Recently, Swapcex.com website popped up, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather credible evidence that clearly confirms it is, actually, a fraudulent platform.

Contrary to the statements of Swapcex.com, they will never pay off your capital. Even though the money displayed in the “member area”, there is no ability to take out even a single cent. All promises regarding crypto bonuses are baseless as well.

Swapcex Scam Overview

The primary offering that Swapcex aims to provide is a secure and convenient cryptocurrency wallet service. The site promises exchange facilities, tools for controlling wallets, transfers, dashboards, and similar functions. In truth, they try to emulate the functionality of a crypto marketplace, like Binance or Coinbase. However, it actually exclusively serves as a cover intended to mislead the cautious.

To begin with, Swapcex imitates the layout of many equivalent pages. There are quite a few examples, like Severlex, Runxbit or Qytbit. They are completely undistinguishable in terms of graphic elements, with small discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are matching. Presumably, all these scam sites are led by the same group of scammers.

Cryptocurrency Scam Summary

How the Swapcex Scam Works?

Swapcex is yet another website within a wide-ranging network of associated crypto scam webpages. The operators employ different brand identities and sites, like Swapcex.com, to trap victims. Nevertheless, these fraudulent sites possess matching designs, terms of service, and About Us content. This exposes their beginnings as a part of the same fraudulent network, which advocates the similar form of scam under various covers. The fraudsters merely duplicate the identical fraudulent website under different names to deceive users into assuming they are enrolling a new platform. However, in actuality, it’s the same group of swindlers orchestrating the misleading promises and undertakings to take deposited funds. The managers shrewdly make use of psychological maneuvers and enticing offers to execute their dishonest schemes.

Step 1: Spreading

To begin the scam, criminals establish and fill accounts on popular social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Using bots and paid ads (when achievable), fraud actors intensify the presence of their fraudulent activities to potential victims. This strategy enables them to cast an extensive net and engage with their targeted spectators. The audience typically comprises of cryptocurrency enthusiasts searching for chances to generate profits.

Users obtain an incentive to enroll, enticed by the assurance of obtaining crypto rewards valued at thousands of dollars, all free of charge. To enhance the attractiveness of the offer, fake suggestions of sponsorship by a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Individuals who show interest check out Swapcex.com via links featured in promotions or robotic posts. The site employs captivating visuals, design aspects that appear authentic, and claims of holding a legitimate license, all designed to project an initial impression of reliability.

Step 3: Data Gathering

To claim their prizes, users need to proactively create an account on Swapcex and receive prompts to provide sensitive and private data during the enrollment procedure. This includes linking their cryptocurrency wallets, providing email addresses, specifying phone numbers, submitting identification documents, and the like.

Step 4: Requesting funds

Once enrolled, users notice considerable amounts of cryptocurrency, valued at thousands of dollars, within their Swapcex wallets. However, as is common with such bonuses, you are unable to withdraw them before making a deposit. Usually, a funds transfer of $100 is required to get the sign-up bonus. This stipulation serves as the trap that ultimately culminates to the money loss.

Step 5: Disappear

The point in time the deposit is submitted, the fraudsters cease all interaction. They move forward to block users, delete accounts, and disappear with both the deposited money and vital private data. The phony prizes continue to be perpetually uncredited, as they lack actual existence. They act purely as a fraudulent strategy. This approach forms the foundation for the deceivers’ ability to deceive victims and embezzle hard-earned money through their deceptive online crypto scheme.

Signs of Scam

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

• False Celebrity Sponsorship. Swapcex 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. Swapcex.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. Swapcex 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. Swapcex.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%, Swapcex preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Swapcex as a scam.

What Should I do as a Victim?

If you had to deal with Swapcex 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 course of the fraud, its actors may contact you with particular documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we earlier determined, these deceivers have no plan of restoring your funds. So, what do these emails and browser add-ons represent? You guessed – this is another component of the deceptive plan designed to throw you into willingly running malicious applications onto your system.

Both add-ons and attachments attached to emails can function as a carrier for different malware. In this situation, I expect the presence of spyware and stealers among other forms of malware. While it is not obligatory for scammers to distribute malware, the chance is always greater than zero. As previously mentioned, their conscience is of no concern, and their dignity is already severely tarnished. They have no principles to give up and intend to boost 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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