The Krotax Scam – What You Need To Know

Recently, Krotax.com site popped up, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather reliable evidence that clearly confirms it is, actually, a scam site.

Despite what Krotax site states, they won’t ever refund your money. Regardless of the money displayed in the “member area”, there is zero way to retrieve even a single cent. All promises regarding crypto incentives are hollow as well.

It is better to prevent, than repair and repent!

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Krotax Scam Overview

The main service that Krotax strives to provide is a protected and user-friendly cryptocurrency wallet service. The website promises crypto exchange facilities, tools for handling wallets, transfers, dashboards, and the like. In reality, they endeavor to emulate the functionality of a crypto trading platform, akin to Binance or Coinbase. However, it in fact exclusively serves as a shell needed to lull the vigilance.

Krotax Scam

First and foremost, Krotax mimics the layout of multiple equivalent websites. There are quite a few examples, like Mocopex, Hillvex or Fenbex. They are completely identical in terms of visual elements, with small discrepancies in the site header. Other details, and at times even crypto wallet addresses, are identical. Most likely, all these fraudulent sites are led by a single group of scammers.

Cryptocurrency Scam Summary

How the Krotax Scam Works?

Krotax is yet another website within a extensive network of associated crypto scam webpages. The administrators utilize various brand names and sites, like Krotax.com, to trap victims. However, these false websites possess identical website designs, terms of service, and About information. This unveils their sources as components of the same scam network, which advocates the same type of scam under different disguises. The deceivers simply replicate the equal fraudulent site under various names to mislead users into thinking they are enrolling a new platform. However, in reality, it’s the identical group of fraudsters orchestrating the misleading promises and efforts to seize deposited money. The operators skillfully employ psychological strategies and captivating invitations to carry out their unscrupulous schemes.

Step 1: Spreading

To begin the fraud, criminals establish and fill accounts on well-liked social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Utilizing bots and sponsored promotions (when possible), scam actors increase the presence of their deceptive activities to possible victims. This tactic enables them to cast an extensive net and engage with their targeted viewers. The audience commonly comprises of cryptocurrency enthusiastic individuals looking for opportunities to generate profits.

Users receive an incentive to sign up, enticed by the assurance of getting crypto prizes valued at hundreds of dollars, all for free. To increase the attractiveness of the offer, false suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

People who express interest go to Krotax.com via links featured in advertisements or bot-generated posts. The website employs captivating visuals, design features that appear genuine, and claims of having a legitimate license, all intended to convey an initial image of reliability.

Step 3: Data Gathering

To collect their benefits, users must actively sign up on Krotax and receive guidance to submit sensitive and personal information throughout the sign-up process. This includes linking their cryptocurrency wallets, revealing email addresses, supplying phone numbers, sending in identification papers, and more.

Step 4: Requesting funds

Once signed up, users notice significant amounts of cryptocurrency, valued at thousands of dollars, within their Krotax wallets. Nonetheless, as it usually happens with such rewards, you cannot withdraw them before making a deposit. Usually, a payment of $100 is required to access the sign-up bonus. This prerequisite serves as the trap that eventually culminates to the money loss.

Step 5: Disappear

The moment the deposit is sent, the deceivers halt all communication. They go ahead to restrict users, delete accounts, and disappear with both the transferred money and vital individual details. The fictitious prizes continue to be perpetually uncredited, as they lack real existence. They function purely as a deceptive strategy. This technique forms the foundation for the deceivers’ ability to trick victims and embezzle hard-earned money through their deceptive online crypto scheme.

Signs of Scam

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

• Absent company details. Krotax does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Krotax like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Krotax, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Krotax is a definite scam.

What Should I do as a Victim?

If you had to deal with Krotax 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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 masters may reach out to you with specific files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we already determined, these scoundrels have no intention of returning your capital. So, what can these messages and browser plugins represent? Correct – that is another component of the deceptive plan designed to entice you into willingly installing harmful applications onto your system.

Both plugins and files added to email messages can function as a shell for different malware. In this case, I foresee the presence of spyware and stealers among all types of malicious programs. While it is not obligatory for scammers to distribute malware, the likelihood is always existent. As stated, their ethics is of negligible importance, and their reputation is already neck deep in mud. They have nothing to give up and intend to maximize 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.

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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.

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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.

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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 Krotax

Name: Krotax

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