Investigating Fazelex: Legit or Scam? The Truth Revealed

Recently, Fazelex.com site appeared, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather credible supporting information that unmistakably indicates it is, in truth, a deceptive site.

Contrary to the assertions of Fazelex.com, they won’t refund your capital. Even though the numbers displayed in the “member area”, there is zero ability to withdraw even a single coin. All promises regarding crypto bonuses are empty as well.

It is better to prevent, than repair and repent!

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Fazelex Scam Overview

The main offering that Fazelex attempts to provide is a safe and user-friendly cryptocurrency wallet service. The website pledges exchange solutions, tools for handling wallets, transfers, dashboards, and the like. In fact, they endeavor to emulate the functionality of a crypto trading platform, akin to Binance or Coinbase. However, it in actuality exclusively serves as a shell needed to mislead the cautious.

Fazelex Scam

First and foremost, Fazelex reproduces the appearance of many equivalent pages. There are quite a few examples, like Geldbit, Looksrare or Marsbycoin. They are entirely undistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other details, and at times even crypto wallet addresses, are matching. Presumably, all these deceptive sites are led by the same gang of frauds.

Cryptocurrency Scam Summary

How the Fazelex Scam Works?

Fazelex is yet another online platform within a vast network of associated crypto fraudulent platforms. The operators employ different brand identities and websites, like Fazelex.com, to trap victims. However, these false sites possess the same designs, terms of service, and About Us information. This unveils their beginnings as parts of the equal fraudulent network, which promotes the same type of scam under diverse covers. The scammers merely replicate the same deceptive website under diverse names to deceive users into thinking they are enrolling a fresh venture. However, in reality, it’s the equal group of swindlers orchestrating the deceptive promises and attempts to seize deposited money. The managers cleverly make use of psychological maneuvers and appealing invitations to implement their unscrupulous schemes.

Step 1: Spreading

To start the fraud, criminals establish and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Employing bots and paid advertisements (when feasible), fraud actors boost the exposure of their fraudulent activities to potential victims. This strategy permits them to cast a broad net and engage with their targeted audience. The latter usually consists of cryptocurrency enthusiasts looking for prospects to make profits.

Users get an incentive to register, attracted by the commitment of getting crypto benefits valued at thousands of dollars, all without cost. To enhance the appeal 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

Individuals who express interest check out Fazelex.com via links featured in promotions or robotic posts. The site utilizes captivating visuals, design features that appear legitimate, and claims of possessing a legitimate license, all aimed to convey an initial image of reliability.

Step 3: Data Gathering

To redeem their rewards, users are required to deliberately sign up on Fazelex and get instructions to submit sensitive and personal data during the registration process. This includes linking their cryptocurrency wallets, sharing email addresses, specifying phone numbers, submitting identification documents, and more.

Step 4: Requesting funds

Once enrolled, users witness considerable amounts of cryptocurrency, valued at thousands of dollars, within their Fazelex wallets. However, as is standard with such rewards, you are unable to withdraw them ahead of making a deposit. Typically, a payment of $100 is asked to get the sign-up bonus. This stipulation serves as the snare that ultimately results to the money loss.

Step 5: Disappear

The instant the payment is made, the scammers terminate all communication. They proceed to restrict users, erase accounts, and vanish with both the transferred capital and essential private details. The fabricated rewards remain perpetually uncredited, as they lack actual existence. They operate exclusively as a deceptive ploy. This method forms the foundation for the fraudsters’ ability to deceive victims and steal hard-earned money through their duplicative internet-based crypto fraud.

Signs of Scam

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

• False Celebrity Sponsorship. Fazelex 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. Fazelex.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. Fazelex 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. Fazelex.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%, Fazelex preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Fazelex as a scam.

What Should I do as a Victim?

If you had to deal with Fazelex 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 course of the scam, rascals may reach out to you with specific documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we previously figured out, these deceivers have no intent of returning your money. So, what can these emails and browser add-ons represent? Correct – this is another element of the fraudulent scheme designed to entice you into deliberately running destructive applications onto your system.

Both extensions and attachments attached to email messages can serve as a shell for various malicious code. In this scenario, I anticipate the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the likelihood is always greater than zero. As previously mentioned, their ethics is of little concern, and their reputation is already neck deep in mud. They have nothing to give up and strive to boost profits.

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 Fazelex

Name: Fazelex

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Fazelex, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Fazelex 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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