Recently, Selwex.com site popped up, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather credible proof that unmistakably confirms it is, in truth, a fraudulent platform.

Contrary to the statements of Selwex.com, they won’t ever return your funds. Regardless of the numbers displayed in the “member area”, there is zero means to withdraw even a single penny. All promises regarding crypto incentives are hollow as well.

Selwex Scam Overview

The main feature that Selwex strives to provide is a safe and user-friendly cryptocurrency wallet service. The site pledges exchange services, tools for managing wallets, transfers, dashboards, and similar stuff. In reality, they try to emulate the functionality of a crypto exchange, like Binance or Coinbase. However, it actually solely serves as a cover intended to lull the vigilance.

To begin with, Selwex mimics the appearance of numerous equivalent online platforms. There are quite a few examples, like Faucebtc, Bitcoinscompass or Ugdbix. They are totally identical in terms of visual elements, with slight discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are identical. Presumably, all these scam online platforms are operated by the same group of frauds.

Cryptocurrency Scam Summary

How the Selwex Scam Works?

Selwex is yet another webpage within a vast network of associated crypto deceptive webpages. The operators employ various brand names and sites, like Selwex.com, to trap victims. Nevertheless, these false sites possess identical designs, terms of service, and About Us content. This unveils their beginnings as parts of the equal criminal network, which advocates the same form of fraud under diverse appearances. The fraudsters merely copy the equal fraudulent site under different names to mislead users into thinking they are enrolling a new opportunity. However, in actuality, it’s the equal system of swindlers orchestrating the misleading commitments and efforts to take deposited cryptocurrency. The administrators skillfully make use of psychological maneuvers and enticing offers to implement their deceitful plots.

Step 1: Spreading

To begin the deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Using bots and paid ads (when feasible), fraud actors intensify the exposure of their scam activities to possible victims. This approach permits them to cast a wide net and interact with their aimed viewers. The latter typically consists of cryptocurrency fans seeking prospects to generate profits.

Users get a stimulus to sign up, drawn by the commitment of receiving crypto prizes valued at thousands of dollars, all without cost. To increase the attractiveness of the offer, false suggestions of sponsorship by a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

People who show interest visit Selwex.com via links included in promotions or bot-generated posts. The site utilizes captivating visuals, design elements that appear legitimate, and assertions of possessing a legitimate license, all aimed to project an initial image of credibility.

Step 3: Data Gathering

To claim their rewards, users are required to actively set up an profile on Selwex and receive guidance to provide sensitive and personal data throughout the enrollment process. This comprises linking their cryptocurrency wallets, providing email addresses, supplying phone numbers, sending in identification papers, and the like.

Step 4: Requesting funds

Once enrolled, users witness significant amounts of cryptocurrency, valued at thousands of dollars, within their Selwex wallets. Nonetheless, as is common with such incentives, you can’t withdraw them ahead of topping up your account. Typically, a payment of $100 is asked to access the sign-up bonus. This condition serves as the enticement that eventually leads to the money loss.

Step 5: Disappear

The instant the deposit is made, the fraudsters terminate all communication. They proceed to restrict users, delete accounts, and vanish with both the transferred capital and vital individual details. The fabricated prizes continue to be perpetually uncredited, as they lack real existence. They function exclusively as a phishing ploy. This method forms the foundation for the fraudsters’ capability to trick victims and steal hard-earned earnings through their duplicative web crypto fraud.

Signs of Scam

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

• Absent company details. Selwex does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Selwex like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Selwex, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Selwex is a definite scam.

What Should I do as a Victim?

If you had to deal with Selwex 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, its actors may contact you with particular documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we earlier figured out, these deceivers have no plan of returning your money. So, what can these email messages and browser add-ons represent? Correct – this is another element of the deceptive plan designed to throw you into willingly running harmful applications onto your device.

Both add-ons and files added to emails can act as a shell for different malicious code. In this case, I foresee the presence of spyware and stealers among all forms of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As noted, their morality is of negligible importance, and their reputation is already seriously marred. They have no scruples to give up and aim to maximize gains.

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

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