Investigating Altowex: Legit or Scam? The Truth Exposed

Recently, Altowex.com website appeared, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather reliable evidence that unmistakably reveals it is, actually, a fraudulent site.

Despite what Altowex site says, they won’t ever give back your funds. Regardless of the money displayed in the “member area”, there is no possibility to retrieve even a single penny. All pledges regarding crypto rewards are hollow as well.

It is better to prevent, than repair and repent!

When we talk about the intrusion of unfamiliar programs into your computer’s work, the proverb “Forewarned is forearmed” describes the situation as accurately as possible. Gridinsoft Anti-Malware is exactly the tool that is always useful to have in your armory: fast, efficient, up-to-date. It is appropriate to use it as an emergency help at the slightest suspicion of infection.

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Altowex Scam Overview

The main offering that Altowex attempts to provide is a safe and convenient crypto wallet service. The site promises crypto exchange services, tools for handling wallets, transfers, dashboards, and the like. In reality, they try to emulate the functionality of a crypto trading platform, akin to Binance or Coinbase. However, it actually solely serves as a shell intended to mislead the cautious.

Altowex Scam

Initially, Altowex imitates the appearance of many similar online platforms. There are quite a few examples, like Naglex, Cluwex or Trademusk. They are totally identical in terms of visual elements, with small discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are the same. Probably, all these deceptive sites are led by the same gang of swindrels.

Cryptocurrency Scam Summary

How the Altowex Scam Works?

Altowex is yet another online platform within a wide-ranging network of interconnected crypto deceptive sites. The managers employ diverse brand names and sites, like Altowex.com, to capture victims. Nonetheless, these deceptive sites share identical website designs, terms of service, and About Us information. This unveils their sources as components of the same scam network, which advocates the similar form of deception under various appearances. The deceivers just replicate the identical deceptive site under different names to fool users into assuming they are joining a fresh venture. However, in reality, it’s the same system of swindlers orchestrating the deceptive promises and efforts to seize deposited money. The managers skillfully utilize psychological maneuvers and captivating propositions to carry out their unscrupulous plots.

Step 1: Spreading

To initiate the scam, criminals establish and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Employing bots and sponsored promotions (when achievable), fraud actors boost the exposure of their deceptive activities to possible victims. This approach enables them to create a broad net and interact with their aimed viewers. This public commonly comprises of cryptocurrency enthusiastic individuals seeking prospects to earn profits.

Users receive a stimulus to register, attracted by the promise of getting crypto rewards valued at hundreds of dollars, all without cost. To increase the attractiveness of the offer, fake claims of cooperation with a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Users who demonstrate interest check out Altowex.com via links included in ads or robotic posts. The site utilizes captivating visuals, design features that appear genuine, and assertions of having a valid license, all intended to project an initial image of trustworthiness.

Step 3: Data Gathering

To redeem their prizes, users need to actively set up an account on Altowex and get instructions to submit sensitive and private data during the registration process. This includes linking their cryptocurrency wallets, revealing email addresses, specifying phone numbers, sending in identification documents, and the like.

Step 4: Requesting funds

Once signed up, users notice significant amounts of cryptocurrency, valued at hundreds of dollars, within their Altowex wallets. Nevertheless, as it usually happens with such incentives, you are unable to withdraw them ahead of making a deposit. Usually, a funds transfer of $100 is required to withdraw the sign-up bonus. This stipulation serves as the snare that ultimately leads to the money loss.

Step 5: Disappear

The point in time the funds transfer is sent, the scammers terminate all communication. They go ahead to bar users, erase accounts, and disappear with both the transferred capital and essential personal information. The fabricated prizes remain perpetually uncredited, as they lack genuine existence. They act purely as a phishing ploy. This technique forms the foundation for the scammers’ capability to mislead victims and embezzle hard-earned earnings through their deceptive web crypto fraud.

Signs of Scam

I gathered several facts that point at the scammy nature of the Altowex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Altowex does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Altowex like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Altowex, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Altowex is a definite scam.

What Should I do as a Victim?

If you had to deal with Altowex site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional financial setbacks.

Scan your system for possible malware infections

Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.

Throughout the course of the fraud, its masters may contact you with specific files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we previously determined, these scoundrels have no plan of returning your capital. So, what do these email messages and browser add-ons represent? Correct – that is another element of the fraudulent scheme designed to entice you into deliberately installing malicious programs onto your device.

Both add-ons and attachments attached to email messages can serve as a carrier for different malicious code. In this situation, I anticipate the presence of spyware and stealers among all types of threats. While it is not obligatory for scammers to distribute malware, the chance is always significant. As noted, their conscience is of no concern, and their dignity is already neck deep in mud. They have no scruples to lose and intend to maximize revenues.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

To use Gridinsoft for remove malicious threats, follow the steps below:

1. Begin by downloading Gridinsoft Anti-Malware, accessible via the blue button below or directly from the official website gridinsoft.com.

2.Once the Gridinsoft setup file (setup-gridinsoft-fix.exe) is downloaded, execute it by clicking on the file.

3.Follow the installation setup wizard's instructions diligently.

4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.

Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.

5. Upon completion, Anti-Malware will present a detailed report containing all the detected malicious items and threats on your PC.

6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.

8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.

Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.

Trojan Killer for “spyware” removal on locked PC

In situations where it becomes impossible to download antivirus applications directly onto the infected computer due to malware blocking access to websites, an alternative solution is to utilize the Trojan Killer application.

There is a really little number of security tools that are able to be set up on the USB drives, and antiviruses that can do so in most cases require to obtain quite an expensive license. For this instance, I can recommend you to use another solution of GridinSoft - Trojan Killer Portable. It has a 14-days cost-free trial mode that offers the entire features of the paid version. This term will definitely be 100% enough to wipe malware out.

Trojan Killer is a valuable tool in your cybersecurity arsenal, helping you to effectively remove malware from infected computers. Now, we will walk you through the process of using Trojan Killer from a USB flash drive to scan and remove malware on an infected PC. Remember, always obtain permission to scan and remove malware from a computer that you do not own.

Step 1: Download & Install Trojan Killer on a Clean Computer:

1. Go to the official GridinSoft website (gridinsoft.com) and download Trojan Killer to a computer that is not infected.

2. Insert a USB flash drive into this computer.

3. Install Trojan Killer to the "removable drive" following the on-screen instructions.

4. Once the installation is complete, launch Trojan Killer.

Step 2: Update Signature Databases:

5. After launching Trojan Killer, ensure that your computer is connected to the Internet.

6. Click "Update" icon to download the latest signature databases, which will ensure the tool can detect the most recent threats.

Step 3: Scan the Infected PC:

7. Safely eject the USB flash drive from the clean computer.

8. Boot the infected computer to the Safe Mode.

9. Insert the USB flash drive.

10. Run tk.exe

11. Once the program is open, click on "Full Scan" to begin the malware scanning process.

Step 4: Remove Found Threats:

12. After the scan is complete, Trojan Killer will display a list of detected threats.

13. Click on "Cure PC!" to remove the identified malware from the infected PC.

14. Follow any additional on-screen prompts to complete the removal process.

Step 5: Restart Your Computer:

15. Once the threats are removed, click on "Restart PC" to reboot your computer.

16. Remove the USB flash drive from the infected computer.

Congratulations on effectively removing spyware and the concealed threats from your computer! You can now have peace of mind, knowing that they won't resurface again. Thanks to Gridinsoft's capabilities and commitment to cybersecurity, your system is now protected.

Frequently asked questions

The truth about Altowex

Name: Altowex

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Altowex, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Altowex scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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