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

Recently, Feretex.com service popped up, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather credible proof that unmistakably indicates it is, in fact, a scam site.

Regardless of the promises of the most convenient, reliable, and customer-centric service, Feretex.com does not fulfill any of them. In fact, all this is just a golden wrap around a blatant scam, which takes your money and never returns them. Any stories about bonuses, sponsorship from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Feretex Scam Overview

Originally, Feretex poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another notable selling point for this platform is partnerships with celebrities that are known in the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look real, frauds use AI-generated videos where those celebrities promote the scam as the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a vivid wrap around a transparent scam.

Feretex Scam

Initially, Feretex shares the appearance of numerous similar pages. There are quite a few examples, like Mevolix, Cenalex or Meuma. They are totally identical in terms of visual elements, with small discrepancies in the site header. Other particulars, and at times even crypto wallet addresses, are the same. Probably, all these scam online platforms are operated by the same gang of scammers.

Cryptocurrency Scam Summary

How the Feretex Scam Works?

Feretex is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use numerous website designs, which still share the identical overall layout. Another common element are the ways the scams like NAME are promoted, and the manner all this ends up to the victim of the scam. To reach peak efficiency, frauds apply sophisticated psychological tricks that make the user believe in the legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To begin the scam, criminals set up and fill accounts on popular social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Using bots and paid advertisements (when possible), scam actors increase the exposure of their fraudulent activities to possible victims. And as I said, fraudsters do not shy away using deepfake for creating clips with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who registers the service immediately.

Promotions of cryptoscams like Feretex in TikTok. Most of these videos are AI-generated deepfakes

Users receive an encouragement to sign up, attracted by the assurance of getting crypto prizes valued at hundreds of dollars, all for free. To enhance the attractiveness of the offer, fake suggestions of cooperation with a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After clicking the promos, targets end up on a page filled with attractive offers. “Crypto starts with Feretex”, “Your crypto savings are secured with Feretex, “Start earning with Feretex – they look rather authoritative. To heat up users and make them proceed to step 3, scammers say that retrieving the pledged bonus requires registration. And since nothing questionable happens at this point, uninformed users happily proceed – especially since the gift appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you sign up using your personal information, crooks will not earn even a penny from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, frauds bait folks into signing up for bonuses. And all the personal data needed for it – email, username, crypto wallet address – is valuable for user identification. Solely by gathering this information and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the promised bonus right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

It is obvious that any crypto operations require having money on your account. In the case of Feretex, users are also compelled to top up to get the bonuses. And these top ups is what creates most of the cash flow to this scam site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the credited capital and withdraw them.

This, however, is where the problems start to surface. When keeping an eye on the real cryptocurrency wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers have 0 intentions to return your money. But to make it look more realistic, they’ve developed a whole pack of reasons to decline the wireout request. Usually, they repeat what KYC requirements say, but for the Feretex.com they are here only to make the withdrawal impossible.

By asking for your personal info, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you should go through before getting your money back. And each of these checks will reveal more and more information, which – you guessed it right – will be then sold on the Darknet. Never reveal your real info to strangers!

Signs of Scam

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

• Unsubstantiated Credibility. Feretex 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%, Feretex exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Feretex as a scam.
• Dubious Corporate Information. Feretex 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. Feretex.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. Feretex 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 Feretex 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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, scoundrels may reach out to you with particular files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we earlier figured out, these scoundrels have no plan of giving back your funds. So, what can these messages and browser extensions represent? You guessed it right – this is another side of the fraudulent scheme designed to throw you into deliberately running malicious programs onto your system.

Both add-ons and attachments included to email messages can serve as a carrier for various malware. In this situation, I foresee the presence of spyware and stealers among all kinds of threats. While it is not obligatory for scammers to distribute malware, the chance is always significant. As stated, their ethics is of little concern, and their reputation is already neck deep in mud. They have no principles to lose and strive to maximize gains.

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