We Investigated Vitrexe: Legit or Scam? The Facts

Recently, Vitrexe.com service popped up, promoting itself as a platform to store cryptocurrency and other assets securely. I managed to gather credible supporting information that unmistakably confirms it is, in truth, a scam platform.

Regardless of the promises of the most easy, reliable, and customer-centric service, Vitrexe.com does not offer any of them. All this is just a golden wrap around a dirty scam, which takes your money and never returns them. Any stories about gifts, endorsement from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Vitrexe Scam Overview

Originally, Vitrexe poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another highlighted marketing point for this site is backing from celebrities that have relation to the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, frauds use deepfake videos with those celebs advertise the scam as 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 an obvious scam.

Vitrexe Scam

First and foremost, Vitrexe shares the appearance of many equivalent pages. There are quite a few examples, like Trustxer, Skiletex or Yotsbit. They are completely identical in terms of graphic elements, with slight discrepancies in the website header. Other details, and sometimes even crypto wallet addresses, are unchanged. Presumably, all these deceptive websites are led by a single team of scoundrels.

Cryptocurrency Scam Summary

How the Vitrexe Scam Works?

Vitrexe is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use various website designs, which still share the similar overall layout. Another shared 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To begin the scam, criminals set up and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Employing bots and paid advertisements (when achievable), scam actors increase the presence of their scam activities to possible victims. And as I said, scammers do not disdain using generative AI for creating clips with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

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

Users get an encouragement to register, attracted by the commitment of obtaining cryptocurrency rewards valued at hundreds of dollars, all without cost. To enhance the attractiveness of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

After clicking the ads, users end up on a page filled with appealing offers. “Crypto starts with Vitrexe”, “Your crypto savings are secured with Vitrexe, “Start earning with Vitrexe – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that getting the promised bonus requires registration. And as nothing concerning happens at this point, unexperienced users happily keep on – especially since the gift appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal data, frauds will not be able to earn even a nickel 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, cryptocurrency wallet address – is valuable for user identification. Only by gathering this information 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 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 starts the final step of the scam.

Step 4: Requesting funds

Eventually, any crypto operations require having funds on your account. With Vitrexe, users are also forced to top up to use the bonuses. And this is what creates the majority of the cash 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 trading on this site hoping to use all the deposited money and withdraw them.

This is where the issues start to surface. When comparing the real cryptocurrency wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to retrieve 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 return your money. But to make it look more realistic, they’ve developed a whole pack of reasons to decline the transfer-out request. Most of them repeat what KYC requirements say, but for the Vitrexe.com they are here only to make the withdrawal impossible.

By requesting your personal data, frauds just stall hoping for you to understand that you’ve been scammed 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 each of these checks will share 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 Vitrexe.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Vitrexe 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%, Vitrexe exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Vitrexe as a scam.
• Dubious Corporate Information. Vitrexe 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. Vitrexe.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. Vitrexe 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 Vitrexe 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 fraud, its actors may contact you with particular files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we already figured out, these deceivers have no plan of restoring your funds. So, what can these emails and browser add-ons represent? You guessed – that is another side of the deceptive plan designed to entice you into willingly running harmful software onto your computer.

Both add-ons and files included to emails can act as a carrier for diverse malicious code. In this case, I anticipate the presence of spyware and stealers among all types of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As noted, their morality is of no concern, and their reputation is already neck deep in mud. They have no scruples to lose and intend to maximize gains.

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