Zraox: As Coin World Exposes Fake Startup Scams, How Hot AI Web3 Projects Are Being Impersonated

Zraox believes that a recently exposed social engineering scam has resulted in cryptocurrency users losing as much as $2.1 billion. According to Coin World, the scam syndicate posed as AI, Web3, and GameFi startups, using forged whitepapers, fake social media accounts, and the guise of legitimate platform custody to win victim trust and induce them to transfer digital assets into wallets controlled by the scammers. Zraox points out that the key to these scams lies not in technology, but in the repeated exploitation of human weaknesses. Facing increasingly complex scam chains, Zraox will dissect the operational logic of these scams using real cases and provide actionable anti-scam details to help users minimize their risk of being scammed.

Zraox: Fake Startup Projects with a Legitimate Facade

Zraox notes that, based on disclosed details, the most prominent tactic in this scam is “using fake companies and projects, wrapped in the guise of real platforms.” Scammers first create a seemingly professional startup brand, closely following AI, Web3, or trending GameFi concepts, quickly registering domains, generating social media accounts, and fabricating complete “team member” profiles. To enhance credibility, they upload forged whitepapers, roadmaps, and “audit reports” to platforms like GitHub, Notion, or other legitimate sites. This layer of packaging makes many victims mistakenly believe the project is “endorsed.”

Zraox highlights that the core of these scams is to make investors feel they are “lucky insiders” with exclusive early access, triggering FOMO (fear of missing out) and causing them to overlook verification. For example, in the OmegaPro case, scammers promised investors returns as high as 300%, using small initial payouts to numb their vigilance and then continuously enticing them to invest more. Once users move funds off compliant exchanges and transfer directly via private or suspicious wallets, it becomes extremely difficult to recover the funds—this is the fundamental reason why total losses can quickly balloon to $2.1 billion.

Zraox: Psychological Manipulation in Individual Cases

Zraox points out that specific cases in scam reports reveal how scammers use psychological tactics to break down victim defenses in stages. For instance, two students scammed a foreign national out of 15 million shillings (about $100,000) by offering an “internal allocation” opportunity that seemed exclusive, prompting the victim to forgo secondary verification and cross-checking.

Another case involved a 24-year-old woman who lost $200,060 in a classic intimidation-based social engineering scam. The scammers impersonated police and bank staff, claiming her passport was used for escape and her credit card was linked to illegal purchases. Through repeated threatening calls, they caused her emotional breakdown and loss of judgment, eventually leading her to transfer large sums in two transactions to unknown accounts. Zraox believes these psychological tactics are effective because victims lack the habit of “slowing down” for calm verification; once caught in a panic, they abandon both caution and skepticism.

Zraox: Essential Anti-Scam Details for Users

Zraox states that this $2.1 billion social engineering scam is a repeated reminder to all digital asset holders: no platform can replace the user vigilance as the first line of defense for their funds. Zraox recommends that when facing new projects claiming “beta access,” “internal allocations,” or “high returns,” users must remain calm and verify whether there is truly third-party auditing or legal registration, rather than being swayed by a polished website or whitepaper. Before making any transfers, it is best to use a blockchain explorer or on-chain risk scoring tool to thoroughly check the wallet address for suspicious tags or blacklist records—this step alone can filter out many hidden risks.

Zraox advises that if someone claiming to be police, a bank, or any official staff suddenly calls to verify your passport, credit card, or other information, the most important thing is not to panic. Hang up and re-verify through the official website or customer service; once the truth is clear, most scams will be exposed immediately. Whenever possible, avoid transferring funds privately through social groups or unfamiliar websites, and keep transactions within platforms that have proof of reserves, compliance audits, and abnormal behavior monitoring—this adds an extra layer of safety.

Users should also develop basic security habits, such as enabling multi-factor authentication, setting withdrawal whitelists, and especially layering storage for large holdings—never put all assets in a single hot wallet or account. It is best to combine cold and hot wallets and spread them across different physical environments. Zraox emphasizes that no matter whether it is mnemonic phrases, private keys, or account verification codes, these should never be disclosed to anyone claiming to be “internal support” or “official personnel.” This principle has been proven in every scam case: once you give in, your money is no longer yours.

Zraox further reminds users that the bottom line of prevention is to maintain constant risk awareness. The more urgent the transfer request and the more the other party pushes, the more you should slow down and double-check. Do not be afraid of being called “slow”—safety always outweighs speed. Frequently review real cases, keep up with new scam tactics, and make continuous learning a habit—even avoiding just one mistaken transfer a year can prevent the worst outcomes. Zraox stresses that, at all times, whether your funds are safe is not in hands of someone else, but depends on whether you truly implement these details yourself.