Melarax Review: Legit or Scam? Read This First

Recently, Melarax.com service surfaced, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably indicates it is, in fact, a scam platform.

Despite the promises of the most user-friendly, reliable, and customer-centric service, Melarax.com does not fulfill any of them. All this is just a gilded wrap around a dirty scam, which takes your money and data and never gives them back. 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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Melarax Scam Overview

Originally, Melarax poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another bright marketing point for this site is partnerships with celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, con actors employ AI-generated videos where those celebrities promote the scam as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

Melarax Scam

Initially, Melarax shares the design of multiple equivalent pages. There are quite a few examples, like Moonxtrade, Musk or Nelovax. They are totally undistinguishable in terms of visual elements, with small discrepancies in the website header. Other details, and at times even crypto wallet addresses, are identical. Most likely, all these fraudulent online platforms are operated by a single group of frauds.

Cryptocurrency Scam Summary

How the Melarax Scam Works?

Melarax is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use several website designs, which still share the identical 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To start the deceptive scheme, criminals establish and fill accounts on well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Utilizing bots and sponsored ads (when feasible), fraud actors increase the visibility of their deceptive activities to possible victims. And as I said, scammers do not shy away using generative AI for creating videos with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

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

Users obtain an encouragement to enroll, enticed by the commitment of receiving crypto rewards valued at thousands of dollars, all for free. To enhance the appeal of the offer, fake suggestions of sponsorship by a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After clicking the ads, targets end up on a page filled with appealing offers. “Crypto starts with Melarax”, “Your crypto savings are secured with Melarax, “Start earning with Melarax – they look rather credible. To heat up users and make them proceed to step 3, fraudsters say that retrieving the promised bonus requires registration. And since nothing concerning happens at this point, unaware users happily move on – especially since the bonus appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you register using your personal data, frauds will not be able to 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 said, scammers bait folks for registration with bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the claimed bonus is not available to use right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Eventually, any crypto purchases require having money on your account. In the case of Melarax, users are also coerced to top up to get 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 pledged gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the credited money and withdraw them.

This is where the first obvious issues start to surface. When keeping an eye on the actual crypto wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to retrieve the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters are naught on intentions to send you money. But to make the denial look more realistic, they’ve made up a whole pack of reasons to decline the wireout request. Usually, they repeat what KYC guidelines say, but in this case they are here exclusively to make the wireout impossible.

By asking for 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 numerous other checks you would desperately need to undergo before getting your money back. And each of these checks 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 Melarax.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Melarax 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 Melarax 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 Melarax, 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 Melarax is a definite scam.

What Should I do as a Victim?

If you had to deal with Melarax 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 scam, fraudsters may reach out to you with specific documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we earlier figured out, these rascals have no intent of returning your capital. So, what do these email messages and browser extensions represent? Correct – this is another component of the fraudulent scheme designed to entice you into deliberately installing destructive applications onto your computer.

Both plugins and attachments included to emails can function as a carrier for diverse malicious code. In this case, I foresee the presence of spyware and stealers among all kinds of threats. While it is not mandatory for scammers to distribute malware, the probability is always above zero. As stated, their morality is of negligible importance, and their dignity is already seriously marred. They have no scruples to lose and strive to maximize revenues.

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