The Xwgcoin Scam – Don’t Become the Next Victim

Recently, Xwgcoin.com website appeared, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable supporting information that clearly confirms it is, in fact, a scam service.

Despite what Xwgcoin site states, they will never refund your funds. Even though the money displayed in the “member area”, there is no way to retrieve even a cent. All pledges regarding crypto incentives are hollow as well.

It is better to prevent, than repair and repent!

When we talk about the intrusion of unfamiliar programs into your computer’s work, the proverb “Forewarned is forearmed” describes the situation as accurately as possible. Gridinsoft Anti-Malware is exactly the tool that is always useful to have in your armory: fast, efficient, up-to-date. It is appropriate to use it as an emergency help at the slightest suspicion of infection.

DOWNLOAD NOW

Gridinsoft Anti-Malware 6-day trial available.
EULA | Privacy Policy | 10% Off Coupon

Subscribe to our Telegram channel to be the first to know about news and our exclusive materials on information security.

Xwgcoin Scam Overview

The main service that Xwgcoin strives to provide is a secure and convenient cryptocurrency wallet service. The site pledges crypto exchange facilities, tools for managing wallets, transfers, dashboards, and similar stuff. In fact, they try to emulate the functionality of a crypto trading platform, like Binance or Coinbase. However, it in actuality exclusively serves as a shell intended to lull the vigilance.

Xwgcoin Scam

Initially, Xwgcoin mimics the layout of numerous equivalent pages. There are quite a few examples, like Veselex, Uzorex or Stockwex. They are completely undistinguishable in terms of visual elements, with minor discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are identical. Probably, all these deceptive online platforms are led by a single gang of frauds.

Cryptocurrency Scam Summary

How the Xwgcoin Scam Works?

Xwgcoin is yet another webpage within a wide-ranging network of associated crypto scam webpages. The administrators employ various brand titles and websites, like Xwgcoin.com, to trap victims. Nevertheless, these fraudulent sites possess identical website designs, terms of service, and About Us content. This reveals their origins as a part of the identical fraudulent network, which advocates the identical type of fraud under different covers. The scammers simply replicate the same deceptive website under different names to fool users into assuming they are participating in a fresh venture. However, in actuality, it’s the same system of fraudsters orchestrating the fraudulent commitments and undertakings to seize deposited money. The operators shrewdly utilize psychological maneuvers and enticing invitations to implement their dishonest plans.

Step 1: Spreading

To begin the deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Utilizing bots and paid advertisements (when achievable), scam actors intensify the presence of their fraudulent activities to possible victims. This approach enables them to create a wide net and engage with their aimed spectators. The latter typically comprises of cryptocurrency enthusiastic individuals looking for prospects to make profits.

Users receive a stimulus to enroll, attracted by the commitment of obtaining crypto rewards valued at thousands of dollars, all without cost. To increase the appeal of the offer, false claims of cooperation with a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Users who demonstrate interest visit Xwgcoin.com via links present in advertisements or robotic posts. The webpage utilizes captivating visuals, design features that appear legitimate, and claims of having a valid license, all aimed to project an initial impression of reliability.

Step 3: Data Gathering

To collect their rewards, users need to proactively set up an account on Xwgcoin and get guidance to submit sensitive and personal information throughout the sign-up procedure. This comprises linking their cryptocurrency wallets, revealing email addresses, specifying phone numbers, furnishing identification documents, and the like.

Step 4: Requesting funds

Once registered, users witness considerable amounts of cryptocurrency, valued at thousands of dollars, within their Xwgcoin wallets. However, as is common with such incentives, you cannot withdraw them ahead of topping up your account. Normally, a funds transfer of $100 is required to get the sign-up bonus. This prerequisite serves as the enticement that ultimately culminates to the money loss.

Step 5: Disappear

The point in time the payment is sent, the fraudsters cease all communication. They move forward to bar users, remove accounts, and disappear with both the transferred money and essential private details. The phony rewards remain perpetually uncredited, as they lack real existence. They operate exclusively as a deceptive ploy. This approach forms the foundation for the scammers’ ability to trick victims and embezzle hard-earned money through their double-dealing web crypto scheme.

