Boolwex.com Review – Crypto Airdrops That Leave You Penniless

Boolwex.com crypto fraud is facilitated through a run-off-the-mill website of unknown origin that is sold as a template to various unscrupulous groups. Everything you will see on this domain is completely identical between various sister sites. This includes the corporate imagery, logo, and even written content.

Read the remainder of our Boolwex.com review to find out which strategies these swindlers employ, and which warning signs to look out for.

Not Licensed By Authorities

We’ve mentioned that the text content is identical between different sister sites, and this includes the Terms of Use document. In it, we can see that the business headquarters, as well as resolution of any legal disputes, falls under the jurisdiction of Malta.

This claim is completely false, of course, as you may check by searching the MFSA registry. The fraudsters have picked this particular nation since it’s a member state of the EU, and as such sports a very stringent financial framework.

Conducting business with these illicit entities, Delta ICO being another example, is ill advised. Unregulated companies don’t adhere to the fund safety guidelines required by law, and do not provide the necessary security solutions that safeguard your data and identity.

Fake Airdrops Attract Investors

The site that hosts this crypto fraud was put online in October 2023. Many of the victims are residents of these nations:

• South Africa
• France

Unsuspecting victims of this scheme were brought to the platform through various alleged crypto giveaways. These are advertised on platforms like TikTok and YouTube and feature DeepFakes of celebrities, in this case Elon Musk, to make them seem like the real deal.

To get these hefty giveaways, all you allegedly need to do is provide your crypto wallet address and invest some funds, but the money just gets pilfered by the con artists. Although the outcome may seem bleak, our experts have a way to recover it.

Costly Fees With Tiny Discounts

The website features a tiered fee structure, with some pretty unachievable volume requirements. Basic trading level will see Maker and Taker fees of 0.075%, much higher than what the legitimate exchanges would require.

Allegedly, there’s a way to reduce these down to 0.035% Maker and 0.045% Taker fees, but it requires a trading volume of ≥ 20000 BTC (around $755,000,000) to unlock.

The company also charges both deposit and withdrawal fees, which are 0.00005 BTC and 0.00013 BTC respectively.

Referrals Entrap New Victims

The platform features a referral program, which encourages the victims to look out for new ones via social media in a scheme akin to a financial pyramid.

This way the exchange maintains the influx of new clients with the conners not even breaking a sweat. As for the claimed airdrops and giveaways, the website itself contains no information in the matter.

Poorly Designed Trading Environment

When it comes to the actual trading environment, there isn’t not much to look at. The website is quite opaque about general trading features, and keeps much of the data vague and difficult to access. Those that do create an account only gain access to a simplistic platform and a tiny number of instruments.

Borderline Useless Platform

Provided platform is an incredibly basic web trader, comparable in quality to the one found with Lyraten con. Many of these faux platforms provide software solutions that merely mimic the functionality of the programs found with regulated exchanges.

This one includes only the most necessary features, such as buy and sell orders, and a price graph. Not that any advanced tool would make any difference to the traders, though, as the data is manipulated to make any speculation lose money.

Low Asset Diversity

The exchange itself doesn’t sell any cryptocurrencies, which raises further suspicion. Instead, the platform relies on 3rd party services, and provides some links to their potential investors. Unfortunately, nearly all of the linked crypto retailers are known scam companies themselves.

When it comes to the trading instruments, only crypto pairs are available. These include BTC/USDT, ETH/USDT, DOGE/BTC, XRP/ETH and some others.

Only coins are available, with no listed tokens. Additionally, the firm is trying to push NFT trading, something that has become a divisive topic ever since the recent market crash.

Live Trading Account Only

There isn’t a demo account to speak of, as live trading is the only option. Unfortunately, no information about what this account offers to the users is given, not even a minimum deposit requirement.

While attempting to create an account with the exchange, our email address was blocked, as the fraudsters are actively filtering out the secure email providers. Emails often contain critical data which can further be abused for illegal gains.

Unreliable Payment Providers

We’ve already mentioned that the Boolwex.com scam is in cahoots with some less reputable crypto payment providers. The risk is self-evident, as not only are your funds at risk while speculating with this exchange, there is a good chance you’ll get ripped off by the intermediary as well.

Additional problems lie with the security, or better said a lack thereof. Many of these illicit firms also act as fronts for phishing scams, which can easily drain the money from both your crypto wallet or a bank account.

No Customer Service

There are no means by which you can contact the company and request help. No email, no phone number, no live chat, nothing at all! While a link that should lead to FAQs does exist, clicking on it returns a “data loading error” most of the time.

Cryptos Stolen? Start Your Recovery Here!

Trading the volatile cryptocurrency markets comes with great risks to your invested funds. Dealing with illicit exchanges is even worse – you can be sure they’ll just take your money and call it a day.

These cybercriminals are not infallible, however, and recovering your funds is always a possibility. Book a free consultation with our legal experts, and start working on getting your money back today!

FAQ Section