We Looked Into XonWEX: Scam or Trustworthy? The Verdict

Recently, Xonwex.com website surfaced, promoting itself as a platform to store cryptocurrency and other assets securely. I managed to gather reliable supporting information that unmistakably indicates it is, actually, a deceptive platform.

Despite the promises of the most user-friendly, dependable, and client-friendly service, Xonwex.com does not follow any of them. All this is just a gilded wrap around a dirty scam, which takes your funds and never returns them. Any stories about bonuses, backing from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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XonWEX Scam Overview

Originally, XonWEX poses as a crypto trading & cryptowallet service with exceptionally low commission fees. Another notable selling point for this platform is backing from celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look more realistic, con actors employ AI-generated videos with those celebs advertise the fake crypto service as the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

XonWEX Scam

First and foremost, XonWEX shares the appearance of many similar websites. There are quite a few examples, like Milkydex, Gawaw or Yocex. They are entirely undistinguishable in terms of visual elements, with minor discrepancies in the site header. Other details, and sometimes even crypto wallet addresses, are unchanged. Probably, all these deceptive sites are led by a single gang of fraudsters.

Cryptocurrency Scam Summary

How the XonWEX Scam Works?

XonWEX is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use various website designs, which still share the same 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the scam, criminals set up and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Employing bots and sponsored promotions (when possible), fraud actors intensify the visibility of their fraudulent activities to possible victims. And as I said, scammers do not shy away using generative AI for creating clips with the mentioned celebs that advertise 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 XonWEX in TikTok. Most of these videos are AI-generated deepfakes

Users get an encouragement to sign up, drawn by the assurance of receiving crypto rewards valued at thousands of dollars, all for free. To increase the attractiveness of the offer, fake claims of cooperation with a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, targets end up on a page filled with attractive offers. “Crypto starts with XonWEX”, “Your crypto savings are secured with XonWEX, “Start earning with XonWEX – they look rather credible. To heat up users and make them proceed to step 3, crooks say that retrieving the pledged bonus requires registration. And since nothing concerning happens at this point, uninformed users happily keep on – especially since the gift 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 information, swindrels will not be able to 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 into registration for bonuses. And all the personal information needed for it – username, email, crypto wallet address – is valuable for user identification. Exclusively 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 it at least usable for cryptocurrency purchases, you need to 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

Eventually, any cryptocurrency purchases require you to have capital on your account. With XonWEX, users are also forced to top up to get the bonuses. And this is what creates most of the money 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 participating on this site hoping to use all the deposited money and withdraw them.

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

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers have no intentions to send you money. But to make the denial look more legitimate, they’ve developed a whole pack of reasons to decline the transfer-out 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 requesting your personal information, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your grand back. And every check 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 Xonwex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. XonWEX 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%, XonWEX exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying XonWEX as a scam.
• Dubious Corporate Information. XonWEX 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. Xonwex.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. XonWEX 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 XonWEX 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, scoundrels may get in touch with you with specific documents. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we earlier figured out, these deceivers have no plan of restoring your money. So, what can these emails and browser plugins represent? You guessed – that is another side of the deceptive plan designed to throw you into willingly running harmful programs onto your computer.

Both plugins and attachments included to email messages can function as a shell for diverse malicious software. In this case, I anticipate the presence of spyware and stealers among all kinds of malware. While it is not obligatory for scammers to distribute malware, the chance is always above zero. As stated, their morality is of negligible importance, and their dignity is already deeply compromised. They have no scruples to give up and aim to boost gains.

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