Recently, Zarenex.com service popped up, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably indicates it is, in truth, a scam platform.
Regardless of the promises of the most user-friendly, dependable, and customer-centric service, Zarenex.com does not follow any of them. In fact, all this is just a golden wrap around a dirty scam, which takes your funds and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are non-existent as well.
Zarenex Scam Overview
Originally, Zarenex poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another highlighted marketing point for this platform is partnerships with celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look real, con actors use AI-generated videos with those celebs promote the fake crypto service as if it was the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around a transparent scam.
Initially, Zarenex repeats the appearance of multiple similar pages. There are quite a few examples, like Valterex, Tegwex or Synaop. They are completely indistinguishable in terms of graphic elements, with small discrepancies in the site header. Other details, and at times even crypto wallet addresses, are matching. Presumably, all these fraudulent websites are operated by a single group of scoundrels.
Cryptocurrency Scam Summary
Website | Zarenex.com |
Hosting | AS13335 Cloudflare, Inc. United States, San Francisco |
IP Address | 188.114.97.3 |
Threat Type | Scam/Fraud |
Scam Type | Fraudulent offers of cryptocurrency services |
How the Zarenex Scam Works?
Zarenex is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use several website designs, which still share the similar overall layout. Another common 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 deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Employing bots and paid promotions (when achievable), scam actors increase the exposure of their scam activities to potential victims. And as I said, crooks do not shy away using deepfake for creating clips with the aforementioned celebs that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who registers the service immediately.
![Cryptoscam ads TIkTok](https://howtofix.guide/wp-content/uploads/2023/11/tt-cryptoscam-ads.webp)
Promotions of cryptoscams like Zarenex in TikTok. Most of these videos are AI-generated deepfakes
Users receive an encouragement to enroll, enticed by the promise of obtaining cryptocurrency benefits valued at thousands of dollars, all for free. To increase the attractiveness of the offer, false claims of cooperation with a celebrity are added. As you may guess, these assertions are completely baseless.
Step 2: Gaining Traffic
After following the promos, users end up on a page filled with attractive offers. “Crypto starts with Zarenex”, “Your crypto savings are secured with Zarenex, “Start earning with Zarenex – they look rather credible. To heat up users and make them proceed to step 3, scammers say that retrieving the promoted bonus requires registration. And since nothing suspicious happens at this point, unexperienced users happily proceed – especially since the bonus appears to be right behind the corner.
This is the last stage when it is possible to steer away from the scam without any losses. Before you register using your personal data, crooks will not be able to earn even a penny from your presence on the website.
Step 3: Data Gathering
This is the starting poing of the main fraud action. As I just said, deceivers bait folks for registration with bonuses. And all the personal data needed for it – username, email, 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, 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 sum of a bonus. And this is what starts the final stage of the scam.
Step 4: Requesting funds
Obviously, any cryptocurrency purchases require you to have capital on your account. With Zarenex, users are also compelled to top up to get the bonuses. And these top ups is what creates the majority of the money flow to this scam site. 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 deposited funds and withdraw them.
This is where the victim notices the problems. When comparing the actual crypto wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to withdraw 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. Though to make it look more realistic, they’ve made up a whole bunch of reasons to decline the transfer-out request. Most of them repeat what KYC requirements say, but in this case 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 a dozen other checks you would desperately need to undergo before getting your funds back. And every check will reveal more and more information, which – you guessed it right – will be then traded 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 Zarenex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- False Celebrity Sponsorship. Zarenex 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. Zarenex.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. Zarenex 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. Zarenex.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%, Zarenex preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Zarenex as a scam.
What Should I do as a Victim?
If you had to deal with Zarenex 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 timeline of the fraud, its masters may contact you with particular documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we already figured out, these deceivers have no intent of returning your funds. So, what can these emails and browser plugins represent? Correct – this is another side of the scam designed to throw you into willingly installing destructive programs onto your device.
Both plugins and files added to emails can serve as a shell for diverse malicious software. In this case, I expect the presence of spyware and stealers among other types of malware. While it is not obligatory for scammers to distribute malware, the probability is always greater than zero. As stated, their morality is of no concern, and their dignity is already neck deep in mud. They have no principles to give up and strive to boost gains.
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](/wp-content/uploads/2023/07/gsam-main.webp)
To use Gridinsoft for remove malicious threats, follow the steps below:
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![setup-gridinsoft-fix.exe](/wp-content/uploads/2023/07/setup-gridinsoft-fix-file.png)
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![Gridinsoft Setup Wizard](/wp-content/uploads/2023/07/gridinsoft-setup-wizard.webp)
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![Scan for spyware malicious programs](/wp-content/uploads/2023/07/gsam-scan-1.webp)
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](/wp-content/uploads/2023/07/gsam-scan-finished.webp)
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](/wp-content/uploads/2023/07/gsam-removal.webp)
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Frequently asked questions
The vast majority of information posted on the Zarenex 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.
No, there is no legitimate information on the Zarenex 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.
Unfortunately, recovering funds lost to a scam like Zarenex 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.
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:
- Too Good to Be True Promises. Be cautious of offers that promise unrealistically high returns or guaranteed profits. If an investment opportunity sounds too good to be true, it likely is.
- Pressure to Act Quickly. Scammers often use tactics like creating a sense of urgency to pressure you into making quick decisions. Legitimate investments allow you time to research and consider your options.
- Lack of Regulation or Licensing. Check if the platform or service is regulated and licensed by relevant authorities. Scammers often operate without proper authorization.
- Social Proof and Celebrity Endorsements: Be skeptical of endorsements from celebrities or public figures. Scammers often fabricate endorsements to gain credibility.
- Check for Reviews and Feedback: Look for independent reviews and feedback from other traders. Scammers may fabricate positive reviews, but negative reviews can provide valuable insights.
If you have become a victim of a Zarenex 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.