We Looked at the Evidence: Is Elembrix Legit or Scam?

Recently, Elembrix.com website surfaced, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably indicates it is, in fact, a fraudulent site.

Regardless of the promises of the most user-friendly, reliable, and customer-centric service, Elembrix.com does not fulfill any of them. All this is just a golden wrap around a clear scam, which takes your funds and never returns them. Any tales about gifts, endorsement from celebrities etc are nowhere to be found as well.

Elembrix Scam Overview

Originally, Elembrix poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another bright marketing point for this site 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 says about being supported by them. To make these claims look more realistic, rascals employ AI-generated videos where those celebrities promote the fake crypto service 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 vivid wrap around an obvious scam.

Elembrix Scam

To begin with, Elembrix shares the layout of many equivalent online platforms. There are quite a few examples, like Coinvestex, Chainxlot or Chartdax. They are completely undistinguishable in terms of graphic elements, with minor discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are identical. Probably, all these deceptive websites are led by a single group of frauds.

Cryptocurrency Scam Summary

How the Elembrix Scam Works?

Elembrix is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use several website designs, which still share the similar overall layout. Another shared 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the scam, criminals set up and fill accounts on well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Utilizing bots and sponsored ads (when feasible), fraud actors increase the visibility of their scam activities to potential victims. And as I said, crooks do not disdain using deepfake for creating videos with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who joins the service immediately.

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

Users get an encouragement to sign up, attracted by the promise of receiving crypto prizes valued at hundreds of dollars, all free of charge. To augment the appeal of the offer, fake suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the promotions, targets end up on a page filled with enticing offers. “Crypto starts with Elembrix”, “Your crypto savings are secured with Elembrix, “Start earning with Elembrix – they look rather reliable. To heat up users and make them proceed to step 3, crooks say that getting the pledged bonus requires registration. And as nothing concerning happens at this point, unexperienced users happily proceed – especially as the bonus appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you register using your personal info, frauds will not be able to 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 into signing up for bonuses. And all the personal info needed for it – email, username, crypto wallet address – is valuable for user identification. Only by gathering this information 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 it at least usable for cryptocurrency purchases, the user should top up the account with the equivalent sum. And this is what initiates the final stage of the scam.

Step 4: Requesting funds

Eventually, any crypto purchases require having capital on your account. In the case of Elembrix, users are also forced to top up to claim the bonuses. And these top ups is what creates the majority of the cash 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 trading on this website hoping to use all the transferred money and withdraw them.

This, however, is where the first obvious issues start to surface. When comparing the actual cryptocurrency wallet vs what the site says, you can notice 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

There’s no need to explain that swindlers have 0 intentions to give your money back. But to make the denial look more legitimate, they’ve elaborated a whole pack of reasons to decline the withdrawal request. Most of them repeat what Know Your Client requirements say, but for the Elembrix.com they are here exclusively to make the withdrawal impossible.

By requesting your personal information, scammers just stall hoping for you to understand that you’ve been scammed 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 uncover more and more information, 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 Elembrix.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Elembrix 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%, Elembrix exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Elembrix as a scam.
• Dubious Corporate Information. Elembrix 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. Elembrix.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. Elembrix 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 Elembrix 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 scam, its actors may get in touch with you with particular files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto assets. As we previously determined, these scammers have no intent of restoring your capital. So, what can these email messages and browser plugins represent? Correct – this is another component of the fraudulent scheme designed to entice you into willingly running destructive applications onto your computer.

Both extensions and files included to email messages can act as a shell for diverse malicious code. In this situation, I expect the presence of spyware and stealers among all forms of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always above zero. As stated, their morality is of little concern, and their reputation is already deeply compromised. They have no principles to give up and strive to boost gains.

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