We Looked at the Evidence: Is Telsox Legit or Scam?

Recently, Telsox.com service popped up, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather credible evidence that unmistakably reveals it is, actually, a deceptive platform.

Regardless of the promises of the most user-friendly, trustworthy, and customer-centric service, Telsox.com does not follow any of them. In fact, all this is just a golden wrap around a blatant scam, which steals your funds and never gives them back. Any stories about bonuses, backing from celebrities etc are absent as well.

Telsox Scam Overview

Originally, Telsox poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another bright marketing point for this platform is partnerships with celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look real, con actors employ deepfake videos where those celebrities promote the scam as if it was 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 blatant wrap around a transparent scam.

Telsox Scam

First and foremost, Telsox repeats the layout of numerous similar websites. There are quite a few examples, like Wexalbit, Nevexbit or Conobit. They are completely identical in terms of visual elements, with small discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Presumably, all these scam websites are operated by the same team of frauds.

Cryptocurrency Scam Summary

How the Telsox Scam Works?

Telsox is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous website designs, which still share the identical overall layout. Another mutual 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 scam, criminals establish and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Utilizing bots and paid promotions (when feasible), fraud actors boost the exposure of their scam activities to potential victims. And as I said, fraudsters do not disdain using deepfake for creating videos with the mentioned celebrities that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who registers the service immediately.

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

Step 2: Gaining Traffic

Upon following the promotions, victims end up on a page filled with attractive offers. “Crypto starts with Telsox”, “Your crypto savings are secured with Telsox, “Start earning with Telsox – they look rather credible. To heat up the interest and make the users proceed to step 3, scammers say that retrieving the promoted bonus requires registration. And since nothing suspicious happens at this point, uninformed users happily keep on – especially as 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 info, crooks will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, scammers bait folks for registration with bonuses. And all the personal info needed for it – email, username, crypto wallet address – are valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the claimed bonus is not available for withdrawal right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

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

This, however, is where the issues start to surface. When comparing the real crypto wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to withdraw the money 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 have no intentions to give your money back. Though to make the fraud look more realistic, they’ve made up a whole pack of reasons to decline the wireout request. Usually, they repeat what KYC regulations say, but in this case they are here exclusively to make the withdrawal impossible.

By requesting your personal data, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your funds back. And every check will uncover more and more info of yours, 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 Telsox.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Telsox.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Telsox arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Telsox resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Telsox employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Telsox capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Telsox.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Telsox 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, its masters may get in touch with you with particular files. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we previously figured out, these scammers have no intent of giving back your funds. So, what can these email messages and browser plugins represent? Correct – that is another element of the scam designed to throw you into deliberately installing malicious programs onto your system.

Both add-ons and attachments attached to email messages can serve as a shell for diverse malicious software. In this scenario, I foresee the presence of spyware and stealers among other types of malware. While it is not obligatory for scammers to distribute malware, the chance is always greater than zero. As noted, their morality is of negligible importance, and their dignity is already neck deep in mud. They have no scruples to lose and strive to boost profits.

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