Review – Exploiting The Social Network Crypto Craze

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We’ve come across another mass produced crypto fraud platform, the copies of which we’ve already encountered on several occasions. The site itself is created using a template, with nearly all of the content being repurposed time and time again.

Cylwex crypto scam is most active on social networks, so see the remainder of our review to learn more about online safety and recovery options.

There’s no way to find out anything about who owns this shady platform and what their legal stance is. The website is devoid of any legal information and corporate details as well as firm history and leadership. 

This also means they do not follow the ESMA standards governing the EEA. Access to the compensation scheme is denied in case of loss and you cannot expect the premium security standards like FCA, CySEC and BaFin licensees provide.

This particular network is mostly populated by the younger demographic, who have little to no experience in the cryptocurrency markets. To them, claims of various crypto airdrops and giveaways seem like an opportunity to grow wealth overnight.

All it allegedly takes to become eligible for these promotions is to invest a certain amount, which inevitably ends up lining the schemers’ own pockets. There is still a way to recover the stolen assets, however, so get in touch with our legal experts for help.

Because of their heavy prominence in social media, the Cylwex investment scam has managed to defraud an alarming amount of investors in a short timespan.

The Cylwex platform is a good example of what trading on a budget means. The web terminal provided is devoid of any useful features that could be found on premium software solutions. Only elementary functionality exists, and even that is questionable, considering how often these terminals are abused for the sake of manipulating victims into more deposits. 

If you risk downloading such a software, you also risk infecting your machine with malware used for data stealing. So think twice if investing with this scheme is worth it, considering that not only your capital is at stake.

Although at first glance it may seem like the Cylwex exchange offers a wide variety of instruments, it falls short of the current industry average. Trustworthy exchanges usually offer tens of thousands of coins and tokens listed, while this faux company only offers the most popular ones.

The selection only includes cryptocurrency pairs like BTC/ETH, BTC/USDT, ETH/USDC, LTC/USDT, XRP/ETH and ADA/BTC for example. If you’re looking to purchase any crypto assets, you won’t be able to do so through this service. The swindlers have linked various other providers for this purpose, nearly all of which are bogus as well.

Although it may not seem so at a glance, the account creation process is far from easy or swift. Only a certain type of email addresses are accepted, and it’s those hosted by mailing service providers that do not meet the highest security standards. 

Otherwise, there’s no information on specialized account types or specific packages and what they feature. Not even the minimum deposit requirement is revealed. There’s certain levels that depend on the trading volume, but they only affect the fee structure.

The starting Maker and Taker fees are nearly 3 times the current average, starting with 0.075%. In theory, clients can earn discounts by reaching certain trading volume milestones and rise through various VIP levels.

Discussing these is a moot topic, since reaching Lv.2 requires a volume of >300 BTC, which is around $11,000,000. You need to trade ≥ 20,000 BTC to reach Lv.7, only to have your Maker and Taker reduced to 0.035% and 0.045% respectively, which is still higher than the average.

The deposit and withdrawal fee for the BTC benchmark are 0.00005 BTC and 0.00013 BTC respectively.

Victims are encouraged to get more clients to join the platform by further disseminating referral codes on social networks. As a reward for this effort, the referrers receive 0.1% of the commission charged to a new client, as well as a 40% cashback for their own trading commission. Tiny rewards notwithstanding, this is another mechanism intended to entrap new people.

The payment processors used in the process of scamming customers are well known for participating in such deals before. We’ve already warned our audience of Moonpay and Mercuryo, involved with a number of financial swindlers that use these payment services. The majority of them have been blacklisted by financial authorities worldwide. 

The fact that this portal allows only deposit in crypto but allegedly offers withdrawals via bank wire transfers is also a clear sign of potential money laundering attempts. Yet another solid reason to avoid this sham.

Pinpointing safety issues while investing in crypto online was a primary goal of this review. For any more questions on this concrete provider or any similar one, we’re here to share more details and analyze the circumstances with you. We can also help you report the con and attempt to recover your lost funds. 

Our legal advisors have the means to track the crypto transfer and help you locate your stolen capital. For more information, please schedule a free consultation via our online chat.

It’s a full blown cryptocurrency investment fraud that advertises on social networks.

No, this exchange is completely rogue and does not have any license or authorization for their business.

Crypto asset recovery is a difficult ordeal due to the technological constraints. It is possible, so consult with our expert team to learn more.

The post Review – Exploiting The Social Network Crypto Craze appeared first on Global Fraud Protection.


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