Investigating Cryptosolex: Legit or Scam? The Truth Exposed

Recently, Cryptosolex.net site appeared, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather credible supporting information that unmistakably indicates it is, in truth, a deceptive site.

Despite the promises of the most easy, reliable, and client-friendly service, Cryptosolex.net does not offer any of them. In fact, all this is just a shiny wrap around a dirty scam, which steals your money and never gives them back. Any tales about gifts, endorsement from celebrities etc are non-existent as well.

Cryptosolex Scam Overview

Originally, Cryptosolex poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another highlighted marketing point for this platform is backing from celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, con actors use AI-generated videos where those celebrities advertise the fraud as if it was the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around a transparent scam.

Cryptosolex Scam

Initially, Cryptosolex shares the layout of numerous similar websites. There are quite a few examples, like Coinwglobals, Get or Tritixcrypto. They are entirely identical in terms of visual elements, with small discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are unchanged. Most likely, all these deceptive websites are operated by a single team of scoundrels.

Cryptocurrency Scam Summary

How the Cryptosolex Scam Works?

Cryptosolex is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use several website designs, which still share the identical overall layout. Another mutual 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 advanced psychological tricks that make the user believe in the authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the scam, criminals establish and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Utilizing bots and paid ads (when achievable), scam actors intensify the presence of their scam activities to potential victims. And as I said, scammers do not shy away using generative AI for creating clips with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

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

Step 2: Gaining Traffic

After following the promotions, victims end up on a page filled with enticing offers. “Crypto starts with Cryptosolex”, “Your crypto savings are secured with Cryptosolex, “Start earning with Cryptosolex – they look rather credible. To heat up users and make them proceed to step 3, crooks say that retrieving the promoted bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily proceed – especially as the gift 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 sign up using your personal data, crooks will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

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

As it turns out, you cannot use the alleged bonus right away. To make at least cryptocurrency purchases on the platform with it, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Eventually, any crypto purchases require you to have funds on your account. With Cryptosolex, users are also coerced to top up to use the bonuses. And these top ups is what creates most of the money flow to this scam site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the transferred money and withdraw them.

This is where the victim notices the issues. When keeping an eye on the actual cryptocurrency wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have zero intentions to return your money. But to make the fraud look more realistic, they’ve crafted a whole bunch of reasons to decline the withdrawal request. Most of them repeat what Know Your Client requirements say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal info, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your funds back. And each of these checks will reveal more and more info of yours, which – you guessed it right – will be then marketed 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 Cryptosolex.net. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Cryptosolex 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%, Cryptosolex exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Cryptosolex as a scam.
• Dubious Corporate Information. Cryptosolex 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. Cryptosolex.net 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. Cryptosolex 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 Cryptosolex 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.

• Report to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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 duration of the fraud, rascals may contact you with specific files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we already figured out, these rascals have no plan of giving back your funds. So, what can these emails and browser extensions represent? Correct – this is another side of the deceptive plan designed to throw you into deliberately installing destructive software onto your device.

Both extensions and attachments added to email messages can act as a carrier for diverse malicious code. In this situation, I anticipate the presence of spyware and stealers among other kinds of threats. While it is not obligatory for scammers to distribute malware, the probability is always significant. As noted, their conscience is of little concern, and their dignity is already seriously marred. They have no principles to lose and intend to boost gains.

Frequently asked questions