Investigating Volenax: Legit or Scam? The Truth Exposed

Recently, Volenax.com service popped up, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably reveals it is, in truth, a deceptive site.

Regardless of the promises of the most user-friendly, dependable, and customer-centric service, Volenax.com does not fulfill 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 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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Volenax Scam Overview

Originally, Volenax poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another highlighted marketing point for this platform is partnerships with celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look real, frauds employ deepfake videos with those celebs advertise the fake crypto service as if it was the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a glaring wrap around a transparent scam.

Volenax Scam

First and foremost, Volenax copies the design of many equivalent websites. There are quite a few examples, like Zorunax, Shiba or Saedex. They are entirely identical in terms of graphic elements, with small discrepancies in the webpage header. Other specific elements, and at times even crypto wallet addresses, are the same. Probably, all these scam sites are led by a single group of scammers.

Cryptocurrency Scam Summary

How the Volenax Scam Works?

Volenax is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Scammers 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 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 begin the fraud, criminals create 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 ads (when feasible), fraud actors boost the exposure of their scam activities to potential victims. And as I said, scammers do not shy away using generative AI for creating clips with the mentioned celebs that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users obtain an encouragement to sign up, attracted by the commitment of receiving crypto rewards valued at hundreds of dollars, all for free. To enhance the attractiveness of the offer, false claims of sponsorship by a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

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

At this point, it is possible to get away from the scam without any losses. Before you register using your personal information, 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 mentioned, deceivers bait folks for registration with bonuses. And all the personal info needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Still, 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, you need to top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

It is obvious that any cryptocurrency purchases require you to have funds on your account. With Volenax, 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 promised gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the credited money and withdraw them.

This is where the issues start to surface. When keeping an eye on the actual crypto wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to retrieve 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. But to make the fraud look more legitimate, they’ve elaborated a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client requirements say, but in this case they are here exclusively to make the wireout impossible.

By requesting your personal information, deceivers 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 grand 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 Volenax.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Volenax 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 timeline of the scam, fraudsters may contact you with specific files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we already figured out, these deceivers have no intention of giving back your funds. So, what do these messages and browser add-ons represent? Correct – this is another component of the scam designed to entice you into willingly running harmful programs onto your device.

Both add-ons and files included to emails can act as a shell for different malicious software. In this case, I expect the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the probability is always significant. As previously mentioned, their ethics is of negligible importance, and their reputation is already deeply compromised. They have no scruples to give up and strive to maximize gains.

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