The WeWoxed Scam – What You Need To Know

Recently, Wewoxed.com service surfaced, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather reliable proof that clearly indicates it is, actually, a scam service.

Regardless of the promises of the most easy, reliable, and client-friendly service, Wewoxed.com does not offer any of them. All this is just a shiny wrap around a blatant scam, which takes your funds and never gives them back. Any stories about bonuses, endorsement from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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WeWoxed Scam Overview

Originally, WeWoxed poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another highlighted marketing point for this platform is backing from celebrities that are known in the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look real, rascals use AI-generated videos with those celebs advertise the fraud as if it was the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a glaring wrap around an obvious scam.

WeWoxed Scam

To begin with, WeWoxed shares the design of numerous equivalent websites. There are quite a few examples, like Seofe, Twenbit or Exbiom. They are totally undistinguishable in terms of visual elements, with minor discrepancies in the website header. Other particulars, and at times even crypto wallet addresses, are identical. Most likely, all these deceptive sites are operated by a single team of frauds.

Cryptocurrency Scam Summary

How the WeWoxed Scam Works?

WeWoxed is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use numerous 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate 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 begins. Using bots and sponsored advertisements (when achievable), scam actors intensify the presence of their deceptive activities to potential victims. And as I said, crooks do not disdain using deepfake for creating videos with the mentioned celebs that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who registers the service immediately.

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

Users get an incentive to enroll, enticed by the commitment of receiving cryptocurrency prizes valued at hundreds of dollars, all free of charge. To increase the attractiveness of the offer, false suggestions of cooperation with 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 WeWoxed”, “Your crypto savings are secured with WeWoxed, “Start earning with WeWoxed – they look rather credible. To heat up users and make them proceed to step 3, crooks say that unlocking the promised bonus requires registration. And since nothing suspicious happens at this point, unaware users happily proceed – especially as the reward appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal information, crooks will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. 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. Only by gathering this information and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

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

Step 4: Requesting funds

It is obvious that any cryptocurrency operations require having money on your account. With WeWoxed, users are also coerced to top up to claim the bonuses. And this is what creates most of the cash flow to this fraudulent site. 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 deposited funds and withdraw them.

This is where the problems start to surface. When comparing the real 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 funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that swindlers are naught on intentions to return your money. But to make the denial look more legitimate, they’ve crafted a whole pack of reasons to decline the withdrawal request. Most of them repeat what Know Your Client requirements say, but for the Wewoxed.com they are here exclusively to make the wireout impossible.

By requesting 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 a dozen other checks you would desperately need to undergo before getting your grand back. And each of these checks will share more and more info of yours, 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 Wewoxed.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with WeWoxed 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 course of the scam, rascals may contact you with specific files. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we already figured out, these deceivers have no plan of giving back your funds. So, what do these messages and browser add-ons represent? Correct – this is another component of the deceptive plan designed to entice you into willingly installing malicious applications onto your computer.

Both add-ons and attachments added to emails can serve as a carrier for various malicious software. In this case, I anticipate the presence of spyware and stealers among all kinds of malware. While it is not mandatory for scammers to distribute malware, the chance is always greater than zero. As previously mentioned, their conscience is of negligible importance, and their dignity is already severely tarnished. They have no scruples to give up and aim to boost profits.

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