We Investigated Wexlum: Legit or Scam? The Facts

Recently, Wexlum.com website surfaced, promoting itself as a place to store cryptocurrency and other assets safely. I managed to gather reliable evidence that unmistakably reveals it is, in fact, a deceptive service.

Contrary to the claims of Wexlum.com, they will never return your money. Despite the figures displayed in the “member area”, there is absolutely no possibility to withdraw even a coin. All pledges regarding crypto rewards are baseless as well.

Wexlum Scam Overview

The key service that Wexlum attempts to provide is a protected and convenient cryptocurrency wallet service. The site pledges crypto exchange services, tools for managing wallets, transfers, dashboards, and similar stuff. In fact, they endeavor to emulate the functionality of a crypto marketplace, like Binance or Coinbase. However, it actually exclusively serves as a shell intended to mislead the cautious.

Wexlum Scam

To begin with, Wexlum reproduces the layout of multiple similar online platforms. There are quite a few examples, like Upxtesla, Biunox or Bitgorex. They are entirely identical in terms of visual elements, with slight discrepancies in the site header. Other details, and sometimes even crypto wallet addresses, are identical. Most likely, all these fraudulent websites are managed by the same team of frauds.

Cryptocurrency Scam Summary

How the Wexlum Scam Works?

Wexlum is yet another website within a wide-ranging network of interconnected crypto deceptive sites. The operators employ different brand titles and websites, like Wexlum.com, to ensnare victims. Nevertheless, these deceptive websites possess matching website designs, terms of service, and About Us content. This exposes their origins as parts of the identical fraudulent network, which advocates the same form of deception under various disguises. The scammers simply duplicate the identical deceptive website under diverse names to mislead users into believing they are enrolling a fresh platform. However, in reality, it’s the same system of fraudsters orchestrating the fraudulent promises and efforts to take deposited cryptocurrency. The operators shrewdly employ psychological strategies and enticing offers to carry out their deceitful schemes.

Step 1: Spreading

To initiate the deceptive scheme, criminals establish and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Using bots and paid promotions (when achievable), fraud actors intensify the presence of their scam activities to possible victims. This strategy permits them to cast a broad net and interact with their targeted audience. The latter usually comprises of cryptocurrency enthusiastic individuals searching for opportunities to make profits.

Step 2: Gaining Traffic

Users who demonstrate interest check out Wexlum.com via links included in promotions or bot-generated posts. The site utilizes captivating visuals, design aspects that appear authentic, and claims of possessing a legitimate license, all aimed to project an initial impression of trustworthiness.

Step 3: Data Gathering

To claim their prizes, users must actively create an account on Wexlum and receive instructions to provide sensitive and private data during the sign-up procedure. This includes linking their cryptocurrency wallets, providing email addresses, giving phone numbers, furnishing identification papers, and the like.

Step 4: Requesting funds

Once registered, users observe significant amounts of cryptocurrency, valued at hundreds of dollars, within their Wexlum wallets. Nevertheless, as it usually happens with such incentives, you are unable to withdraw them before topping up your account. Usually, a deposit of $100 is asked to get the sign-up bonus. This stipulation serves as the snare that eventually culminates to the money loss.

Step 5: Disappear

The instant the payment is submitted, the deceivers halt all contact. They move forward to bar users, delete accounts, and vanish with both the submitted capital and vital personal information. The fictitious rewards persist perpetually uncredited, as they lack real existence. They operate exclusively as a deceptive ploy. This technique forms the foundation for the fraudsters’ capability to mislead victims and steal hard-earned funds through their double-dealing internet-based crypto fraud.

Signs of Scam

I gathered several facts that point at the scammy nature of the Wexlum.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Wexlum often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Wexlum.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Wexlum raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Wexlum.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Wexlum preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Wexlum as a scam.

What Should I do as a Victim?

If you had to deal with Wexlum 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 scam, its actors may contact you with specific documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency assets. As we previously determined, these scoundrels have no intent of restoring your money. So, what can these emails and browser plugins represent? Correct – this is another element of the scam designed to entice you into willingly running harmful programs onto your device.

Both extensions and attachments included to email messages can serve as a carrier for diverse malware. In this scenario, I expect the presence of spyware and stealers among all types of threats. While it is not obligatory for scammers to distribute malware, the chance is always greater than zero. As noted, their ethics is of negligible importance, and their dignity is already seriously marred. They have nothing to lose and intend to boost profits.

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