The Elxway Scam – Don’t Become the Next Victim

Recently, Elxway.com site popped up, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather reliable supporting information that clearly confirms it is, in fact, a scam platform.

Contrary to the statements of Elxway.com, they will never pay off your money. Even though the figures displayed in the “member area”, there is absolutely no way to withdraw even a single cent. All pledges regarding crypto rewards are hollow as well.

It is better to prevent, than repair and repent!

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Elxway Scam Overview

The primary feature that Elxway aims to provide is a secure and user-friendly crypto wallet service. The website promises exchange facilities, tools for managing wallets, transfers, dashboards, and similar stuff. In reality, they endeavor to emulate the functionality of a crypto marketplace, akin to Binance or Coinbase. However, it in actuality exclusively serves as a cover intended to lull the vigilance.

Elxway Scam

Initially, Elxway reproduces the appearance of numerous similar online platforms. There are quite a few examples, like Zedoxtrade, Twitnix or Wuobi. They are totally identical in terms of visual elements, with small discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are identical. Most likely, all these deceptive sites are led by a single team of frauds.

Cryptocurrency Scam Summary

How the Elxway Scam Works?

Elxway is yet another website within a extensive network of linked crypto deceptive sites. The operators utilize diverse brand identities and websites, like Elxway.com, to ensnare victims. Nonetheless, these false sites share matching website designs, terms of service, and About information. This reveals their beginnings as a part of the equal scam network, which advocates the similar type of deception under different appearances. The scammers merely copy the same scam website under different names to deceive users into thinking they are enrolling a new opportunity. However, in reality, it’s the same system of fraudsters orchestrating the deceptive promises and undertakings to take deposited cryptocurrency. The managers cleverly employ psychological maneuvers and captivating propositions to implement their deceitful plans.

Step 1: Spreading

To begin the deceptive scheme, 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. Using bots and sponsored ads (when feasible), scam actors boost the visibility of their fraudulent activities to potential victims. This tactic allows them to cast a wide net and engage with their targeted viewers. The latter commonly comprises of cryptocurrency enthusiasts seeking chances to generate profits.

Users get an encouragement to register, enticed by the assurance of receiving crypto prizes valued at hundreds of dollars, all without cost. To increase the attractiveness of the offer, fake suggestions of sponsorship by a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Users who show interest visit Elxway.com via links present in ads or robotic posts. The site uses captivating visuals, design elements that appear authentic, and claims of holding a legitimate license, all intended to project an initial perception of credibility.

Step 3: Data Gathering

To claim their rewards, users must deliberately set up an profile on Elxway and get guidance to submit sensitive and personal information during the sign-up procedure. This includes linking their cryptocurrency wallets, sharing email addresses, giving phone numbers, sending in identification papers, and the like.

Step 4: Requesting funds

Once enrolled, users observe considerable amounts of cryptocurrency, valued at thousands of dollars, within their Elxway wallets. Nonetheless, as it usually happens with such bonuses, you are unable to withdraw them ahead of making a deposit. Usually, a funds transfer of $100 is required to access the sign-up bonus. This prerequisite serves as the trap that eventually results to the money loss.

Step 5: Disappear

The moment the payment is made, the scammers cease all contact. They move forward to block users, remove accounts, and vanish with both the deposited funds and critical individual information. The fabricated benefits continue to be perpetually uncredited, as they lack genuine existence. They function purely as a deceptive strategy. This approach forms the foundation for the deceivers’ capability to mislead victims and misappropriate hard-earned earnings through their deceptive online crypto scam.

Signs of Scam

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

• Unsubstantiated Credibility. Elxway 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%, Elxway exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Elxway as a scam.
• Dubious Corporate Information. Elxway 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. Elxway.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. Elxway 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 Elxway 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 course of the fraud, fraudsters may reach out to you with specific documents. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we earlier figured out, these scammers have no plan of restoring your capital. So, what can these email messages and browser extensions represent? Correct – that is another component of the fraudulent scheme designed to throw you into willingly running destructive applications onto your computer.

Both add-ons and attachments added to email messages can act as a shell for diverse malware. In this case, I expect the presence of spyware and stealers among all kinds of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always greater than zero. As noted, their conscience is of no concern, and their reputation is already deeply compromised. They have no principles to lose and intend to maximize revenues.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

To use Gridinsoft for remove malicious threats, follow the steps below:

1. Begin by downloading Gridinsoft Anti-Malware, accessible via the blue button below or directly from the official website gridinsoft.com.

2.Once the Gridinsoft setup file (setup-gridinsoft-fix.exe) is downloaded, execute it by clicking on the file.

3.Follow the installation setup wizard's instructions diligently.

4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.

Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.

5. Upon completion, Anti-Malware will present a detailed report containing all the detected malicious items and threats on your PC.

6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.

8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.

Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.

Trojan Killer for “spyware” removal on locked PC

In situations where it becomes impossible to download antivirus applications directly onto the infected computer due to malware blocking access to websites, an alternative solution is to utilize the Trojan Killer application.

There is a really little number of security tools that are able to be set up on the USB drives, and antiviruses that can do so in most cases require to obtain quite an expensive license. For this instance, I can recommend you to use another solution of GridinSoft - Trojan Killer Portable. It has a 14-days cost-free trial mode that offers the entire features of the paid version. This term will definitely be 100% enough to wipe malware out.

Trojan Killer is a valuable tool in your cybersecurity arsenal, helping you to effectively remove malware from infected computers. Now, we will walk you through the process of using Trojan Killer from a USB flash drive to scan and remove malware on an infected PC. Remember, always obtain permission to scan and remove malware from a computer that you do not own.

Step 1: Download & Install Trojan Killer on a Clean Computer:

1. Go to the official GridinSoft website (gridinsoft.com) and download Trojan Killer to a computer that is not infected.

2. Insert a USB flash drive into this computer.

3. Install Trojan Killer to the "removable drive" following the on-screen instructions.

4. Once the installation is complete, launch Trojan Killer.

Step 2: Update Signature Databases:

5. After launching Trojan Killer, ensure that your computer is connected to the Internet.

6. Click "Update" icon to download the latest signature databases, which will ensure the tool can detect the most recent threats.

Step 3: Scan the Infected PC:

7. Safely eject the USB flash drive from the clean computer.

8. Boot the infected computer to the Safe Mode.

9. Insert the USB flash drive.

10. Run tk.exe

11. Once the program is open, click on "Full Scan" to begin the malware scanning process.

Step 4: Remove Found Threats:

12. After the scan is complete, Trojan Killer will display a list of detected threats.

13. Click on "Cure PC!" to remove the identified malware from the infected PC.

14. Follow any additional on-screen prompts to complete the removal process.

Step 5: Restart Your Computer:

15. Once the threats are removed, click on "Restart PC" to reboot your computer.

16. Remove the USB flash drive from the infected computer.

Congratulations on effectively removing spyware and the concealed threats from your computer! You can now have peace of mind, knowing that they won't resurface again. Thanks to Gridinsoft's capabilities and commitment to cybersecurity, your system is now protected.

Frequently asked questions

The truth about Elxway

Name: Elxway

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Elxway, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Elxway scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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