We Investigated Saotex: Legit or Scam? The Facts

Recently, Saotex.com site appeared, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather credible proof that unmistakably indicates it is, in truth, a fraudulent service.

Despite the promises of the most user-friendly, dependable, and client-friendly service, Saotex.com does not follow any of them. In fact, all this is just a gilded wrap around a dirty scam, which takes your money and data and never gives them back. Any stories about bonuses, endorsement from celebrities etc are nowhere to be found as well.

Saotex Scam Overview

Originally, Saotex poses as a crypto trading & cryptowallet service with exceptionally low commission fees. Another highlighted marketing point for this service is backing from celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look real, frauds use AI-generated videos with those celebs advertise the fake crypto service as the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

Saotex Scam

First and foremost, Saotex shares the layout of many equivalent pages. There are quite a few examples, like Nemorux, Vpzkw or Venarux. They are completely undistinguishable in terms of graphic elements, with minor discrepancies in the webpage header. Other specific elements, and sometimes even crypto wallet addresses, are matching. Probably, all these fraudulent sites are led by a single group of swindrels.

Cryptocurrency Scam Summary

How the Saotex Scam Works?

Saotex is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use numerous website designs, which still share the same 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To start the deceptive scheme, criminals establish and fill accounts on well-liked social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Employing bots and paid promotions (when achievable), fraud actors intensify the visibility of their fraudulent activities to possible victims. And as I said, scammers do not shy away using generative AI for creating clips with the mentioned 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 Saotex in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

After following the promos, victims end up on a page filled with enticing offers. “Crypto starts with Saotex”, “Your crypto savings are secured with Saotex, “Start earning with Saotex – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that getting the promoted bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily proceed – especially since the bonus appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you sign up using your personal data, frauds will not 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 said, frauds bait folks into registration for bonuses. And all the personal information needed for it – email, username, crypto wallet address – is valuable for user identification. Only by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make at least cryptocurrency purchases on the platform with it, the user should top up the account with the sum of a bonus. And this is what initiates the final stage of the scam.

Step 4: Requesting funds

Obviously, any crypto operations require you to have funds on your account. With Saotex, users are also compelled to top up to get the bonuses. And this is what creates the majority of the money flow to this fraudulent website. 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 transferred funds and withdraw them.

This, however, is where the issues start to surface. When comparing the actual cryptocurrency wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to withdraw the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that swindlers are naught on intentions to give your money back. But to make the fraud look more realistic, they’ve elaborated a whole pack of reasons to decline the wireout request. Usually, they repeat what Know Your Client requirements say, but for the Saotex.com they are here exclusively to make the wireout impossible.

By asking for your personal information, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you should go through before getting your money back. And every check will reveal 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 Saotex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Saotex 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%, Saotex exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Saotex as a scam.
• Dubious Corporate Information. Saotex 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. Saotex.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. Saotex 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 Saotex 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 course of the scam, fraudsters may reach out to you with specific documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we earlier determined, these scoundrels have no intention of restoring your funds. So, what can these emails and browser plugins represent? You guessed – this is another element of the fraudulent scheme designed to throw you into deliberately installing harmful programs onto your computer.

Both add-ons and attachments attached to email messages can function as a shell for different malware. In this situation, I expect the presence of spyware and stealers among other kinds of malware. While it is not mandatory for scammers to distribute malware, the probability is always above zero. As previously mentioned, their ethics is of no concern, and their dignity is already severely tarnished. They have no scruples to give up and strive to maximize gains.

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