Wexalbit Reviewed: Legit or Total Ripoff? Read This First

Recently, Wexalbit.com site popped up, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably confirms it is, actually, a fraudulent site.

Despite the promises of the most convenient, dependable, and customer-centric service, Wexalbit.com does not offer any of them. All this is just a golden wrap around a dirty scam, which takes your money and never gives them back. Any tales about gifts, backing from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Wexalbit Scam Overview

Originally, Wexalbit poses as a crypto trading & cryptowallet platform with exceptionally low commission fees. Another bright selling point for this site is backing from celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, frauds use 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 said in the introduction, all this is just a glaring wrap around a transparent scam.

Wexalbit Scam

To begin with, Wexalbit repeats the layout of many similar pages. There are quite a few examples, like Nevexbit, Conobit or Celinax. They are completely undistinguishable in terms of visual elements, with small discrepancies in the webpage header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Presumably, all these scam sites are led by a single gang of scammers.

Cryptocurrency Scam Summary

How the Wexalbit Scam Works?

Wexalbit is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous website designs, which still share the same 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 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 begin the deceptive scheme, criminals set up and fill accounts on popular social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Using bots and sponsored promotions (when possible), scam actors boost the visibility of their scam activities to possible victims. And as I said, scammers do not disdain using deepfake for creating clips with the mentioned 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 Wexalbit in TikTok. Most of these videos are AI-generated deepfakes

Users obtain an incentive to sign up, drawn by the assurance of obtaining crypto rewards valued at hundreds of dollars, all without cost. To augment the attractiveness of the offer, fake claims of cooperation with a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

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

At this point, it is possible to steer away from the scam without any losses. Before you sign up using your personal info, 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, deceivers bait folks into registration for bonuses. And all the personal information needed for it – username, email, crypto wallet address – are valuable for user identification. Only by gathering this data and selling it further into the Darknet, fraudsters 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 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

It is obvious that any cryptocurrency operations require you to have money on your account. In the case of Wexalbit, users are also forced to top up to get 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 pledged gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the transferred capital and withdraw them.

This, however, is where the issues start to surface. When comparing 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 withdraw 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 scoundrels are naught on intentions to return your money. Though to make the denial look more realistic, they’ve crafted a whole pack of reasons to decline the transfer-out request. Most of them repeat what Know Your Client guidelines say, but for the Wexalbit.com they are here exclusively to make the withdrawal impossible.

By asking for your personal information, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your money back. And every check will reveal more and more info of yours, which – you guessed it right – will be then sold 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 Wexalbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Wexalbit 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%, Wexalbit exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Wexalbit as a scam.
• Dubious Corporate Information. Wexalbit 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. Wexalbit.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. Wexalbit 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 Wexalbit 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 duration of the fraud, its masters may reach out to you with particular documents. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto savings. As we earlier figured out, these rascals have no intention of returning your money. So, what can these messages and browser extensions represent? You guessed it right – this is another component of the fraudulent scheme designed to throw you into deliberately installing malicious programs onto your computer.

Both add-ons and files included to emails can function as a carrier for diverse malicious code. In this situation, I expect the presence of spyware and stealers among all forms of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always above zero. As noted, their conscience is of no concern, and their dignity is already severely tarnished. They have no principles to lose and aim to boost gains.

Remove spyware with Gridinsoft Anti-Malware

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