We Looked Into Folanex: Scam or Trustworthy? The Verdict

Recently, Folanex.com service popped up, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable proof that clearly reveals it is, actually, a scam site.

Despite the promises of the most easy, dependable, and customer-centric service, Folanex.com does not follow any of them. All this is just a shiny wrap around a blatant scam, which steals your funds and never gives them back. Any stories about gifts, endorsement from celebrities etc are absent as well.

Folanex Scam Overview

Originally, Folanex poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another bright marketing point for this site is partnerships with celebrities that have relation to 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 more realistic, rascals use deepfake videos with those celebs advertise the fake crypto service as the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a glaring wrap around a transparent scam.

Folanex Scam

First and foremost, Folanex shares the layout of numerous similar websites. There are quite a few examples, like Flenory, Fenotix or Fenorax. They are entirely identical in terms of visual elements, with slight discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are unchanged. Most likely, all these deceptive sites are managed by a single group of scammers.

Cryptocurrency Scam Summary

How the Folanex Scam Works?

Folanex is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use various website designs, which still share the same 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 complex 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 start the deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and sponsored ads (when possible), fraud actors increase the presence of their scam activities to potential victims. And as I said, fraudsters do not shy away using generative AI for creating videos with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

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

Users receive an incentive to sign up, enticed by the promise of obtaining crypto rewards valued at hundreds of dollars, all free of charge. To augment the appeal of the offer, fake suggestions of cooperation with a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

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

This is the last stage when it is possible to get away from the scam without any losses. Before you sign up using your personal information, rascals will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just mentioned, scammers bait folks into registration for bonuses. And all the personal information needed for it – email, username, crypto wallet address – are valuable for user identification. Only by gathering this info and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make at least crypto purchases on the platform with it, the user should top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Eventually, any cryptocurrency operations require having funds on your account. With Folanex, users are also coerced to top up to use the bonuses. And these top ups is what creates the majority of the cash flow to this scam website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the deposited funds and withdraw them.

This, however, is where the first obvious issues start to surface. When comparing the actual 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 money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have zero intentions to return your money. Though to make it look more realistic, they’ve elaborated a whole bunch of reasons to decline the withdrawal request. Most of them repeat what KYC regulations say, but for the Folanex.com they are here exclusively to make the withdrawal impossible.

By requesting your personal data, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your funds back. And every check will share 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 Folanex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Folanex.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Folanex arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Folanex resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Folanex employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Folanex capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Folanex.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Folanex 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 duration of the scam, its masters may get in touch with you with particular files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we already figured out, these scammers have no intention of returning your funds. So, what do these messages and browser extensions represent? Correct – this is another side of the deceptive plan designed to entice you into willingly installing harmful applications onto your device.

Both plugins and attachments attached to email messages can function as a carrier for diverse malware. In this scenario, I anticipate the presence of spyware and stealers among all kinds 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 negligible importance, and their reputation is already seriously marred. They have no principles to lose and intend to maximize gains.

Frequently asked questions