The Untradex Scam – What You Need To Know

Recently, Untradex.com service appeared, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather credible supporting information that clearly confirms it is, actually, a scam service.

Regardless of the promises of the most user-friendly, reliable, and client-friendly service, Untradex.com does not fulfill any of them. In fact, all this is just a gilded wrap around a blatant scam, which takes your money and data and never returns them. Any tales about gifts, sponsorship from celebrities etc are absent as well.

Untradex Scam Overview

Originally, Untradex poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another bright marketing point for this service is backing from celebrities that are known in the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, frauds use AI-generated videos with those celebs advertise the fraud as the best thing in the world. For obvious 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 an obvious scam.

Untradex Scam

Initially, Untradex shares the layout of many equivalent online platforms. There are quite a few examples, like Kergex, Acelonex or Stacksky. They are entirely identical in terms of visual elements, with minor discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are identical. Presumably, all these scam websites are managed by the same gang of swindrels.

Cryptocurrency Scam Summary

How the Untradex Scam Works?

Untradex is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use various 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To start the fraud, criminals set up and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Employing bots and sponsored advertisements (when possible), fraud actors increase the exposure of their fraudulent activities to possible victims. And as I said, scammers 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 Untradex in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

Upon clicking the promotions, victims end up on a page filled with enticing offers. “Crypto starts with Untradex”, “Your crypto savings are secured with Untradex, “Start earning with Untradex – they look rather credible. To heat up the interest and make the users proceed to step 3, fraudsters say that claiming the promised bonus requires registration. And as nothing suspicious happens at this point, unexperienced users happily move 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 sign up 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 where the main fraud action begins. As I just said, deceivers bait folks for registration with bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this info and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the promised bonus 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

Eventually, any crypto purchases require having funds on your account. In the case of Untradex, users are also forced to top up to get the bonuses. And these top ups is what creates the majority of the money flow to this fraudulent site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the transferred funds and withdraw them.

This is where the issues start to surface. When comparing the actual crypto 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

There’s no need to explain that scoundrels have 0 intentions to give your money back. Though to make the fraud look more legitimate, they’ve elaborated a whole pack of reasons to decline the transfer-out request. Most of them repeat what KYC regulations say, but for the Untradex.com they are here only to make the withdrawal impossible.

By requesting your personal information, scammers 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 money back. And every check will share more and more info of yours, which – you guessed it right – will be then traded 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 Untradex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Untradex.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. Untradex 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. Untradex 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. Untradex 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%, Untradex capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Untradex.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Untradex 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 actors may contact you with particular documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we previously figured out, these rascals have no intention of restoring your capital. So, what can these email messages and browser extensions represent? You guessed it right – this is another component of the scam designed to throw you into willingly running destructive software onto your system.

Both add-ons and attachments added to emails can serve as a carrier for different malware. In this case, I anticipate the presence of spyware and stealers among other types of threats. While it is not obligatory for scammers to distribute malware, the chance is always significant. As stated, their ethics is of no concern, and their reputation is already neck deep in mud. They have no scruples to give up and strive to maximize revenues.

Frequently asked questions