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

Recently, Eliwex.com website popped up, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably confirms it is, actually, a scam platform.

Despite what Eliwex site states, they won’t return your money. Despite the figures displayed in the “member area”, there is absolutely no way to take out even a single penny. All commitments regarding crypto rewards are empty as well.

Eliwex Scam Overview

The main feature that Eliwex attempts to provide is a safe and convenient crypto wallet service. The website pledges crypto exchange solutions, tools for handling wallets, transfers, dashboards, and similar stuff. In truth, they endeavor to emulate the functionality of a crypto exchange, like Binance or Coinbase. However, it actually exclusively serves as a shell needed to deceive the cautious.

Eliwex Scam

To begin with, Eliwex reproduces the layout of multiple similar online platforms. There are quite a few examples, like Cookvex, Coockwex or Coinpexy. They are completely undistinguishable in terms of visual elements, with minor discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are matching. Probably, all these deceptive sites are managed by a single gang of frauds.

Cryptocurrency Scam Summary

How the Eliwex Scam Works?

Eliwex is yet another online platform within a wide-ranging network of interconnected crypto scam platforms. The operators employ various brand titles and sites, like Eliwex.com, to ensnare victims. Nevertheless, these fraudulent websites have in common identical website designs, terms of service, and About Us content. This reveals their origins as parts of the same criminal network, which promotes the identical form of deception under different covers. The scammers just duplicate the equal deceptive site under diverse names to mislead users into thinking they are enrolling a fresh opportunity. However, in actuality, it’s the same group of scammers orchestrating the fraudulent commitments and attempts to grab deposited funds. The managers skillfully employ psychological strategies and captivating invitations to implement their deceitful plans.

Step 1: Spreading

To begin the deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Using bots and paid ads (when feasible), scam actors intensify the exposure of their deceptive activities to potential victims. This strategy allows them to cast a broad net and engage with their aimed spectators. The latter commonly comprises of cryptocurrency fans searching for prospects to earn profits.

Users obtain an encouragement to register, enticed by the commitment of getting crypto prizes valued at thousands of dollars, all free of charge. To increase the appeal of the offer, fake claims of sponsorship by a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

People who demonstrate interest visit Eliwex.com via links featured in advertisements or robotic posts. The website uses captivating visuals, design elements that appear genuine, and assertions of having a legitimate license, all intended to convey an initial impression of reliability.

Step 3: Data Gathering

To redeem their rewards, users need to proactively create an profile on Eliwex and receive prompts to submit sensitive and personal data during the enrollment procedure. This comprises linking their cryptocurrency wallets, sharing email addresses, supplying phone numbers, furnishing identification documents, and the like.

Step 4: Requesting funds

Once enrolled, users notice substantial amounts of cryptocurrency, valued at thousands of dollars, within their Eliwex wallets. However, as is typical with such incentives, you can’t withdraw them ahead of topping up your account. Normally, a payment of $100 is required to access the sign-up bonus. This stipulation serves as the snare that ultimately results to the money loss.

Step 5: Disappear

The point in time the deposit is sent, the scammers cease all communication. They proceed to restrict users, erase accounts, and vanish with both the submitted funds and vital personal data. The fabricated rewards persist perpetually uncredited, as they lack genuine existence. They operate purely as a fraudulent maneuver. This technique forms the foundation for the scammers’ capability to deceive victims and embezzle hard-earned earnings through their duplicative internet-based crypto fraud.

Signs of Scam

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

• False Celebrity Sponsorship. Eliwex often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Eliwex.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Eliwex raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Eliwex.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Eliwex preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Eliwex as a scam.

What Should I do as a Victim?

If you had to deal with Eliwex 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 course of the scam, scoundrels may get in touch with you with particular files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we earlier figured out, these rascals have no plan of restoring your funds. So, what can these messages and browser plugins represent? Correct – this is another element of the fraudulent scheme designed to throw you into deliberately running harmful programs onto your computer.

Both add-ons and attachments added to emails can serve as a shell for various malware. In this scenario, I foresee the presence of spyware and stealers among all types of malicious programs. While it is not mandatory for scammers to distribute malware, the chance is always greater than zero. As previously mentioned, their morality is of no concern, and their dignity is already severely tarnished. They have no scruples to lose and strive to maximize gains.

Frequently asked questions