We Investigated Elonbitex: Legit or Scam? The Facts

Recently, Elonbitex.com website surfaced, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather credible proof that clearly confirms it is, actually, a fraudulent site.

Despite what Elonbitex site states, they will never give back your money. Regardless of the figures displayed in the “member area”, there is absolutely no ability to withdraw even a single cent. All commitments regarding crypto rewards are hollow as well.

Elonbitex Scam Overview

The key offering that Elonbitex strives to provide is a protected and user-friendly crypto wallet service. The site promises crypto exchange services, tools for controlling wallets, transfers, dashboards, and similar functions. In fact, they try to emulate the functionality of a crypto exchange, like Binance or Coinbase. However, it in fact solely serves as a shell needed to fool the cautious.

Elonbitex Scam

To begin with, Elonbitex imitates the design of many equivalent online platforms. There are quite a few examples, like Fezorex, Gutoxe or Ilon. They are entirely identical in terms of graphic elements, with minor discrepancies in the webpage header. Other particulars, and sometimes even crypto wallet addresses, are identical. Probably, all these scam sites are operated by the same gang of frauds.

Cryptocurrency Scam Summary

How the Elonbitex Scam Works?

Elonbitex is yet another online platform within a vast network of interconnected crypto deceptive sites. The managers utilize different brand titles and websites, like Elonbitex.com, to trap victims. However, these deceptive websites share the same website designs, terms of service, and About Us information. This unveils their sources as parts of the identical fraudulent network, which advocates the same form of deception under different covers. The deceivers simply copy the equal scam website under various names to fool users into thinking they are joining a new platform. However, in actuality, it’s the identical group of swindlers orchestrating the misleading pledges and efforts to seize deposited money. The operators cleverly utilize psychological maneuvers and appealing propositions to implement their unscrupulous schemes.

Step 1: Spreading

To start the scam, criminals create and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Using bots and sponsored promotions (when feasible), fraud actors increase the exposure of their fraudulent activities to potential victims. This tactic enables them to create an extensive net and engage with their targeted audience. The latter typically comprises of cryptocurrency fans searching for opportunities to earn profits.

Step 2: Gaining Traffic

People who demonstrate interest go to Elonbitex.com via links included in ads or bot-generated posts. The site uses captivating visuals, design elements that appear authentic, and claims of having a legitimate license, all designed to convey an initial impression of credibility.

Step 3: Data Gathering

To redeem their prizes, users are required to deliberately sign up on Elonbitex and receive prompts to provide sensitive and personal data during the enrollment process. This includes linking their cryptocurrency wallets, sharing email addresses, giving phone numbers, furnishing identification papers, and the like.

Step 4: Requesting funds

Once registered, users observe significant amounts of cryptocurrency, valued at thousands of dollars, within their Elonbitex wallets. Nevertheless, as is common with such bonuses, you are unable to withdraw them before topping up your account. Typically, a deposit of $100 is asked to withdraw the sign-up bonus. This stipulation serves as the enticement that ultimately results to the money loss.

Step 5: Disappear

The instant the deposit is submitted, the scammers terminate all contact. They move forward to block users, erase accounts, and vanish with both the deposited funds and vital private details. The fictitious rewards continue to be perpetually uncredited, as they lack genuine existence. They function purely as a fraudulent strategy. This technique forms the foundation for the scammers’ ability to mislead victims and steal hard-earned funds through their double-dealing internet-based crypto scam.

Signs of Scam

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

• Absent company details. Elonbitex does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Elonbitex like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Elonbitex, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Elonbitex is a definite scam.

What Should I do as a Victim?

If you had to deal with Elonbitex 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 the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

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 timeline of the scam, its masters 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 funds. As we previously figured out, these scammers have no intention of returning your capital. So, what can these emails and browser add-ons represent? Correct – this is another component of the deceptive plan designed to entice you into willingly running malicious software onto your device.

Both add-ons and files attached to emails can act as a shell for diverse malicious code. In this case, I anticipate the presence of spyware and stealers among all forms of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always significant. As previously mentioned, their morality is of little concern, and their reputation is already seriously marred. They have nothing to lose and aim to boost gains.

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