Oilemex Review: Legit or Scam? Read This First

Recently, Oilemex.com site popped up, promoting itself as a platform where you can safely keep cryptocurrency and other assets. I managed to gather credible proof that clearly confirms it is, in truth, a scam site.

Despite the promises of the most easy, dependable, and customer-centric service, Oilemex.com does not offer any of them. All this is just a shiny wrap around a clear scam, which steals your funds and never returns them. Any stories about bonuses, endorsement from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Oilemex Scam Overview

Originally, Oilemex poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another notable selling point for this platform is partnerships with celebrities that have relation to the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look real, con actors 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 glaring wrap around a transparent scam.

Oilemex Scam

To begin with, Oilemex copies the appearance of multiple similar websites. There are quite a few examples, like Domixon, Dogxem or Coincatalysthub. They are completely indistinguishable in terms of graphic elements, with small discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are matching. Most likely, all these scam online platforms are led by a single team of swindrels.

Cryptocurrency Scam Summary

How the Oilemex Scam Works?

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

Step 1: Promotion

To initiate the scam, criminals establish and fill accounts on well-liked social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Utilizing bots and sponsored promotions (when achievable), scam actors intensify the presence of their fraudulent activities to potential victims. And as I said, crooks do not shy away using deepfake for creating clips with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users obtain a stimulus to enroll, attracted by the promise of receiving cryptocurrency prizes valued at hundreds of dollars, all free of charge. To enhance the attractiveness of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon following the promos, targets end up on a page filled with attractive offers. “Crypto starts with Oilemex”, “Your crypto savings are secured with Oilemex, “Start earning with Oilemex – they look rather credible. To heat up users and make them proceed to step 3, scammers say that unlocking the pledged bonus requires registration. And as nothing concerning happens at this point, unexperienced users happily proceed – especially as the reward appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you register using your personal information, crooks 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 info needed for it – email, username, crypto wallet address – is valuable for user identification. Only by gathering this info and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, 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 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 capital on your account. In the case of Oilemex, users are also compelled to top up to get the bonuses. And these top ups is what creates most of the money flow to this fraudulent website. 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 deposited money and withdraw them.

This, however, is where the victim notices the problems. When comparing the actual cryptocurrency wallet vs what the website says, you can notice 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

There’s no need to explain that scoundrels have 0 intentions to give your money back. But to make it look more legitimate, they’ve crafted a whole pack of reasons to decline the wireout request. Usually, they repeat what KYC requirements say, but for the Oilemex.com they are here only to make the wireout impossible.

By requesting your personal info, scammers 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 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 Oilemex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Oilemex employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Oilemex exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Oilemex as a scam.
• Dubious Corporate Information. Oilemex arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Oilemex.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Oilemex utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Oilemex 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 scam, its actors may reach out to you with particular files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency savings. As we previously determined, these scoundrels have no plan of returning your money. So, what can these messages and browser add-ons represent? Correct – this is another element of the deceptive plan designed to entice you into deliberately running destructive software onto your system.

Both plugins and files attached to email messages can function as a carrier for different malicious software. In this scenario, I expect the presence of spyware and stealers among all kinds of malware. While it is not obligatory for scammers to distribute malware, the chance is always greater than zero. As previously mentioned, their conscience is of negligible importance, and their reputation is already seriously marred. They have nothing to give up and aim to boost gains.

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