We Investigated Elonxmon: Legit or Scam? The Facts

Recently, Elonxmon.com website appeared, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather credible evidence that unmistakably confirms it is, actually, a deceptive site.

Despite what Elonxmon site states, they will never give back your money. Regardless of the figures displayed in the “member area”, there is absolutely no way to take out even a single cent. All promises regarding crypto incentives are hollow as well.

Elonxmon Scam Overview

The primary feature that Elonxmon strives to provide is a secure and convenient cryptocurrency wallet service. The website promises exchange services, tools for controlling wallets, transfers, dashboards, and alike functions. In reality, they try to emulate the functionality of a crypto trading platform, like Binance or Coinbase. However, it in actuality only serves as a shell intended to lull the vigilance.

Elonxmon Scam

First and foremost, Elonxmon imitates the appearance of numerous similar pages. There are quite a few examples, like Detymex, Daomusk or Chairspacex. They are entirely undistinguishable in terms of graphic elements, with small discrepancies in the site header. Other particulars, and at times even crypto wallet addresses, are unchanged. Presumably, all these fraudulent online platforms are operated by a single team of scammers.

Cryptocurrency Scam Summary

How the Elonxmon Scam Works?

Elonxmon is yet another website within a vast network of associated crypto deceptive webpages. The managers utilize different brand names and sites, like Elonxmon.com, to trap victims. Nonetheless, these false sites have in common identical designs, terms of service, and About Us information. This exposes their sources as a part of the same criminal network, which endorses the same mode of fraud under diverse covers. The scammers merely copy the equal fraudulent website under diverse names to fool users into believing they are joining a fresh platform. However, in actuality, it’s the same group of scammers orchestrating the misleading promises and efforts to grab deposited money. The administrators shrewdly utilize psychological maneuvers and enticing offers to execute their unscrupulous plots.

Step 1: Spreading

To begin the deceptive scheme, criminals establish and fill accounts on well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and paid advertisements (when feasible), scam actors boost the presence of their deceptive activities to potential victims. This strategy permits them to cast a broad net and interact with their targeted spectators. The latter typically comprises of cryptocurrency enthusiasts searching for chances to make profits.

Users obtain an incentive to enroll, drawn by the promise of obtaining crypto benefits valued at hundreds of dollars, all free of charge. To augment the attractiveness of the offer, false claims of cooperation with a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

People who express interest go to Elonxmon.com via links featured in promotions or bot-generated posts. The webpage employs captivating visuals, design features that appear genuine, and claims of having a valid license, all designed to project an initial impression of credibility.

Step 3: Data Gathering

To collect their benefits, users must deliberately sign up on Elonxmon and get instructions to provide sensitive and personal data throughout the enrollment procedure. This comprises linking their cryptocurrency wallets, providing email addresses, giving phone numbers, furnishing identification papers, and the like.

Step 4: Requesting funds

Once signed up, users notice significant amounts of cryptocurrency, valued at hundreds of dollars, within their Elonxmon wallets. Nonetheless, as it usually happens with such bonuses, you are unable to withdraw them prior to topping up your account. Normally, a funds transfer of $100 is asked to access the sign-up bonus. This stipulation serves as the enticement that eventually culminates to the money loss.

Step 5: Disappear

The moment the deposit is submitted, the fraudsters terminate all interaction. They go ahead to bar users, erase accounts, and abscond with both the submitted money and essential personal data. The fictitious benefits persist perpetually uncredited, as they lack actual existence. They act solely as a deceptive ploy. This approach forms the foundation for the fraudsters’ capacity to deceive victims and steal hard-earned earnings through their double-dealing internet-based crypto scam.

Signs of Scam

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

• Absent company details. Elonxmon 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 Elonxmon 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 Elonxmon, 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 Elonxmon is a definite scam.

What Should I do as a Victim?

If you had to deal with Elonxmon 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 reach out to you with particular documents. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we earlier determined, these rascals have no plan of giving back your funds. So, what do these email messages and browser add-ons represent? Correct – this is another side of the scam designed to entice you into willingly running destructive programs onto your system.

Both extensions and files attached to emails can act as a shell for diverse malicious code. In this situation, I foresee the presence of spyware and stealers among all types of malware. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As stated, their ethics is of no concern, and their reputation is already severely tarnished. They have no principles to give up and intend to maximize gains.

Frequently asked questions