We Investigated Menelex: Legit or Scam? The Facts

Recently, Menelex.com service appeared, promoting itself as a platform to store cryptocurrency and other assets securely. I managed to gather reliable proof that unmistakably indicates it is, actually, a fraudulent service.

Despite the promises of the most user-friendly, trustworthy, and client-friendly service, Menelex.com does not follow any of them. All this is just a shiny wrap around a dirty scam, which takes your funds and never gives them back. Any tales about gifts, sponsorship from celebrities etc are non-existent as well.

Menelex Scam Overview

Originally, Menelex poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another notable marketing point for this platform is partnerships with celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look real, frauds use deepfake videos where those celebrities advertise the fraud as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

Menelex Scam

First and foremost, Menelex repeats the design of multiple similar websites. There are quite a few examples, like Meculex, Lenyxe or Kluvex. They are completely undistinguishable in terms of graphic elements, with small discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are matching. Most likely, all these scam websites are managed by the same group of swindrels.

Cryptocurrency Scam Summary

How the Menelex Scam Works?

Menelex is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous website designs, which still share the same overall layout. Another shared 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 advanced psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the fraud, criminals set up and fill accounts on well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Utilizing bots and sponsored promotions (when feasible), scam actors increase the exposure of their fraudulent activities to potential victims. And as I said, fraudsters do not disdain using generative AI for creating clips with the mentioned celebs that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

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

Users receive a stimulus to enroll, attracted by the promise of obtaining crypto benefits valued at hundreds of dollars, all for free. To augment the attractiveness of the offer, false claims of sponsorship by a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon following the promotions, targets end up on a page filled with enticing offers. “Crypto starts with Menelex”, “Your crypto savings are secured with Menelex, “Start earning with Menelex – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that getting the promoted bonus requires registration. And as nothing questionable happens at this point, uninformed users happily keep on – especially as the gift 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 information, rascals will not be able to 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 said, scammers 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. Nonetheless, their plans go much further.

As it turns out, you cannot use the promised bonus right away. To make at least crypto purchases on the platform with it, 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 operations require having money on your account. With Menelex, users are also compelled to top up to use the bonuses. And this is what creates most of the money flow to this fraudulent site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the credited funds and withdraw them.

This is where the victim notices the issues. When keeping an eye on the real crypto wallet vs what the site says, you can notice 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

There’s no need to explain that fraudsters have zero intentions to return your money. Though to make the denial look more legitimate, they’ve elaborated a whole pack of reasons to decline the transfer-out request. Most of them repeat what Know Your Client regulations say, but in this case they are here only to make the wireout impossible.

By asking for your personal data, deceivers 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 would desperately need to undergo before getting your money back. And every check 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 Menelex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Menelex 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 timeline of the fraud, its actors may contact you with particular files. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we previously determined, these scoundrels have no plan of giving back your funds. So, what can these emails and browser extensions represent? You guessed – that is another side of the deceptive plan designed to throw you into willingly installing destructive programs onto your device.

Both add-ons and files included to email messages can serve as a carrier for various malware. In this situation, I foresee the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the probability is always significant. As previously mentioned, their morality is of no concern, and their dignity is already deeply compromised. They have no principles to lose and aim to maximize profits.

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