We Investigated Olewex: Legit or Scam? The Facts

Recently, Olewex.com service appeared, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather credible proof that clearly reveals it is, actually, a deceptive platform.

Despite what Olewex site says, they won’t pay off your funds. Regardless of the figures displayed in the “member area”, there is zero way to retrieve even a coin. All promises regarding crypto incentives are baseless as well.

It is better to prevent, than repair and repent!

When we talk about the intrusion of unfamiliar programs into your computer’s work, the proverb “Forewarned is forearmed” describes the situation as accurately as possible. Gridinsoft Anti-Malware is exactly the tool that is always useful to have in your armory: fast, efficient, up-to-date. It is appropriate to use it as an emergency help at the slightest suspicion of infection.

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Olewex Scam Overview

The main offering that Olewex attempts to provide is a protected and convenient cryptocurrency wallet service. The website pledges exchange facilities, tools for handling wallets, transfers, dashboards, and similar functions. In truth, they try to emulate the functionality of a crypto marketplace, like Binance or Coinbase. However, it in actuality exclusively serves as a cover needed to mislead the cautious.

Olewex Scam

To begin with, Olewex mimics the appearance of numerous equivalent websites. There are quite a few examples, like Fazebix, Ellbit or Jeffiwex. They are totally indistinguishable in terms of visual elements, with small discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are unchanged. Most likely, all these scam sites are led by the same group of scoundrels.

Cryptocurrency Scam Summary

How the Olewex Scam Works?

Olewex is yet another webpage within a vast network of linked crypto fraudulent platforms. The operators utilize diverse brand identities and sites, like Olewex.com, to capture victims. Nevertheless, these false websites possess the same designs, terms of service, and About Us content. This reveals their origins as a part of the equal scam network, which promotes the identical type of fraud under various appearances. The scammers just copy the identical scam website under different names to deceive users into thinking they are joining a fresh opportunity. However, in reality, it’s the identical group of swindlers orchestrating the fraudulent commitments and attempts to seize deposited money. The operators shrewdly make use of psychological tactics and appealing offers to implement their dishonest plots.

Step 1: Spreading

To start the fraud, criminals establish and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Using bots and sponsored advertisements (when possible), fraud actors boost the exposure of their fraudulent activities to possible victims. This strategy enables them to cast a wide net and interact with their focused viewers. The latter usually comprises of cryptocurrency fans searching for prospects to earn profits.

Users obtain an encouragement to sign up, attracted by the assurance of obtaining crypto benefits valued at thousands of dollars, all free of charge. To augment the appeal of the offer, fake claims of sponsorship by a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

People who express interest go to Olewex.com via links featured in advertisements or bot-generated posts. The site employs captivating visuals, design features that appear authentic, and claims of having a legitimate license, all designed to project an initial image of credibility.

Step 3: Data Gathering

To collect their rewards, users must deliberately create an profile on Olewex and receive guidance to submit sensitive and personal information throughout the sign-up procedure. This includes linking their cryptocurrency wallets, sharing email addresses, specifying phone numbers, submitting identification documents, and more.

Step 4: Requesting funds

Once registered, users notice considerable amounts of cryptocurrency, valued at hundreds of dollars, within their Olewex wallets. Nonetheless, as it usually happens with such bonuses, you are unable to withdraw them ahead of making a deposit. Typically, a payment of $100 is asked to get the sign-up bonus. This condition serves as the enticement that eventually results to the money loss.

Step 5: Disappear

The instant the payment is made, the deceivers terminate all contact. They go ahead to block users, remove accounts, and vanish with both the deposited capital and vital individual details. The fictitious prizes persist perpetually uncredited, as they lack actual existence. They act solely as a phishing ploy. This approach forms the foundation for the deceivers’ capacity to mislead victims and steal hard-earned earnings through their deceptive web crypto fraud.

Signs of Scam

I gathered several facts that point at the scammy nature of the Olewex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Olewex 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%, Olewex exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Olewex as a scam.
• Dubious Corporate Information. Olewex 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. Olewex.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. Olewex 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 Olewex 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 the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

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, its masters may get in touch with you with specific files. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto funds. As we previously determined, these scoundrels have no intention of returning your money. So, what do these emails and browser add-ons represent? You guessed it right – that is another side of the fraudulent scheme designed to entice you into willingly installing harmful programs onto your computer.

Both extensions and attachments added to email messages can serve as a shell for various malware. In this situation, I foresee the presence of spyware and stealers among all forms of threats. While it is not mandatory for scammers to distribute malware, the probability is always above zero. As stated, their morality is of little concern, and their reputation is already deeply compromised. They have no principles to give up and intend to maximize gains.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

To use Gridinsoft for remove malicious threats, follow the steps below:

1. Begin by downloading Gridinsoft Anti-Malware, accessible via the blue button below or directly from the official website gridinsoft.com.

2.Once the Gridinsoft setup file (setup-gridinsoft-fix.exe) is downloaded, execute it by clicking on the file.

3.Follow the installation setup wizard's instructions diligently.

4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.

Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.

5. Upon completion, Anti-Malware will present a detailed report containing all the detected malicious items and threats on your PC.

6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.

8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.

Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.

Trojan Killer for “spyware” removal on locked PC

In situations where it becomes impossible to download antivirus applications directly onto the infected computer due to malware blocking access to websites, an alternative solution is to utilize the Trojan Killer application.

There is a really little number of security tools that are able to be set up on the USB drives, and antiviruses that can do so in most cases require to obtain quite an expensive license. For this instance, I can recommend you to use another solution of GridinSoft - Trojan Killer Portable. It has a 14-days cost-free trial mode that offers the entire features of the paid version. This term will definitely be 100% enough to wipe malware out.

Trojan Killer is a valuable tool in your cybersecurity arsenal, helping you to effectively remove malware from infected computers. Now, we will walk you through the process of using Trojan Killer from a USB flash drive to scan and remove malware on an infected PC. Remember, always obtain permission to scan and remove malware from a computer that you do not own.

Step 1: Download & Install Trojan Killer on a Clean Computer:

1. Go to the official GridinSoft website (gridinsoft.com) and download Trojan Killer to a computer that is not infected.

2. Insert a USB flash drive into this computer.

3. Install Trojan Killer to the "removable drive" following the on-screen instructions.

4. Once the installation is complete, launch Trojan Killer.

Step 2: Update Signature Databases:

5. After launching Trojan Killer, ensure that your computer is connected to the Internet.

6. Click "Update" icon to download the latest signature databases, which will ensure the tool can detect the most recent threats.

Step 3: Scan the Infected PC:

7. Safely eject the USB flash drive from the clean computer.

8. Boot the infected computer to the Safe Mode.

9. Insert the USB flash drive.

10. Run tk.exe

11. Once the program is open, click on "Full Scan" to begin the malware scanning process.

Step 4: Remove Found Threats:

12. After the scan is complete, Trojan Killer will display a list of detected threats.

13. Click on "Cure PC!" to remove the identified malware from the infected PC.

14. Follow any additional on-screen prompts to complete the removal process.

Step 5: Restart Your Computer:

15. Once the threats are removed, click on "Restart PC" to reboot your computer.

16. Remove the USB flash drive from the infected computer.

Congratulations on effectively removing spyware and the concealed threats from your computer! You can now have peace of mind, knowing that they won't resurface again. Thanks to Gridinsoft's capabilities and commitment to cybersecurity, your system is now protected.

Frequently asked questions

The truth about Olewex

Name: Olewex

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Olewex, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Olewex scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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