We Investigated Wexcas: Legit or Scam? The Facts

Recently, Wexcas.com service surfaced, promoting itself as a platform where you can safely keep cryptocurrency and other assets. I managed to gather credible supporting information that clearly indicates it is, in fact, a scam service.

Despite the promises of the most user-friendly, reliable, and client-friendly service, Wexcas.com does not offer any of them. In fact, all this is just a golden wrap around a dirty scam, which steals your money and data and never returns them. Any stories about bonuses, backing from celebrities etc are absent as well.

Wexcas Scam Overview

Originally, Wexcas poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another bright marketing point for this site 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, con actors use deepfake videos where those celebrities advertise the fraud as 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 vivid wrap around a transparent scam.

Wexcas Scam

First and foremost, Wexcas repeats the layout of numerous similar online platforms. There are quite a few examples, like Venutax, Ventorux or Velunur. They are totally indistinguishable in terms of visual elements, with slight discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are matching. Probably, all these fraudulent sites are operated by the same team of scoundrels.

Cryptocurrency Scam Summary

How the Wexcas Scam Works?

Wexcas is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use various website designs, which still share the identical 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To start the fraud, criminals create and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Employing bots and sponsored ads (when achievable), fraud actors boost the exposure of their scam activities to potential victims. And as I said, fraudsters do not disdain using generative AI for creating videos with the mentioned celebrities that advertise 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 Wexcas in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

Upon clicking the promos, users end up on a page filled with enticing offers. “Crypto starts with Wexcas”, “Your crypto savings are secured with Wexcas, “Start earning with Wexcas – they look rather reliable. To heat up the interest and make the users proceed to step 3, fraudsters say that retrieving the promoted bonus requires registration. And as nothing concerning happens at this point, unaware users happily proceed – especially since 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 data, rascals 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 for bonuses. And all the personal info needed for it – username, email, crypto wallet address – are valuable for user identification. Solely by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, the alleged bonus is not available to use right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the equivalent sum. And this is what starts the final step of the scam.

Step 4: Requesting funds

It is obvious that any cryptocurrency operations require you to have funds on your account. In the case of Wexcas, 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 engaging on this site hoping to use all the deposited funds and withdraw them.

This is where the victim notices the problems. When comparing the real crypto wallet vs what the website 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 send you money. Though to make the denial look more realistic, they’ve elaborated a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what KYC requirements say, but in this case they are here exclusively to make the withdrawal impossible.

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

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

What Should I do as a Victim?

If you had to deal with Wexcas 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 timeline of the scam, its actors may contact you with particular files. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency assets. As we already figured out, these scoundrels have no intent of restoring your capital. So, what can these emails and browser plugins represent? Correct – this is another element of the fraudulent scheme designed to entice you into deliberately installing harmful software onto your device.

Both add-ons and attachments added to email messages can serve as a carrier for different malicious software. In this situation, I foresee the presence of spyware and stealers among all types of threats. While it is not obligatory for scammers to distribute malware, the probability is always significant. As stated, their morality is of negligible importance, and their dignity is already deeply compromised. They have nothing to give up and strive to boost profits.

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