Letorax Reviewed: Legit or Total Ripoff? Read This First

Recently, Letorax.com website popped up, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather reliable proof that clearly indicates it is, in fact, a fraudulent site.

Regardless of the promises of the most user-friendly, reliable, and client-friendly service, Letorax.com does not offer any of them. All this is just a shiny wrap around a blatant scam, which steals your money and data and never gives them back. Any tales about gifts, endorsement from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Letorax Scam Overview

Originally, Letorax poses as a crypto trading & cryptowallet service with exceptionally low commission fees. Another highlighted marketing point for this platform is backing from celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, rascals employ AI-generated videos where those celebrities advertise the scam as if it was the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

Letorax Scam

Initially, Letorax copies the layout of multiple equivalent online platforms. There are quite a few examples, like Deevdexc, Sedrops or Swonex. They are completely indistinguishable in terms of graphic elements, with small discrepancies in the website header. Other specific elements, and at times even crypto wallet addresses, are unchanged. Presumably, all these fraudulent sites are operated by a single group of frauds.

Cryptocurrency Scam Summary

How the Letorax Scam Works?

Letorax is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use several 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 start the deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Employing bots and sponsored promotions (when possible), fraud actors intensify the exposure of their fraudulent activities to possible victims. And as I said, crooks do not disdain using deepfake for creating clips with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who enrolls the service immediately.

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

Users get a stimulus to register, drawn by the assurance of getting cryptocurrency benefits valued at hundreds of dollars, all without cost. To increase the appeal of the offer, fake claims of cooperation with a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After clicking the promos, users end up on a page filled with attractive offers. “Crypto starts with Letorax”, “Your crypto savings are secured with Letorax, “Start earning with Letorax – they look rather credible. To heat up users and make them proceed to step 3, fraudsters say that obtaining the promoted bonus requires registration. And as nothing questionable happens at this point, unaware users happily proceed – especially as the bonus 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 info, rascals will not earn even a nickel 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 for registration with bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make at least crypto purchases on the platform with it, you need to top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any crypto purchases require you to have money on your account. With Letorax, users are also forced to top up to get the bonuses. And this is what creates most of the money 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 engaging on this website hoping to use all the credited capital and withdraw them.

This, however, is where the issues start to surface. When keeping an eye on 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 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 scoundrels have zero intentions to send you money. Though to make the fraud look more legitimate, they’ve developed a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client guidelines say, but in this case they are here exclusively to make the wireout impossible.

By requesting your personal information, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your grand back. And every check will uncover more and more info of yours, 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 Letorax.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Letorax 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 timeline of the fraud, its actors may contact you with specific documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency savings. As we already determined, these rascals have no intention of restoring your capital. So, what can these email messages and browser plugins represent? Correct – that is another side of the fraudulent scheme designed to throw you into willingly installing destructive applications onto your device.

Both plugins and attachments added to email messages can act as a carrier for various malware. In this scenario, I foresee the presence of spyware and stealers among other types of threats. While it is not obligatory for scammers to distribute malware, the probability is always existent. As noted, their conscience is of negligible importance, and their reputation is already seriously marred. They have no scruples to lose and strive to boost gains.

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