The Truth About Mortex: Legit or Scam? Our Review

Recently, Mortex.io site surfaced, promoting itself as a place to store cryptocurrency and other assets safely. I managed to gather credible evidence that clearly reveals it is, in fact, a scam service.

Regardless of the promises of the most easy, dependable, and customer-centric service, Mortex.io does not fulfill any of them. All this is just a gilded wrap around a dirty scam, which takes your funds and never gives them back. Any stories about bonuses, backing from celebrities etc are non-existent as well.

Mortex Scam Overview

Originally, Mortex poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another notable selling 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 real, frauds use deepfake videos where those celebrities advertise the scam as the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

Mortex Scam

Initially, Mortex shares the design of numerous similar websites. There are quite a few examples, like Toxnex, Tunfe or Cryptoxchangefou. They are entirely indistinguishable in terms of graphic elements, with small discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are the same. Presumably, all these scam websites are operated by the same group of swindrels.

Cryptocurrency Scam Summary

How the Mortex Scam Works?

Mortex is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use various website designs, which still share the same 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 sophisticated 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 begin the scam, 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. Using bots and sponsored advertisements (when feasible), scam actors increase the visibility of their scam activities to potential victims. And as I said, crooks do not disdain using generative AI for creating clips with the mentioned celebs that promote 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 Mortex in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

Upon clicking the promos, users end up on a page filled with attractive offers. “Crypto starts with Mortex”, “Your crypto savings are secured with Mortex, “Start earning with Mortex – they look rather authoritative. To heat up the interest and make the users proceed to step 3, crooks say that obtaining the pledged bonus requires registration. And as nothing questionable happens at this point, unexperienced users happily keep on – especially as 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 information, swindrels will not be able to earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just mentioned, frauds bait folks for registration with bonuses. And all the personal information needed for it – username, email, crypto wallet address – are 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, the promised bonus is not available for withdrawal right away. To make it at least usable for cryptocurrency purchases, the user should 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

It is obvious that any crypto operations require you to have capital on your account. With Mortex, users are also coerced to top up to claim 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 promised gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the deposited capital and withdraw them.

This is where the first obvious issues start to surface. When comparing the real crypto wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw the money 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 give your money back. But to make the fraud look more legitimate, they’ve developed a whole bunch of reasons to decline the transfer-out request. Most of them repeat what Know Your Client guidelines say, but for the Mortex.io they are here exclusively to make the wireout impossible.

By requesting your personal information, frauds just stall hoping for you to accept the loss 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 marketed 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 Mortex.io. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Mortex 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.

• Report to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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 scam, scoundrels may get in touch with you with specific files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we previously figured out, these scoundrels have no intention of giving back your funds. So, what can these emails and browser add-ons represent? You guessed it right – that is another side of the scam designed to throw you into deliberately running harmful software onto your system.

Both plugins and attachments attached to email messages can function as a carrier for different malware. In this situation, I expect the presence of spyware and stealers among all kinds of malicious programs. While it is not mandatory for scammers to distribute malware, the probability is always existent. As stated, their conscience is of negligible importance, and their dignity is already neck deep in mud. They have nothing to lose and strive to maximize profits.

Frequently asked questions