WHITECOINEX Reviewed: Real Deal or Total Ripoff? Read This First

Recently, Whitecoinex.com website popped up, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather credible proof that unmistakably indicates it is, in fact, a deceptive platform.

Regardless of the promises of the most easy, dependable, and client-friendly service, Whitecoinex.com does not fulfill any of them. All this is just a gilded wrap around a blatant scam, which takes your money and data and never returns them. Any tales about bonuses, sponsorship from celebrities etc are nowhere to be found as well.

WHITECOINEX Scam Overview

Originally, WHITECOINEX poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another notable marketing point for this service is partnerships with celebrities that have relation to 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, frauds employ deepfake videos where those celebrities promote the scam as the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a blatant wrap around a transparent scam.

WHITECOINEX Scam

To begin with, WHITECOINEX copies the appearance of multiple equivalent websites. There are quite a few examples, like Solenexs, Fetherx or Unetex. They are totally undistinguishable in terms of graphic elements, with small discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are unchanged. Probably, all these fraudulent online platforms are operated by the same team of frauds.

Cryptocurrency Scam Summary

How the WHITECOINEX Scam Works?

WHITECOINEX is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use several website designs, which still share the similar overall layout. Another common 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 begin the scam, criminals establish and fill accounts on popular social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Employing bots and sponsored ads (when possible), scam actors intensify the exposure of their deceptive activities to possible victims. And as I said, scammers do not shy away using deepfake for creating clips with the mentioned 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 WHITECOINEX 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 WHITECOINEX”, “Your crypto savings are secured with WHITECOINEX, “Start earning with WHITECOINEX – they look rather credible. To heat up users and make them proceed to step 3, fraudsters say that unlocking the promised bonus requires registration. And as nothing questionable happens at this point, unexperienced users happily keep on – especially since the reward 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 register using your personal information, swindrels 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 mentioned, deceivers bait folks for registration with bonuses. And all the personal info needed for it – username, email, crypto wallet address – is valuable for user identification. Solely by gathering this information and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the claimed bonus is not available for withdrawal right away. To make at least cryptocurrency purchases on the platform with it, the user should top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Obviously, any crypto operations require having capital on your account. In the case of WHITECOINEX, users are also coerced to top up to claim the bonuses. And this 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 participating on this website hoping to use all the transferred capital and withdraw them.

This is where the first obvious problems start to surface. When comparing the actual crypto wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have 0 intentions to give your money back. Though to make the fraud look more realistic, they’ve crafted a whole bunch of reasons to decline the wireout request. Most of them repeat what Know Your Client regulations say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal info, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you should go through before getting your money back. And each of these checks 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 Whitecoinex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with WHITECOINEX 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional financial setbacks.

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 scam, fraudsters may get in touch with you with specific documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we earlier determined, these scoundrels have no intent of giving back your capital. So, what can these email messages and browser add-ons represent? You guessed – that is another component of the fraudulent scheme designed to entice you into willingly running destructive programs onto your system.

Both extensions and attachments included to email messages can act as a carrier for various malware. In this scenario, I anticipate the presence of spyware and stealers among all kinds of threats. While it is not mandatory for scammers to distribute malware, the probability is always existent. As noted, their morality is of no concern, and their reputation is already severely tarnished. They have no principles to give up and strive to boost revenues.

Frequently asked questions