WEXBEAST Reviewed: Legit or Total Ripoff? Read This First

Recently, Wexbeast.com service appeared, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather reliable supporting information that clearly confirms it is, in fact, a fraudulent platform.

Regardless of the promises of the most convenient, trustworthy, and client-friendly service, Wexbeast.com does not follow any of them. All this is just a gilded wrap around a dirty scam, which takes your funds and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are nowhere to be found as well.

WEXBEAST Scam Overview

Originally, WEXBEAST poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another highlighted marketing point for this service is partnerships with celebrities that are known as crypto activists. 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 more realistic, rascals employ deepfake videos with those celebs advertise the scam as if it was 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 blatant wrap around a transparent scam.

WEXBEAST Scam

First and foremost, WEXBEAST shares the appearance of multiple similar online platforms. There are quite a few examples, like Cryptobaze, Dorunex or Tokenstream. They are totally identical in terms of visual elements, with small discrepancies in the website header. Other particulars, and at times even crypto wallet addresses, are the same. Presumably, all these fraudulent online platforms are managed by a single gang of scammers.

Cryptocurrency Scam Summary

How the WEXBEAST Scam Works?

WEXBEAST is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use various website designs, which still share the same overall layout. Another shared 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To start the scam, criminals create and fill accounts on well-liked social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Utilizing bots and sponsored promotions (when achievable), scam actors increase the visibility of their deceptive activities to potential victims. And as I said, scammers do not shy away using generative AI for creating clips 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 WEXBEAST in TikTok. Most of these videos are AI-generated deepfakes

Users receive a stimulus to sign up, attracted by the commitment of receiving cryptocurrency benefits valued at thousands of dollars, all for free. To enhance the appeal of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon clicking the promotions, victims end up on a page filled with appealing offers. “Crypto starts with WEXBEAST”, “Your crypto savings are secured with WEXBEAST, “Start earning with WEXBEAST – they look rather authoritative. To heat up users and make them proceed to step 3, scammers say that unlocking the pledged bonus requires registration. And as nothing questionable happens at this point, uninformed users happily move on – especially as the bonus 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, frauds 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 said, frauds bait folks into signing up to get bonuses. And all the personal info needed for it – email, username, cryptocurrency 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. Nonetheless, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make at least crypto purchases on the platform with it, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

It is obvious that any crypto operations require you to have funds on your account. In the case of WEXBEAST, users are also forced to top up to claim the bonuses. And these top ups is what creates most of the money flow to this fraudulent site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the credited capital and withdraw them.

This is where the problems start to surface. When keeping an eye on the actual crypto wallet vs what the website 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

There’s no need to explain that scoundrels have zero intentions to send you money. But to make the denial look more legitimate, they’ve made up a whole bunch of reasons to decline the withdrawal request. Most of them repeat what KYC requirements say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for your personal info, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen other checks you would desperately need to undergo before getting your funds back. And each of these checks will share 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 Wexbeast.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Wexbeast.com 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. WEXBEAST 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. WEXBEAST 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. WEXBEAST 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%, WEXBEAST capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Wexbeast.com as a definite scam.

What Should I do as a Victim?

If you had to deal with WEXBEAST 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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, rascals may contact you with specific documents. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we already figured out, these rascals have no intention of giving back your money. So, what can these messages and browser add-ons represent? You guessed it right – that is another component of the deceptive plan designed to throw you into deliberately installing destructive software onto your device.

Both add-ons and attachments included to email messages can serve as a carrier for diverse malicious code. In this situation, I foresee the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the likelihood is always existent. As previously mentioned, their ethics is of no concern, and their dignity is already neck deep in mud. They have nothing to give up and strive to boost revenues.

Frequently asked questions