The Raderex Scam – What You Need To Know

Recently, Raderex.com website surfaced, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably reveals it is, in truth, a scam service.

Despite the promises of the most user-friendly, reliable, and customer-centric service, Raderex.com does not offer any of them. All this is just a gilded wrap around a clear scam, which takes your money and never gives them back. Any stories about gifts, endorsement from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Raderex Scam Overview

Originally, Raderex poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another highlighted marketing point for this site is partnerships with celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look real, frauds use deepfake videos with those celebs promote the fake crypto service as the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

Raderex Scam

First and foremost, Raderex shares the layout of multiple similar websites. There are quite a few examples, like Crystaxbit, Macxgates or By1xbit. They are totally identical in terms of visual elements, with minor discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are matching. Probably, all these scam online platforms are led by a single team of frauds.

Cryptocurrency Scam Summary

How the Raderex Scam Works?

Raderex is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use numerous website designs, which still share the identical overall layout. Another common 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the scam, criminals set up and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Employing bots and sponsored ads (when achievable), scam actors boost the presence of their deceptive activities to possible victims. And as I said, fraudsters do not disdain using deepfake for creating videos 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 registers the service immediately.

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

Users receive an incentive to sign up, enticed by the commitment of obtaining crypto benefits valued at thousands of dollars, all free of charge. To augment the attractiveness of the offer, false suggestions of cooperation with a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, users end up on a page filled with appealing offers. “Crypto starts with Raderex”, “Your crypto savings are secured with Raderex, “Start earning with Raderex – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that unlocking the promised bonus requires registration. And as nothing suspicious happens at this point, uninformed users happily keep on – especially as the gift appears to be right behind the corner.

This is the last stage when it is possible to get away from the scam without any losses. Before you register using your personal info, crooks 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 mentioned, scammers bait folks into registration to get bonuses. And all the personal info 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, the alleged bonus is not available to use right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the sum of a bonus. And this is what initiates the final step of the scam.

Step 4: Requesting funds

It is obvious that any cryptocurrency operations require having money on your account. With Raderex, users are also coerced to top up to use the bonuses. And this is what creates the majority of the cash flow to this scam website. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the deposited capital and withdraw them.

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

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have 0 intentions to give your money back. Though to make it look more realistic, they’ve elaborated a whole pack of reasons to decline the wireout request. Usually, they repeat what KYC regulations say, but for the Raderex.com they are here exclusively to make the withdrawal impossible.

By asking for your personal info, 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 should go through before getting your funds back. And each of these checks will uncover 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 Raderex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Raderex 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 duration of the scam, its masters may contact you with specific files. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency savings. As we earlier figured out, these deceivers have no intention of restoring your money. So, what do these email messages and browser plugins represent? Correct – that is another component of the fraudulent scheme designed to throw you into willingly running malicious programs onto your device.

Both extensions and attachments added to emails can function as a carrier for various malicious code. In this scenario, I anticipate the presence of spyware and stealers among other forms of threats. While it is not mandatory for scammers to distribute malware, the probability is always significant. As noted, their morality is of no concern, and their dignity is already deeply compromised. They have no scruples to lose and intend to maximize profits.

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