We Investigated WEZANEX: Legit or Scam? The Facts

Recently, Wezanex.com site popped up, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather reliable proof that unmistakably reveals it is, in truth, a scam platform.

Despite the promises of the most convenient, dependable, and client-friendly service, Wezanex.com does not follow any of them. All this is just a shiny wrap around a clear scam, which takes your money and never returns them. Any tales about gifts, endorsement from celebrities etc are nowhere to be found as well.

WEZANEX Scam Overview

Originally, WEZANEX poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another highlighted selling point for this service is partnerships with celebrities that have relation to the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, frauds use AI-generated videos with those celebs promote the scam as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around an obvious scam.

WEZANEX Scam

To begin with, WEZANEX copies the appearance of multiple similar websites. There are quite a few examples, like Trade, Celorax or Bitlenix. They are entirely indistinguishable in terms of graphic elements, with small discrepancies in the site header. Other details, and sometimes even crypto wallet addresses, are the same. Probably, all these scam online platforms are managed by the same group of frauds.

Cryptocurrency Scam Summary

How the WEZANEX Scam Works?

WEZANEX is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use numerous 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 legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the scam, criminals create and fill accounts on popular social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Utilizing bots and sponsored advertisements (when achievable), scam actors increase the presence of their fraudulent activities to possible victims. And as I said, scammers do not shy away 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 WEZANEX in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

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

This is the last stage when it is possible to steer away from the scam without any losses. Before you sign up using your personal data, crooks will not 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, deceivers bait folks into signing up for bonuses. And all the personal information needed for it – email, username, crypto wallet address – are valuable for user identification. Only by gathering this info and selling it further into the Darknet, fraudsters 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 it at least usable for crypto purchases, the user should top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

It is obvious that any cryptocurrency operations require having money on your account. In the case of WEZANEX, users are also compelled to top up to use the bonuses. And these top ups is what creates most of the cash 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 engaging on this site hoping to use all the transferred money and withdraw them.

This, however, is where the first obvious issues start to surface. When keeping an eye on the real cryptocurrency wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to retrieve the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters are naught on intentions to send you money. Though to make it look more realistic, they’ve elaborated a whole bunch of reasons to decline the transfer-out request. Most of them repeat what KYC guidelines say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for your personal info, frauds just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your funds back. And every check will share more and more information, 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 Wezanex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with WEZANEX 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 fraud, its masters may reach out to you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we already determined, these scammers have no intention of restoring your funds. So, what do these emails and browser extensions represent? You guessed – this is another component of the deceptive plan designed to throw you into willingly running destructive programs onto your device.

Both add-ons and files attached to email messages can serve as a shell for various malware. In this scenario, I anticipate the presence of spyware and stealers among other forms of malware. While it is not obligatory for scammers to distribute malware, the probability is always above zero. As noted, their conscience is of negligible importance, and their dignity is already severely tarnished. They have no scruples to lose and aim to boost revenues.

Frequently asked questions