The Truth About Xelanex: Legit or Scam? Our Review

Recently, Xelanex.com service popped up, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather reliable supporting information that clearly confirms it is, actually, a deceptive site.

Despite the promises of the most easy, reliable, and client-friendly service, Xelanex.com does not offer any of them. In fact, all this is just a golden wrap around a clear scam, which takes your money and never gives them back. Any tales about bonuses, endorsement from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Xelanex Scam Overview

Originally, Xelanex poses as a crypto trading & cryptowallet platform with outstandingly low commission fees. Another bright selling point for this platform is partnerships with celebrities that are known as crypto activists. 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 real, con actors use AI-generated videos with those celebs advertise the fake crypto service as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around an obvious scam.

Xelanex Scam

Initially, Xelanex copies the appearance of numerous similar online platforms. There are quite a few examples, like Felede, Muscoinx or Nexbithub. They are totally undistinguishable in terms of visual elements, with slight discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Probably, all these scam websites are managed by the same group of scoundrels.

Cryptocurrency Scam Summary

How the Xelanex Scam Works?

Xelanex 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 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 authenticity 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 generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Using bots and paid promotions (when achievable), fraud actors boost the exposure of their deceptive activities to potential victims. And as I said, crooks do not disdain using generative AI for creating clips with the mentioned celebs that advertise 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 Xelanex in TikTok. Most of these videos are AI-generated deepfakes

Users receive an incentive to enroll, drawn by the assurance of obtaining cryptocurrency rewards valued at thousands of dollars, all without cost. To increase the attractiveness of the offer, false suggestions of cooperation with a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After clicking the promotions, victims end up on a page filled with appealing offers. “Crypto starts with Xelanex”, “Your crypto savings are secured with Xelanex, “Start earning with Xelanex – they look rather credible. To heat up users and make them proceed to step 3, crooks say that unlocking the promised bonus requires registration. And as nothing suspicious happens at this point, unexperienced users happily move on – especially since the reward 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 sign up 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 said, deceivers bait folks into registration to get bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make at least crypto purchases on the platform with it, the user should top up the account with the equivalent sum. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Obviously, any crypto operations require you to have capital on your account. In the case of Xelanex, users are also forced to top up to use the bonuses. And these top ups is what creates most of the money flow to this fraudulent website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the transferred money and withdraw them.

This, however, is where the first obvious problems 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 retrieve the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that scoundrels are naught on intentions to return your money. Though to make the fraud look more legitimate, they’ve developed a whole pack of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client guidelines say, but for the Xelanex.com they are here exclusively to make the withdrawal impossible.

By asking for your personal data, 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 funds back. And each of these checks will share 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 Xelanex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Xelanex 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 fraud, its masters may get in touch with you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we already figured out, these deceivers have no intent of giving back your capital. So, what can these messages and browser extensions represent? Correct – that is another side of the scam designed to throw you into deliberately running malicious applications onto your device.

Both extensions and files added to email messages can function as a carrier for various malicious software. In this case, I foresee the presence of spyware and stealers among other types of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always greater than zero. As noted, their conscience is of little concern, and their dignity is already seriously marred. They have nothing to lose and intend to boost gains.

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