The Wicrex Scam – What You Need To Know

Recently, Wicrex.com service surfaced, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather credible evidence that clearly confirms it is, actually, a deceptive platform.

Regardless of the promises of the most user-friendly, trustworthy, and client-friendly service, Wicrex.com does not offer any of them. In fact, all this is just a gilded wrap around a clear scam, which takes your money and data and never returns them. Any stories about gifts, sponsorship from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Wicrex Scam Overview

Originally, Wicrex poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another notable selling point for this service is backing from celebrities that are known in the crypto world. 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 use deepfake videos where those celebrities promote the fraud as the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

Wicrex Scam

To begin with, Wicrex repeats the design of numerous equivalent online platforms. There are quite a few examples, like Waexch, Monalax or Mrcoinx. They are completely indistinguishable in terms of graphic elements, with slight discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are the same. Probably, all these scam sites are led by a single gang of scoundrels.

Cryptocurrency Scam Summary

How the Wicrex Scam Works?

Wicrex is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use several website designs, which still share the same 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 complex 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 initiate the deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Using bots and paid promotions (when feasible), scam actors boost the exposure of their deceptive activities to potential victims. And as I said, scammers do not shy away using deepfake for creating clips with the aforementioned celebs that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who enrolls the service immediately.

Promotions of cryptoscams like Wicrex in TikTok. Most of these videos are AI-generated deepfakes

Users get an incentive to enroll, enticed by the promise of receiving crypto benefits valued at hundreds of dollars, all free of charge. To enhance the attractiveness of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon following the promos, users end up on a page filled with enticing offers. “Crypto starts with Wicrex”, “Your crypto savings are secured with Wicrex, “Start earning with Wicrex – they look rather reliable. To heat up users and make them proceed to step 3, fraudsters say that unlocking the promised bonus requires registration. And as nothing suspicious happens at this point, unexperienced users happily proceed – especially since the bonus appears to be right behind the corner.

This is the last stage when it is possible to get away from the scam without any losses. Before you register using your personal info, frauds will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, scammers bait folks into signing up for bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Only by gathering this data and selling it further into the Darknet, swindlers 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 at least cryptocurrency purchases on the platform with it, the user should top up the account with the sum of a bonus. And this is what starts the final stage of the scam.

Step 4: Requesting funds

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

This is where the first obvious issues start to surface. When keeping an eye on the real crypto wallet vs what the website says, you can notice 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 swindlers have 0 intentions to return your money. But to make the denial look more legitimate, they’ve made up a whole bunch of reasons to decline the wireout 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 data, deceivers 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 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 Wicrex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Wicrex employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Wicrex exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Wicrex as a scam.
• Dubious Corporate Information. Wicrex arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Wicrex.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Wicrex utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Wicrex 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 duration of the scam, its masters may contact you with particular documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we earlier figured out, these rascals have no plan of restoring your funds. So, what can these emails and browser plugins represent? You guessed it right – this is another element of the scam designed to entice you into deliberately running harmful applications onto your device.

Both plugins and attachments attached to emails can act as a carrier for diverse malicious code. In this scenario, I anticipate the presence of spyware and stealers among other forms of malicious programs. While it is not obligatory for scammers to distribute malware, the chance is always above zero. As stated, their ethics is of no concern, and their reputation is already severely tarnished. They have nothing to lose and aim to maximize gains.

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