Elwallets is a scam crypto exchange which is being used to steal funds from would-be investors.
It’s designed to appear as if it’s a legitimate crypto platform but there are many things wrong with it.
The person who contacted PawProfitForum Team about this platform had lost a significant sum of money after being encouraged to invest by someone they’d met online.
They were appointed a ‘financial manager’ who guided them through the process of first transferring cash to a legitimate exchange before converting it into USDT (Tether) and transferring to a wallet connected to Elwallets.
At first their investment appeared to growing in value, but when the victim became nervous and tried to withdraw their funds they were unable to do so.
The scammers then attempted to extract large sums of money from the victim by demanding huge fees to release their cash. Fortunately the victim didn’t pay.
Elwallets red flags
Although this website isn’t the worst designed scam platform we’ve ever seen, it soon becomes apparent that it offers no functionality whatsoever.
Some of the other things that are wrong with this platform include:
- A new domain registration yet claims to be a well-established platform.
- Numerous missing or broken links.
- Sections that contains scraped content which doesn’t relate to the site.
- A news section which features generic agency content from several years ago, including outdated crypto prices.
- No information about the company or the team behind it.
- No social media channels, or online reviews aside from the odd scam warning.
- A Domain Authority (DA) rating of 1 which is the lowest possible.
- This and other factors make it clear that Elwallets is definitely a scam platform that should be avoided.
Unfortunately, there’s not much that can be done if you lost money to a scam crypto platform if you’ve lost a relatively small amount, but it’s important to keep a note of all the details just in case.
You should report what’s happened to the authorities in your jurisdiction on the off chance that they’re investigating the scam.
There are also private companies that might be able to help which I’ve written about here.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.
