Investigating Rategex: Legit or Scam? The Truth Revealed

Recently, Rategex.com website surfaced, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather credible supporting information that clearly confirms it is, in fact, a scam service.

Contrary to the statements of Rategex.com, they won’t ever return your funds. Even though the numbers displayed in the “member area”, there is no means to withdraw even a coin. All commitments regarding crypto bonuses are hollow as well.

Rategex Scam Overview

The main service that Rategex aims to provide is a safe and user-friendly cryptocurrency wallet service. The site promises crypto exchange solutions, tools for controlling wallets, transfers, dashboards, and similar stuff. In fact, they aim to emulate the functionality of a crypto marketplace, like Binance or Coinbase. However, it in actuality exclusively serves as a cover intended to mislead the cautious.

Rategex Scam

First and foremost, Rategex mimics the layout of numerous equivalent pages. There are quite a few examples, like Samxbit, Setixbit or Spollyx. They are totally indistinguishable in terms of visual elements, with small discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are the same. Presumably, all these scam online platforms are operated by a single gang of scoundrels.

Cryptocurrency Scam Summary

How the Rategex Scam Works?

Rategex is yet another webpage within a vast network of interconnected crypto deceptive platforms. The managers utilize different brand identities and sites, like Rategex.com, to trap victims. However, these fraudulent sites possess identical website designs, terms of service, and About content. This unveils their beginnings as components of the same fraudulent network, which advocates the similar form of deception under various covers. The deceivers merely copy the equal scam website under diverse names to deceive users into believing they are participating in a fresh opportunity. However, in actuality, it’s the same system of swindlers orchestrating the deceptive pledges and attempts to grab deposited money. The managers cleverly utilize psychological strategies and enticing offers to implement their dishonest plots.

Step 1: Spreading

To initiate the fraud, criminals set up and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Utilizing bots and paid advertisements (when possible), fraud actors boost the presence of their fraudulent activities to possible victims. This strategy allows them to cast a broad net and engage with their focused viewers. The latter commonly consists of cryptocurrency enthusiastic individuals looking for chances to make profits.

Step 2: Gaining Traffic

People who demonstrate interest go to Rategex.com via links included in promotions or robotic posts. The website uses captivating visuals, design features that appear authentic, and assertions of possessing a legitimate license, all intended to present an initial perception of trustworthiness.

Step 3: Data Gathering

To claim their prizes, users must deliberately create an profile on Rategex and receive guidance to provide sensitive and private information throughout the registration process. This comprises linking their cryptocurrency wallets, sharing email addresses, specifying phone numbers, furnishing identification documents, and more.

Step 4: Requesting funds

Once signed up, users notice significant amounts of cryptocurrency, valued at hundreds of dollars, within their Rategex wallets. Nevertheless, as it usually happens with such bonuses, you cannot withdraw them ahead of topping up your account. Typically, a funds transfer of $100 is required to get the sign-up bonus. This stipulation serves as the enticement that eventually culminates to the money loss.

Step 5: Disappear

Signs of Scam

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

• Absent company details. Rategex does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Rategex like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Rategex, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Rategex is a definite scam.

What Should I do as a Victim?

If you had to deal with Rategex 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 duration of the fraud, scoundrels may get in touch with you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we earlier figured out, these rascals have no intention of giving back your money. So, what can these email messages and browser add-ons represent? Correct – that is another side of the scam designed to entice you into willingly installing harmful programs onto your system.

Both add-ons and files attached to emails can function as a shell for diverse malware. In this scenario, I foresee the presence of spyware and stealers among all types of malicious programs. While it is not obligatory for scammers to distribute malware, the chance is always greater than zero. As stated, their ethics is of little concern, and their dignity is already seriously marred. They have no scruples to give up and aim to maximize revenues.

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