Nowzex is a fraudulent trading platform for cryptocurrency that has been promoted via a complex scam on social networking sites. Scammers lure fans to deposit Bitcoin on a fake site using deepfake video clips of celebrities like Cristiano Cristiano and Elon Musk. They promise free crypto giveaways by activating special promo codes. Nowzex is a scam that only exists to steal from victims who have been lured in with deceptive celebrity testimonials and bonuses too good-to-be true. This guide will provide information on the scam and how to avoid falling victim.
Red Flags of the Nowzex Scam
Nowzex has many indicators that it is a scam.
Apart from the promotional videos, there is no other documentation online or in print. Nowzex has no official information.
The site offers no proof that bitcoins have ever been given away for free.
Celebrities have not validated any promotion. The videos use their unauthorised likeness.
The requirement of an upfront bitcoin payment to activate a new account is a huge red flag. This is not the way regulated platforms operate.
Nowzex was just recently registered, and it will soon be dropped. It is not legal to operate a business in this way.
Contact form only. No real contact information is given – no phone, email or address.
Free bitcoin offers that sound too good to believe are usually scams. It is a scam if it appears to be implausibly generous.
Users of social media should be wary of the Nowzex bitcoin giveaway endorsed by a fake celebrity.
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Nowzex Bitcoin promo code scam: An Overview
Nowzex.com has been promoted on social media through a sophisticated celebrity-fronted scam. Fraudsters are impersonating celebrities such as Cristiano Ronaldo (Elon Musk), Bill Gates (Mark Zuckerberg), Drake and Bill Gates using voice-dubbed deepfake videos.
The scam involves the distribution of deceptive video clips on YouTube, TikTok and Facebook. In the videos the deepfaked celebrity describes a Bitcoin giveaway in collaboration with Nowzex.com.
You can claim your free Bitcoins by following the step-bystep instructions provided.
Nowzex bitcoin promo code scam: What it is and how it works
Nowzex.com is a scam perpetrated by criminals who use a combination deepfake videos that are convincing, psychological manipulation, as well as technical subterfuge. Take a closer look at this step-by-step fraud.
Nowzex Bitcoin promo code scam: FAQs
1. What exactly is Nowzex Bitcoin promotional code scam?
This is a dangerous cryptocurrency scam that uses edited videos of celebrities in order to trick the victims into sending Bitcoin deposits on the fake trading website Nowzex.com.
Scammers distribute videos that show celebrity figures such as Cristiano Ronaldo (Elon Musk), Bill Gates (Mark Zuckerberg), Drake, and Bill Gates endorsing Nowzex.com’s Bitcoin giveaway.
The voice-dubbed or deepfaked celebrities offer a unique promo codes, like “CR7”, “Tiktok11”, they claim that viewers can use Nowzex.com in order to receive free Bitcoins on their account.
Nowzex.com is a fake platform that does not enable real trading. It’s a phony platform that is designed to collect Bitcoin deposits from victims duped by celebrity endorsement videos.
2. What celebrities are most often impersonated in scam videos and by whom?
Some of the most popular celebrities used in scam videos are:
3. How are fake celebrity endorsements created?
Two primary methods are used by scammers:
A deepfake artificial intelligence technology that seamlessly replaces a celebrity’s real face and voice by a fake imitation, designed to sound and look authentic.
Voice dubbing uses software that mimics the voice of a celebrity to give it the appearance they are saying a different thing.
Scammers can produce videos in which celebrities appear to be addressing their viewers and promoting Bitcoins using both of these approaches.
4. Where and in what ways do scammers spread their fraudulent videos?
Fake videos can be spread to social platforms like YouTube and Facebook as well as TikTok by using two main strategies:
Pay-per-click video ads targeting users interested in cryptocurrency investing and trading.
To reach more people, hashtag campaigns using terms such as #ElonMusk #CryptoGiveaway #Bitcoin are a great way to get the word out.
Scam videos can be distributed to as many people as possible through organic and payed reach.
5. What happens to victims who use Nowzex.com’s promo code?
After being lured in by the fake celebrity endorsements the victims visit Nowzex.com, and enter the specific promo code at registration such as “CR7”, or “Tiktok11”.
Entering these codes deposits around 0.31 BTC into the Nowzex account dashboard. This is done to make the victim think that they have received free Bitcoin by using the promo code.
The truth is that no Bitcoins are actually deposited. The balance displayed is entirely fake, and was created solely to further manipulate victims. No trading occurs.
6. How do the criminals behind these scams steal money from victims in the end?
When the targets try to withdraw the fake balance of 0.31 BTC to an external crypto wallet they receive a message saying they must complete account validation by making a minimal deposit of 0.005 BTC.
This scam tricks victims into believing that they must deposit real Bitcoin funds in order to prove their identity.
The “verification deposits” actually go straight to the scammers’ pockets. Once victims have made enough deposits, the site is shut down and accounts disabled.
7. What can I do if this scam has already tricked me and I’ve lost money?
Take immediate action if you lost bitcoins that you deposited.
To report any unauthorised transactions, contact your crypto wallet or exchange provider.
You can file complaints with the SEC and other authorities, including the FBI, FTC, and local authorities, to report the scam.
Report the fake videos and accounts spreading this scam on social media platforms.
Alert cryptocurrency exchanges in order to identify the scammers’ wallet addresses and stop them.
To prevent further victims, spread awareness of the scam.
You should be wary of scammers who offer to retrieve stolen money. They usually cause more damage.
8. How can I protect myself from the Nowzex Bitcoin promotional code scam?
This article will help you to avoid this scam.
Be sure to verify endorsements by celebrities through official channels, before believing them or acting upon them.
Do thorough research on any trading platforms mentioned. Look for reviews, licenses, and certifications.
Do not make a deposit in crypto to withdraw your account balance. This is a red flag.
Accept no freebies, bonuses or rewards that guarantee substantial returns.
Secure all of your crypto-exchange accounts with robust security.
Report suspicious videos, accounts, or websites promoting celebrity cryptocurrency endorsements.
9. Why do scammers use celebrity cryptocurrency to promote their fraud?
Scammers capitalize on the excitement and public fascination about cryptocurrency profits. Elon Musk, for example, has a reputation of being a visionary in the crypto-space. This adds credibility.
The scammers trick their victims by impersonating celebrities and promising a lucrative cryptocurrency giveaway. They convince them to send money to a scam website in the belief that they will earn valuable profits.
10. Are the videos of celebrities created to scam you legal?
No. FTC regulations state that it is illegal for celebrities or intellectual property to be used without their consent. Regulators continue to struggle in enforcing the laws, given the viral nature of deepfakes.
Nowzex Crypto Scam: The Bottom Line
The Nowzex scam is an important lesson to learn about protecting your cryptocurrency.
Check celebrity endorsements before you take action. Confirm legitimacy via official channels.
Check out trading platforms before you create an account.
Do not fall for “free crypto”. Genuine platforms don’t give out Bitcoin or offer bonuses just for signing up.
No site should force users to deposit money before withdrawals.
Report suspicious activities – Alert authorities to potential frauds, and assist in bringing scammers into justice.
Watch out for scams that impersonate celebrities and take advantage of the hype around cryptocurrency. Protect your community by spreading the word about these tricksters.
