Recently, a new scam system called Koyplex has emerged alongside the increasing number of fraudulent schemes. It operates under the guise of a cryptocurrency exchange and has been actively targeting individuals with promises of high bonuses. These websites claim to have a long history in the crypto and stock market industry but are, in fact, new fraudulent schemes that typically last only one or two days.
The system promotes itself through social media platforms with advertisements promising substantial bonuses to those who sign up and deposit money.
What is Koyplex
Koyplex is a system that was launched very recently and operates by opening multiple websites using the same scheme, coercing people into depositing money with the promise of high bonuses. These websites claim to have been in operation for many years, presenting themselves as Crypto Stating or Stock Market platforms, but in reality, they are new fraudulent schemes that typically last only 1 or 2 days.
The system prominently appears on social media platforms through advertisements that boast of receiving high bonuses. Those who believe in these ads are encouraged to become members and deposit money.”
How Does Koyplex Scam Work?
First, they share videos on social media platforms, often claiming endorsements from figures like Elon Musk and promising a 0.30 BTC bonus. These videos and posts appear quite convincing, and it’s important to note that there are various sites using the same system.
Once you sign up, they ask you to enter a referral code seen in the video, and a 0.30 BTC bonus is credited to your account, marking the beginning of the scam.
After this, they request verification of your account and identity, which seems reasonable as many legitimate exchanges require similar procedures. To complete the verification, they direct you to a payment page.
At this point, they start the deception. On this payment page, they state that for identity verification, you need to make a minimum deposit of 0.005 BTC. However, when you arrive at the actual account verification page, the minimum payment amount is presented differently.
Users are forced to make this payment, believing it to be a legitimate step in the process. The system is designed to draw users in and initiate the scam.
For the initial account verification, they redirect you to a payment screen.
On this page, the first trickery begins. They display a warning message on a different page that you can’t see, stating that the minimum deposit amount for identity verification should be 0.005 BTC. However, when you actually reach the account verification screen, the minimum payment amount is stated differently.
You are forced to deposit this amount, believing it to be a legitimate step, as the system is designed to draw users in and initiate the scam.
The user is compelled to make this payment because the system aims to entice the user and commence the fraudulent activity.
Koyplex Second Stage of Scam
In this stage, victims are asked to make a second payment, thinking they can withdraw their funds afterward. During this time, customer representatives keep communicating with users. After making the second investment, you attempt to make a withdrawal. However, when you try to do so, you receive a warning message stating:
“YOUR ACCOUNT NEEDS TO BE UPGRADED DUE TO THE HIGH AMOUNT OF FUNDS IN YOUR ACCOUNT.”
Following this warning, when you contact customer support, you’ll be informed that you need to make another payment to upgrade your account to a premium level. This is where the scam reaches its peak.
“After realizing how much you have been scammed by this point, many other exchanges still demand additional steps to increase your account withdrawal limits. The key difference here is that other exchanges are generally considered trustworthy, and their operational logic and status as legitimate exchanges give users a sense of security.
The user is prompted to make a payment of 0.10 BTC to upgrade their account level to premium, with the promise that they can now withdraw their funds without any issues. The customer representative, with seemingly no alternative, leaves you alone with these thoughts.”
Koyplex Third Stage of Scam
At this point, Koyplex’s main goal is to keep you from withdrawing your deposited funds. After depositing the final 0.10 BTC and having your account supposedly upgraded, you initiate a withdrawal. However, the withdrawal process includes a wait time.
They inform you that the first withdrawal may take up to 6 hours, but subsequent withdrawals will only take 10 minutes. After this waiting period, you may realize that your funds are not coming through. When you report this to customer support, they will assure you that they are working on the issue and ask for your patience.
However, as time passes and you realize that your funds are not being released, they will eventually ask for another payment to verify your identity, claiming that this step will enable you to receive your payment. Regardless of whether you make this payment or not, you won’t receive any funds, and all communication will cease.
In this article, we’ve discussed a real scam incident to raise awareness and prevent others from falling into such traps. We do not condone any form of harm to individuals. If you ever encounter such schemes, even indirectly, we hope this article will be useful in guiding you. Koyplex is just one example of such a fraudulent site, and there are many others operating under different names with the same modus operandi.