We Investigated Zexelon: Legit or Scam? The Facts

Recently, Zexelon.com service appeared, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather reliable evidence that unmistakably confirms it is, in truth, a deceptive service.

Regardless of the promises of the most convenient, reliable, and customer-centric service, Zexelon.com does not fulfill any of them. In fact, all this is just a gilded wrap around a dirty scam, which takes your funds and never returns them. Any tales about gifts, sponsorship from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Zexelon Scam Overview

Originally, Zexelon poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another notable selling point for this platform is partnerships with celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look real, con actors employ deepfake videos where those celebrities advertise the fake crypto service 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 an obvious scam.

Zexelon Scam

Initially, Zexelon shares the appearance of many similar online platforms. There are quite a few examples, like Hengate, Barmox or Upfaber. They are completely indistinguishable in terms of visual elements, with small discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are unchanged. Most likely, all these fraudulent websites are led by the same team of scammers.

Cryptocurrency Scam Summary

How the Zexelon Scam Works?

Zexelon is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use various 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 sophisticated 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 fraud, criminals create and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Employing bots and sponsored advertisements (when possible), fraud actors intensify the presence of their scam activities to potential victims. And as I said, scammers do not disdain using deepfake for creating clips with the aforementioned celebrities 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 Zexelon in TikTok. Most of these videos are AI-generated deepfakes

Users receive an encouragement to register, drawn by the assurance of getting crypto rewards valued at hundreds of dollars, all for free. To enhance the appeal of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After following the ads, victims end up on a page filled with appealing offers. “Crypto starts with Zexelon”, “Your crypto savings are secured with Zexelon, “Start earning with Zexelon – they look rather reliable. To heat up users and make them proceed to step 3, scammers say that getting the promised bonus requires registration. And as nothing concerning happens at this point, uninformed users happily proceed – especially since the gift 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, 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, frauds bait folks into registration for bonuses. And all the personal info needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the alleged bonus is not available to use right away. To make at least cryptocurrency purchases on the platform with it, the user should top up the account with the equivalent sum. And this is what starts the final stage of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency purchases require you to have capital on your account. With Zexelon, users are also compelled to top up to get the bonuses. And this 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 participating on this website hoping to use all the deposited money and withdraw them.

This is where the first obvious issues start to surface. When keeping an eye on the actual cryptocurrency wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to retrieve the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters are naught on intentions to give your money back. Though to make the denial look more legitimate, they’ve crafted a whole pack of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client requirements say, but in this case they are here exclusively to make the wireout impossible.

By asking for 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 multiple other checks you should go through before getting your funds back. And each of these checks will share more and more information, 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 Zexelon.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Zexelon 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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 actors may reach out to you with particular documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we previously determined, these scoundrels have no intent of returning your funds. So, what do these email messages and browser add-ons represent? Correct – this is another element of the scam designed to entice you into willingly installing malicious applications onto your device.

Both extensions and attachments added to email messages can serve as a carrier for various malware. In this scenario, I expect the presence of spyware and stealers among all forms of malware. While it is not obligatory for scammers to distribute malware, the likelihood is always significant. As stated, their ethics is of little concern, and their reputation is already seriously marred. They have nothing to lose and aim to maximize revenues.

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