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

Recently, Jelorex.com site surfaced, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather credible evidence that unmistakably reveals it is, actually, a scam site.

Despite the promises of the most convenient, reliable, and customer-centric service, Jelorex.com does not fulfill any of them. All this is just a gilded wrap around a dirty scam, which takes your money and never returns them. Any stories about gifts, endorsement from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Jelorex Scam Overview

Originally, Jelorex poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another notable selling point for this site is backing from 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 real, rascals employ deepfake videos where those celebrities advertise the scam as if it was 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 blatant wrap around a transparent scam.

Jelorex Scam

Initially, Jelorex repeats the design of many similar online platforms. There are quite a few examples, like Wincoin, Wytex or Wolurax. They are completely identical in terms of visual elements, with slight discrepancies in the website header. Other details, and sometimes even crypto wallet addresses, are identical. Most likely, all these deceptive online platforms are operated by the same team of scoundrels.

Cryptocurrency Scam Summary

How the Jelorex Scam Works?

Jelorex is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use various website designs, which still share the same overall layout. Another mutual 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 initiate the deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Using bots and sponsored advertisements (when feasible), fraud actors intensify the presence of their deceptive activities to possible victims. And as I said, crooks do not shy away using deepfake for creating videos with the mentioned celebs 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 Jelorex in TikTok. Most of these videos are AI-generated deepfakes

Users receive an incentive to register, attracted by the promise of obtaining cryptocurrency rewards valued at hundreds of dollars, all without cost. To augment the attractiveness of the offer, false claims of cooperation with a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

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

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal info, rascals 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, deceivers bait folks for registration with bonuses. And all the personal info needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Solely by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, 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. And this is what starts the final step of the scam.

Step 4: Requesting funds

Eventually, any cryptocurrency operations require you to have funds on your account. With Jelorex, users are also compelled to top up to get the bonuses. And these top ups is what creates the majority of the money flow to this fraudulent site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the transferred capital and withdraw them.

This is where the first obvious issues start to surface. When comparing the actual crypto wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to withdraw the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that swindlers are naught on intentions to give your money back. Though to make it look more legitimate, they’ve made up a whole bunch of reasons to decline the withdrawal request. Most of them repeat what Know Your Client requirements say, but for the Jelorex.com they are here exclusively to make the wireout impossible.

By requesting your personal information, scammers just stall hoping for you to understand that you’ve been scammed 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 share more and more info of yours, which – you guessed it right – will be then traded 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 Jelorex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Jelorex 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, its actors may contact you with specific documents. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency assets. As we earlier figured out, these scammers have no plan of returning your capital. So, what do these emails and browser plugins represent? You guessed it right – that is another component of the deceptive plan designed to entice you into willingly installing destructive software onto your system.

Both extensions and files added to emails can act as a carrier for diverse malware. In this situation, 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 above zero. As stated, their morality is of little concern, and their reputation is already severely tarnished. They have no scruples to lose and strive to maximize gains.

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