Signs of Scam

I gathered several facts that point at the scammy nature of the Xwgcoin.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Xwgcoin often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Xwgcoin.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Xwgcoin raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Xwgcoin.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Xwgcoin preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Xwgcoin as a scam.

What Should I do as a Victim?

If you had to deal with Xwgcoin 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 duration of the scam, fraudsters may contact you with specific documents. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency savings. As we already figured out, these deceivers have no plan of giving back your capital. So, what can these email messages and browser plugins represent? Correct – this is another component of the scam designed to entice you into willingly installing destructive programs onto your device.

Both plugins and files included to emails can act as a shell for different malicious code. In this situation, I foresee the presence of spyware and stealers among other forms of malicious programs. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As noted, their morality is of no concern, and their reputation is already deeply compromised. They have no principles to lose and strive to boost revenues.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

To use Gridinsoft for remove malicious threats, follow the steps below:

1. Begin by downloading Gridinsoft Anti-Malware, accessible via the blue button below or directly from the official website gridinsoft.com.

2.Once the Gridinsoft setup file (setup-gridinsoft-fix.exe) is downloaded, execute it by clicking on the file.

3.Follow the installation setup wizard's instructions diligently.

4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.

Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.

5. Upon completion, Anti-Malware will present a detailed report containing all the detected malicious items and threats on your PC.

6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.

8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.

Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.

Trojan Killer for “spyware” removal on locked PC

In situations where it becomes impossible to download antivirus applications directly onto the infected computer due to malware blocking access to websites, an alternative solution is to utilize the Trojan Killer application.

There is a really little number of security tools that are able to be set up on the USB drives, and antiviruses that can do so in most cases require to obtain quite an expensive license. For this instance, I can recommend you to use another solution of GridinSoft - Trojan Killer Portable. It has a 14-days cost-free trial mode that offers the entire features of the paid version. This term will definitely be 100% enough to wipe malware out.

Trojan Killer is a valuable tool in your cybersecurity arsenal, helping you to effectively remove malware from infected computers. Now, we will walk you through the process of using Trojan Killer from a USB flash drive to scan and remove malware on an infected PC. Remember, always obtain permission to scan and remove malware from a computer that you do not own.

Step 1: Download & Install Trojan Killer on a Clean Computer:

1. Go to the official GridinSoft website (gridinsoft.com) and download Trojan Killer to a computer that is not infected.

2. Insert a USB flash drive into this computer.

3. Install Trojan Killer to the "removable drive" following the on-screen instructions.

4. Once the installation is complete, launch Trojan Killer.

Step 2: Update Signature Databases:

5. After launching Trojan Killer, ensure that your computer is connected to the Internet.

6. Click "Update" icon to download the latest signature databases, which will ensure the tool can detect the most recent threats.

Step 3: Scan the Infected PC:

7. Safely eject the USB flash drive from the clean computer.

8. Boot the infected computer to the Safe Mode.

9. Insert the USB flash drive.

10. Run tk.exe

11. Once the program is open, click on "Full Scan" to begin the malware scanning process.

Step 4: Remove Found Threats:

12. After the scan is complete, Trojan Killer will display a list of detected threats.

13. Click on "Cure PC!" to remove the identified malware from the infected PC.

14. Follow any additional on-screen prompts to complete the removal process.

Step 5: Restart Your Computer:

15. Once the threats are removed, click on "Restart PC" to reboot your computer.

16. Remove the USB flash drive from the infected computer.

Congratulations on effectively removing spyware and the concealed threats from your computer! You can now have peace of mind, knowing that they won't resurface again. Thanks to Gridinsoft's capabilities and commitment to cybersecurity, your system is now protected.

Frequently asked questions

The truth about Xwgcoin

Name: Xwgcoin

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Xwgcoin, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Xwgcoin scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

Sending

User Review

3.5 (6 votes)

Comments Rating 0 (0 reviews)