We Looked Into Skytorex: Scam or Trustworthy? The Verdict

Recently, Skytorex.com website appeared, promoting itself as a place to store cryptocurrency and other assets safely. I managed to gather credible proof that clearly indicates it is, in truth, a scam platform.

Contrary to the statements of Skytorex.com, they won’t pay off your money. Despite the numbers displayed in the “member area”, there is no ability to withdraw even a single coin. All pledges regarding crypto bonuses are empty as well.

Skytorex Scam Overview

The main offering that Skytorex aims to provide is a secure and user-friendly cryptocurrency wallet service. The website promises exchange services, tools for handling wallets, transfers, dashboards, and the like. In reality, they try to emulate the functionality of a crypto trading platform, like Binance or Coinbase. However, it in fact only serves as a cover needed to deceive the cautious.

Skytorex Scam

First and foremost, Skytorex imitates the appearance of numerous similar online platforms. There are quite a few examples, like Sawteslax, Pegotex or Zoymex. They are entirely undistinguishable in terms of graphic elements, with slight discrepancies in the webpage header. Other specific elements, and at times even crypto wallet addresses, are the same. Presumably, all these deceptive websites are led by a single group of scoundrels.

Cryptocurrency Scam Summary

How the Skytorex Scam Works?

Skytorex is yet another webpage within a vast network of linked crypto deceptive sites. The operators employ various brand titles and websites, like Skytorex.com, to trap victims. Nevertheless, these deceptive websites share the same designs, terms of service, and About content. This unveils their origins as parts of the equal criminal network, which advocates the same type of scam under diverse covers. The fraudsters merely duplicate the equal deceptive website under different names to fool users into assuming they are joining a new platform. However, in reality, it’s the equal system of fraudsters orchestrating the misleading promises and efforts to grab deposited funds. The managers shrewdly employ psychological tactics and enticing propositions to implement their dishonest plots.

Step 1: Spreading

To begin the deceptive scheme, criminals create and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Using bots and sponsored advertisements (when feasible), fraud actors boost the presence of their deceptive activities to possible victims. This tactic allows them to cast an extensive net and interact with their aimed audience. The latter usually comprises of cryptocurrency enthusiastic individuals seeking chances to make profits.

Step 2: Gaining Traffic

Users who express interest check out Skytorex.com via links present in ads or robotic posts. The webpage uses captivating visuals, design aspects that appear genuine, and claims of holding a valid license, all aimed to convey an initial impression of trustworthiness.

Step 3: Data Gathering

To redeem their benefits, users need to actively sign up on Skytorex and receive prompts to provide sensitive and personal information throughout the enrollment procedure. This comprises linking their cryptocurrency wallets, revealing email addresses, giving phone numbers, sending in identification documents, and more.

Step 4: Requesting funds

Once registered, users notice considerable amounts of cryptocurrency, valued at hundreds of dollars, within their Skytorex wallets. Nevertheless, as it usually happens with such rewards, you cannot withdraw them prior to topping up your account. Normally, a funds transfer of $100 is required to get the sign-up bonus. This prerequisite serves as the snare that ultimately culminates to the money loss.

Step 5: Disappear

Signs of Scam

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

• Absent company details. Skytorex 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 Skytorex 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 Skytorex, 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 Skytorex is a definite scam.

What Should I do as a Victim?

If you had to deal with Skytorex 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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 course of the fraud, fraudsters may reach out to you with specific files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we already figured out, these deceivers have no plan of restoring your capital. So, what do these email messages and browser add-ons represent? Correct – this is another side of the deceptive plan designed to entice you into willingly installing malicious applications onto your device.

Both extensions and files attached to email messages can act as a carrier for diverse malicious code. In this scenario, I anticipate the presence of spyware and stealers among other kinds of threats. While it is not mandatory for scammers to distribute malware, the probability is always significant. As stated, their ethics is of negligible importance, and their dignity is already seriously marred. They have nothing to give up and intend to boost gains.

Frequently asked questions