We Investigated Cryptoelationexchange: Legit or Scam? The Facts

Recently, Cryptoelationexchange.com service surfaced, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather reliable proof that unmistakably confirms it is, actually, a scam site.

Despite the promises of the most easy, dependable, and client-friendly service, Cryptoelationexchange.com does not offer any of them. All this is just a shiny wrap around a clear scam, which steals your money and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are non-existent as well.

Cryptoelationexchange Scam Overview

Originally, Cryptoelationexchange poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another highlighted marketing point for this service is backing from celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, con actors use AI-generated videos with those celebs promote the fake crypto service as the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around a transparent scam.

Cryptoelationexchange Scam

Initially, Cryptoelationexchange copies the appearance of numerous similar online platforms. There are quite a few examples, like Mercybit, Modalitycoin or Moonbax. They are totally indistinguishable in terms of graphic elements, with slight discrepancies in the site header. Other details, and at times even crypto wallet addresses, are the same. Most likely, all these fraudulent sites are operated by the same group of scammers.

Cryptocurrency Scam Summary

How the Cryptoelationexchange Scam Works?

Cryptoelationexchange is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use numerous website designs, which still share the identical overall layout. Another common element are the ways the scams like NAME are promoted, and the manner all this ends up to the victim of the scam. To reach peak efficiency, frauds apply complex psychological tricks that make the user believe in the legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the deceptive scheme, criminals establish and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and sponsored promotions (when possible), scam actors boost the presence of their fraudulent activities to potential victims. And as I said, scammers do not disdain using generative AI for creating clips with the mentioned celebs that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who registers the service immediately.

Promotions of cryptoscams like Cryptoelationexchange in TikTok. Most of these videos are AI-generated deepfakes

Users get an incentive to register, enticed by the assurance of obtaining crypto rewards valued at thousands of dollars, all without cost. To augment the attractiveness of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon following the promos, users end up on a page filled with attractive offers. “Crypto starts with Cryptoelationexchange”, “Your crypto savings are secured with Cryptoelationexchange, “Start earning with Cryptoelationexchange – they look rather authoritative. To heat up the interest and make the users proceed to step 3, crooks say that getting the promoted bonus requires registration. And as nothing suspicious happens at this point, unexperienced users happily move on – especially since the bonus appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you register using your personal data, frauds will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, deceivers bait folks into registration to get bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Only by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the claimed bonus is not available for withdrawal right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

It is obvious that any cryptocurrency operations require having money on your account. In the case of Cryptoelationexchange, users are also forced to top up to get the bonuses. And this is what creates most of the money flow to this scam website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the credited capital and withdraw them.

This is where the victim notices the problems. When keeping an eye on the actual crypto wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to withdraw the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers are naught on intentions to give your money back. Though to make the fraud look more realistic, they’ve crafted a whole pack of reasons to decline the wireout request. Usually, they repeat what Know Your Client requirements say, but in this case they are here only to make the wireout impossible.

By requesting your personal info, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your money back. And each of these checks will share more and more information, which – you guessed it right – will be then traded on the Darknet. Never reveal your real info to strangers!

Signs of Scam

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

• Unsubstantiated Credibility. Cryptoelationexchange employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Cryptoelationexchange exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Cryptoelationexchange as a scam.
• Dubious Corporate Information. Cryptoelationexchange arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Cryptoelationexchange.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Cryptoelationexchange utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Cryptoelationexchange 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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 duration of the scam, its masters may reach out to you with particular files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency assets. As we already determined, these scammers have no intention of restoring your capital. So, what do these email messages and browser plugins represent? You guessed – this is another element of the scam designed to entice you into deliberately installing malicious programs onto your computer.

Both add-ons and attachments attached to email messages can function as a shell for diverse malware. In this situation, I expect the presence of spyware and stealers among other types of threats. While it is not mandatory for scammers to distribute malware, the likelihood is always existent. As stated, their morality is of negligible importance, and their reputation is already neck deep in mud. They have no scruples to lose and intend to maximize gains.

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