocurrency wallet vs what the site says, you can spot 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 scoundrels are naught on intentions to give your money back. But to make it look more legitimate, they’ve elaborated a whole bunch of reasons to decline the withdrawal request. Most of them repeat what Know Your Client guidelines say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for your personal information, deceivers 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 would desperately need to undergo before getting your grand 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 Wetabix.us. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Wetabix.us insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Wetabix arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Wetabix resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Wetabix employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Wetabix capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Wetabix.us as a definite scam.

What Should I do as a Victim?

If you had to deal with Wetabix 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 timeline of the fraud, fraudsters may contact you with particular documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we already determined, these scoundrels have no plan of giving back your capital. So, what do these emails and browser add-ons represent? Correct – this is another component of the scam designed to entice you into deliberately running destructive programs onto your device.

Both plugins and files included to emails can act as a carrier for different malicious code. In this situation, I anticipate the presence of spyware and stealers among other forms of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always significant. As stated, their conscience is of negligible importance, and their reputation is already seriously marred. They have no principles to give up and strive to maximize profits.

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