We Investigated Koylex: Legit or Scam? The Facts

Recently, Koylex.com website surfaced, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable proof that clearly confirms it is, in fact, a deceptive service.

Despite what Koylex site states, they won’t ever refund your capital. Regardless of the money displayed in the “member area”, there is no ability to take out even a single coin. All pledges regarding crypto rewards are baseless as well.

It is better to prevent, than repair and repent!

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Koylex Scam Overview

The main offering that Koylex strives to provide is a safe and convenient crypto wallet service. The website pledges crypto exchange services, tools for controlling wallets, transfers, dashboards, and the like. In reality, they try to emulate the functionality of a crypto marketplace, like Binance or Coinbase. However, it actually only serves as a shell needed to mislead the cautious.

Koylex Scam

To begin with, Koylex imitates the layout of numerous equivalent pages. There are quite a few examples, like Adexcoins, Poksten or Explicit. They are entirely identical in terms of visual elements, with small discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Probably, all these deceptive sites are led by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Koylex Scam Works?

Koylex is yet another website within a extensive network of interconnected crypto deceptive webpages. The operators utilize various brand identities and sites, like Koylex.com, to trap victims. Nevertheless, these fraudulent sites have in common identical website designs, terms of service, and About Us information. This unveils their sources as a part of the equal scam network, which advocates the identical type of scam under different disguises. The fraudsters merely copy the identical scam website under diverse names to mislead users into assuming they are participating in a new platform. However, in reality, it’s the identical system of fraudsters orchestrating the misleading commitments and efforts to grab deposited money. The administrators shrewdly make use of psychological strategies and appealing propositions to carry out their unscrupulous plans.

Step 1: Spreading

To begin the scam, criminals establish and fill accounts on popular social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Employing bots and paid ads (when achievable), fraud actors boost the visibility of their scam activities to potential victims. This strategy allows them to create a wide net and connect with their focused audience. This public typically comprises of cryptocurrency enthusiastic individuals seeking opportunities to generate profits.

Users get an incentive to enroll, drawn by the promise of getting crypto rewards valued at thousands of dollars, all free of charge. To augment the appeal of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Individuals who show interest check out Koylex.com via links present in ads or bot-generated posts. The webpage uses captivating visuals, design elements that appear legitimate, and claims of holding a legitimate license, all designed to convey an initial perception of reliability.

Step 3: Data Gathering

To claim their prizes, users must proactively sign up on Koylex and receive prompts to submit sensitive and personal data throughout the sign-up process. This comprises linking their cryptocurrency wallets, revealing email addresses, specifying phone numbers, sending in identification documents, and the like.

Step 4: Requesting funds

Once registered, users observe significant amounts of cryptocurrency, valued at hundreds of dollars, within their Koylex wallets. Nonetheless, as is common with such bonuses, you are unable to withdraw them prior to topping up your account. Typically, a funds transfer of $100 is asked to withdraw the sign-up bonus. This condition serves as the snare that eventually results to the money loss.

Step 5: Disappear

The moment the deposit is submitted, the fraudsters terminate all interaction. They move forward to block users, remove accounts, and abscond with both the transferred capital and vital personal data. The fabricated rewards continue to be perpetually uncredited, as they lack actual existence. They function solely as a phishing maneuver. This method forms the foundation for the fraudsters’ capacity to deceive victims and embezzle hard-earned funds through their deceptive web crypto scheme.

Signs of Scam

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

• Cryptocurrency-Only Transactions. Koylex.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. Koylex 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. Koylex 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. Koylex 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%, Koylex capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Koylex.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Koylex 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, fraudsters may get in touch with you with particular documents. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we earlier figured out, these deceivers have no intent of returning your money. So, what can these email messages and browser add-ons represent? You guessed – this is another element of the fraudulent scheme designed to throw you into deliberately installing destructive applications onto your device.

Both add-ons and files added to emails can act as a carrier for different malicious software. In this case, I anticipate the presence of spyware and stealers among all kinds of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As previously mentioned, their morality is of little concern, and their reputation is already deeply compromised. They have no scruples to give up and intend to boost 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 Koylex

Name: Koylex

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