We Investigated Welorex: Legit or Scam? The Facts

Written by Daniel Zimmerman

Recently, Welorex.com service appeared, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather credible supporting information that clearly indicates it is, in fact, a deceptive service.

Regardless of the promises of the most user-friendly, trustworthy, and client-friendly service, Welorex.com does not offer any of them. In fact, all this is just a shiny wrap around a blatant scam, which steals your money and never gives them back. Any stories about gifts, sponsorship from celebrities etc are nowhere to be found as well.

GridinSoft Anti-Malware Review
It is better to prevent, than repair and repent!
When we talk about the intrusion of unfamiliar programs into your computer’s work, the proverb “Forewarned is forearmed” describes the situation as accurately as possible. Gridinsoft Anti-Malware is exactly the tool that is always useful to have in your armory: fast, efficient, up-to-date. It is appropriate to use it as an emergency help at the slightest suspicion of infection.
Gridinsoft Anti-Malware 6-day trial available.
EULA | Privacy Policy | 10% Off Coupon
Subscribe to our Telegram channel to be the first to know about news and our exclusive materials on information security.

Welorex Scam Overview

Originally, Welorex poses as a cryptocurrency trading & cryptowallet service with exceptionally 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 real, con actors employ AI-generated videos where those celebrities promote the fake crypto service as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

Welorex.com Scam

Welorex Scam

First and foremost, Welorex shares the appearance of multiple equivalent websites. There are quite a few examples, like Gowbit, Womnef or Wezanex. They are totally identical in terms of graphic elements, with small discrepancies in the webpage header. Other particulars, and sometimes even crypto wallet addresses, are identical. Presumably, all these scam online platforms are led by a single team of swindrels.

Cryptocurrency Scam Summary

WebsiteWelorex.com
HostingAS13335 Cloudflare, Inc.
United States, San Francisco
IP Address188.114.96.3
Threat TypeScam/Fraud
Scam TypeFraudulent offers of cryptocurrency services

How the Welorex Scam Works?

Welorex 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 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 deceptive scheme, criminals set up and fill accounts on popular social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Using bots and sponsored promotions (when feasible), scam actors increase the visibility of their scam activities to possible victims. And as I said, crooks do not shy away using deepfake for creating videos with the aforementioned celebs 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.

Cryptoscam ads TIkTok

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

Users get a stimulus to register, drawn by the commitment of receiving crypto benefits valued at thousands of dollars, all free of charge. To enhance the attractiveness of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

After clicking the ads, victims end up on a page filled with enticing offers. “Crypto starts with Welorex”, “Your crypto savings are secured with Welorex, “Start earning with Welorex – they look rather credible. To heat up users and make them proceed to step 3, fraudsters say that unlocking the pledged bonus requires registration. And as nothing concerning happens at this point, uninformed users happily keep on – especially since the gift appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you sign up using your personal data, crooks will not earn even a penny 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 – are valuable for user identification. Only by gathering this data and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the promised bonus is not available for withdrawal right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the equivalent sum. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Eventually, any crypto purchases require having funds on your account. In the case of Welorex, users are also coerced to top up to use the bonuses. And this is what creates most of the money flow to this fraudulent website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the credited funds and withdraw them.

This, however, is where the problems start to surface. When keeping an eye on the actual cryptocurrency wallet vs what the website 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

Needless to say that fraudsters are naught on intentions to give your money back. Though to make the denial look more legitimate, they’ve elaborated a whole pack of reasons to decline the withdrawal request. Most of them repeat what Know Your Client regulations say, but for the Welorex.com they are here exclusively to make the wireout impossible.

By asking for your personal information, 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 grand back. And each of these checks will reveal 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 Welorex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

  • False Celebrity Sponsorship. Welorex often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
  • Cryptocurrency-Only Payments. Welorex.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
  • Dubious Company Information. Welorex raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
  • Unsubstantiated Hype. Welorex.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
  • Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
  • Implausible Claims. Promising returns of 50-100-200%, Welorex preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Welorex as a scam.

What Should I do as a Victim?

If you had to deal with Welorex 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.

  • Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
  • Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
  • Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
  • Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
  • Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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 duration of the fraud, its masters may get in touch with you with particular documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency savings. As we earlier figured out, these scoundrels have no intention of returning your money. So, what do these email messages and browser plugins represent? You guessed – this is another side of the scam designed to throw you into willingly running harmful applications onto your computer.

Both plugins and attachments included to emails can serve as a shell for various malware. In this situation, I anticipate the presence of spyware and stealers among other forms of threats. While it is not mandatory for scammers to distribute malware, the chance is always greater than zero. As previously mentioned, their morality is of no concern, and their dignity is already deeply compromised. They have nothing to give up and strive to maximize profits.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

Gridinsoft Anti-Malware - Main Screen

To use Gridinsoft for remove malicious threats, follow the steps below:

1. Begin by downloading Gridinsoft Anti-Malware, accessible via the blue button below or directly from the official website gridinsoft.com.

