We Investigated Edrochain: Legit or Scam? The Facts

Recently, Edrochain.com service popped up, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather reliable proof that clearly reveals it is, actually, a deceptive platform.

Regardless of the promises of the most convenient, trustworthy, and client-friendly service, Edrochain.com does not follow any of them. All this is just a shiny wrap around a blatant scam, which takes your funds and never returns them. Any stories about bonuses, endorsement from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Edrochain Scam Overview

Originally, Edrochain poses as a crypto trading & cryptowallet platform with outstandingly low commission fees. Another bright marketing point for this service is backing from celebrities that have relation to the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look real, con actors use AI-generated videos with those celebs promote the fake crypto service as if it was the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

Edrochain Scam

Initially, Edrochain copies the layout of many similar websites. There are quite a few examples, like Emx1, Fibitix or Fundbisinvestment. They are completely identical in terms of visual elements, with minor discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Probably, all these fraudulent websites are operated by the same gang of scammers.

Cryptocurrency Scam Summary

How the Edrochain Scam Works?

Edrochain is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use several website designs, which still share the similar 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To start the fraud, criminals create and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Employing bots and sponsored promotions (when achievable), fraud actors increase the exposure of their scam activities to possible victims. And as I said, fraudsters do not shy away using deepfake for creating clips with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

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

Users receive an incentive to sign up, drawn by the commitment of obtaining cryptocurrency prizes valued at hundreds of dollars, all for free. To augment the attractiveness of the offer, fake claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, targets end up on a page filled with attractive offers. “Crypto starts with Edrochain”, “Your crypto savings are secured with Edrochain, “Start earning with Edrochain – they look rather reliable. To heat up users and make them proceed to step 3, crooks say that obtaining the pledged bonus requires registration. And since nothing questionable happens at this point, uninformed users happily proceed – especially as the reward 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 information, frauds will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, scammers bait folks for registration with bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Only by gathering this info and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make it at least usable for crypto 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

Eventually, any crypto purchases require having money on your account. With Edrochain, users are also forced to top up to get the bonuses. And this is what creates the majority of the money flow to this scam site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the deposited funds and withdraw them.

This, however, is where the first obvious issues start to surface. When comparing the actual crypto wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to retrieve the funds 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 return your money. Though to make the fraud look more realistic, they’ve elaborated a whole pack of reasons to decline the transfer-out request. Most of them repeat what KYC guidelines say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for your personal data, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your grand back. And every check will uncover more and more info of yours, 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 Edrochain.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Edrochain 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%, Edrochain exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Edrochain as a scam.
• Dubious Corporate Information. Edrochain 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. Edrochain.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. Edrochain 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 Edrochain 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 duration of the fraud, its actors may contact you with specific files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we earlier determined, these scoundrels have no intention of returning your funds. So, what can these emails and browser add-ons represent? You guessed it right – that is another element of the scam designed to entice you into willingly running destructive programs onto your computer.

Both plugins and attachments attached to emails can function as a shell for different malicious software. In this scenario, I foresee the presence of spyware and stealers among other types of malicious programs. While it is not mandatory for scammers to distribute malware, the likelihood is always above zero. As noted, their conscience is of no concern, and their reputation is already severely tarnished. They have no principles to lose and aim to maximize revenues.

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