Investigating Utelchain: Legit or Scam? The Truth Exposed

Recently, Utelchain.com site surfaced, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather reliable evidence that clearly confirms it is, in fact, a deceptive platform.

Despite the promises of the most convenient, trustworthy, and client-friendly service, Utelchain.com does not offer any of them. All this is just a golden wrap around a clear scam, which steals your money and never gives them back. Any stories about bonuses, endorsement from celebrities etc are absent as well.

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Utelchain Scam Overview

Originally, Utelchain poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another notable marketing point for this platform is partnerships with celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, rascals use AI-generated videos where those celebrities advertise the scam as if it was the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a vivid wrap around a transparent scam.

Utelchain Scam

Initially, Utelchain shares the appearance of numerous equivalent online platforms. There are quite a few examples, like Vecorex, Nokmox or Xbited. They are totally undistinguishable in terms of visual elements, with small discrepancies in the site header. Other details, and sometimes even crypto wallet addresses, are matching. Probably, all these deceptive sites are led by a single group of frauds.

Cryptocurrency Scam Summary

How the Utelchain Scam Works?

Utelchain is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use several website designs, which still share the same 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 complex 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 create and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Employing bots and sponsored ads (when possible), scam actors intensify the visibility of their deceptive activities to possible victims. And as I said, crooks do not shy away using deepfake for creating videos 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 joins the service immediately.

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

Users get a stimulus to sign up, drawn by the commitment of obtaining crypto prizes valued at hundreds of dollars, all without cost. To increase the attractiveness of the offer, fake claims of cooperation with a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, users end up on a page filled with attractive offers. “Crypto starts with Utelchain”, “Your crypto savings are secured with Utelchain, “Start earning with Utelchain – they look rather authoritative. To heat up users and make them proceed to step 3, scammers say that getting the promised bonus requires registration. And as nothing concerning happens at this point, uninformed users happily proceed – especially as the reward appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you register using your personal information, 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 mentioned, deceivers bait folks into signing up to get bonuses. And all the personal data needed for it – email, username, crypto wallet address – are valuable for user identification. Solely 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, the promised bonus is not available to use 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 operations require you to have funds on your account. In the case of Utelchain, users are also compelled to top up to use the bonuses. And this is what creates most of the money flow to this scam site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the transferred capital and withdraw them.

This, however, is where the victim notices the issues. When keeping an eye on the actual cryptocurrency wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to retrieve the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers have zero intentions to send you money. Though to make the fraud look more realistic, they’ve developed a whole bunch of reasons to decline the wireout request. Most of them repeat what KYC requirements say, but for the Utelchain.com they are here exclusively to make the withdrawal impossible.

By requesting your personal info, 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 funds back. And each of these checks will uncover more and more info of yours, which – you guessed it right – will be then marketed 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 Utelchain.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Utelchain 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 course of the fraud, its actors may get in touch with you with particular documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency assets. As we earlier figured out, these rascals have no intention of giving back your funds. So, what can these messages and browser plugins represent? You guessed it right – this is another component of the fraudulent scheme designed to throw you into deliberately installing destructive programs onto your computer.

Both extensions and attachments attached to email messages can act as a carrier for various malware. In this case, I expect the presence of spyware and stealers among all types of threats. While it is not mandatory for scammers to distribute malware, the probability is always greater than zero. As previously mentioned, their morality is of negligible importance, and their reputation is already severely tarnished. They have nothing to give up and strive to maximize gains.

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Frequently asked questions

The truth about Utelchain

Name: Utelchain

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Utelchain, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Utelchain scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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