We Investigated Welorex: Legit or Scam? The Facts

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.

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 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

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.

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.

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