2.Once the Gridinsoft setup file (setup-gridinsoft-fix.exe) is downloaded, execute it by clicking on the file.

setup-gridinsoft-fix.exe

3.Follow the installation setup wizard's instructions diligently.

Gridinsoft Setup Wizard

4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.

Scan for spyware malicious programs

Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.

5. Upon completion, Anti-Malware will present a detailed report containing all the detected malicious items and threats on your PC.

The spyware was Found

6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.

The spyware has been removed

8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.

Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.

Frequently asked questions

Is there any real info on Welorex site?

The vast majority of information posted on the Welorex site is false. It is either fabricated, or a manipulation that misses the context of mentioned events. However, things like quotes or other interactive elements related to current prices may be trustworthy. But I would rather avoid using them as a primary source of information.

Are the Welorex site promices real?

No, there is no legitimate information on the Welorex site. The operators of this site use fabricated details and deceptive tactics to create an appearance of credibility, such as appealing visuals and claims of being a licensed company. However, these claims are false, and the site is part of a larger network of interconnected crypto scam sites designed to defraud victims. The scammers manipulate users into providing sensitive personal information and making deposits, ultimately leading to the loss of funds.

Is there any way to recover my lost funds from Welorex scam?

Unfortunately, recovering funds lost to a scam like Welorex can be extremely challenging, if not impossible. Scammers often operate from obscure locations and use various tactics to cover their tracks, making it difficult to trace or retrieve the stolen funds. In many cases, these scams are designed to exploit victims and disappear once they have obtained the money.

How to spot crypto trading scams in the future?

Spotting crypto trading scams requires vigilance and a critical eye. Here are some tips to help you identify potential crypto trading scams in the future:

  1. Verify Regulation and Licensing. Before proceeding, ensure that the platform or service is regulated and possesses the necessary licenses from relevant authorities. Scammers often operate without proper authorization.
  2. Resist Urgency. Be cautious of tactics that create a false sense of urgency to pressure you into quick decisions. Legitimate investments provide ample time for research and consideration.
  3. Consult Reviews and Feedback. Seek independent reviews and feedback from other traders. While positive reviews can be fabricated, negative reviews often reveal valuable insights.
  4. Question Unrealistic Promises. Approach offers with unrealistically high returns or guaranteed profits skeptically. If an investment opportunity seems too good to be true, it probably is.
  5. Scrutinize Celebrity Endorsements. Exercise skepticism when faced with endorsements from celebrities or public figures. Scammers frequently create fake endorsements to enhance credibility.

What should I do as a victim of a Welorex.com scam?

If you have become a victim of a Welorex or similar crypto trading scam, it’s important to take immediate action to minimize further damage and increase the chances of recovering your losses. Here’s what you should do:

  • Document the Events. Gather and safeguard all pertinent information, including emails, screenshots, transaction records, and any correspondence with the scammers. This documentation holds utmost importance for reporting the scam and seeking assistance.
  • Contact Financial Institutions. If you conducted any payments or deposits through your credit card or bank account, promptly notify your financial institution. They might offer assistance in contesting transactions or initiating chargebacks.
  • Seek Legal Advice. Consult with a legal professional who specializes in fraud or financial matters. They can provide advice on potential legal actions you can take to recover your funds.
  • Inform the Authorities. Lodge an official report with your local law enforcement agency and relevant regulatory bodies within your country. Present them with the amassed evidence. This step instigates investigations and enhances awareness about the scam.
  • Notify Cryptocurrency Exchanges. Should you have employed a cryptocurrency exchange for transactions linked to the scam, inform the exchange about the fraudulent activity. In certain cases, they could extend their assistance.
  • Consult Legal Counsel. Seek counsel from a legal expert specialized in fraud or financial matters. They can provide guidance on potential legal avenues for recovering your funds.
  • Immediately Halt Communication. Once you recognize that you have fallen victim to a scam, cease all communication with the scammers. Refrain from responding to their emails, messages, or phone calls.
Sending
User Review
0 (0 votes)
Comments Rating 0 (0 reviews)

About the author

Daniel Zimmerman

I'm Daniel, a seasoned professional deeply passionate about the realm of security and malware defense. With over a decade of experience in the security industry and a background in writing, I am thrilled to share my expertise through this cybersecurity blog.

Throughout my career, I've had the privilege of working on the front lines of cybersecurity, tirelessly combating emerging threats and safeguarding digital environments. This hands-on experience has allowed me to develop a deep understanding of the ever-evolving landscape of malware and cyber-attacks.

Leave a Reply

Sending