We have received multiple complaints about the fraudulent activities involving the domain elwallets.com. Here are the details:

1. Complaint 1:

• Description: Attempted to withdraw $85,720 in USDT from Evatcoin, which was migrated to elwallets.com. The transaction was marked as “approved,” but no transaction ID was provided, and the assets were never received. Additionally, $8,723 in USDT remains on the platform.
• Total Loss: $94,483.00

2. Complaint 2:

• Description: A victim was invited to join a cryptocurrency trading group by “Professor Markus Will.” They invested nearly $180,000 into USDT and transferred it to elwallets.com. Once deposited, the funds disappeared.
• Total Loss: $500,000.00

3. Complaint 3:

• Description: The victim lost $35,000 in a cryptocurrency contract trading scam involving Joe Duran and Linda, who operated through WhatsApp and directed funds to elwallets.com.
• Total Loss: $35,000.00

Total reported losses amount to $629,483.

If you have been scammed by elwallets.com, please share your story to help others avoid falling victim to this scam.

Domain Analysis

The domain elwallets.com was registered with GoDaddy.com, LLC on May 27, 2022, and is set to expire on May 27, 2024. As of the latest update on July 8, 2024, the domain status is listed as “redemptionPeriod.” This indicates the domain’s registration has lapsed and is pending deletion unless renewed.

Elwallets.com has minimal web presence and activity. According to SEMrush data, the domain holds a low authority score of 2, ranking it at 8.1 million globally. It receives a scant organic search traffic of 7 visits per month, primarily driven by two keywords, “elwallets” and “mtcsfcoins,” both of which have negligible search volume and no associated cost-per-click (CPC) value. The domain’s backlink profile is also sparse, consisting of only 14 backlinks from 10 referring domains. The backlinks are predominantly text-based, with the majority being nofollow links, suggesting limited influence and authority in search engines.

Elwallets Reviews

California’s Department of Financial Protection and Innovation (DFPI) has listed elwallets.com on its Crypto Scam Tracker. According to a complaint logged on the DFPI website, a California victim was part of a WhatsApp group chat named “Caryle” and “BIPPAX-185,” which focused on discussing crypto asset investments. The group was led by Susan and Bexley, who claimed to be employees of a global investment firm.

They directed the victim to use the trading platform BIPPAX, accessible through elwallets.com and an iPhone app called Bip_Pax Pro. The victim transferred approximately $55,000 to the platform, only to find that their account was placed “under review” when they attempted to withdraw funds. They were then asked to deposit an additional 1% of their account balance as collateral but could not recover any money or crypto assets.

Elwallets.com exhibits characteristics typical of a fraudulent trading platform. As detailed in the DFPI’s glossary, fraudulent trading platforms are designed to appear legitimate, replicating price movements and producing artificial gains to deceive users into believing their investments are growing. The victim’s experience with elwallets.com aligns with this definition, as they saw their account balance grow initially, only to face obstacles and additional demands when attempting to withdraw their funds.

The complaints and data highlight elwallets.com as a fraudulent entity in significant cryptocurrency scams. Victims have collectively reported losses of $629,483 due to deceptive activities tied to this domain. The DFPI advises consumers to research companies thoroughly before engaging in crypto transactions to avoid such scams.

The DFPI’s tracker emphasizes the prevalence of imposter websites, noting that they often mimic legitimate entities to create confusion and deceive consumers. This tactic is evident in the case of elwallets.com, where victims were misled by the trading platform’s professional appearance and false promises.

Bottom Line

The evidence surrounding elwallets.com strongly indicates that it operates as a scam, preying on unsuspecting investors with sophisticated tactics. The accounts of victims who have suffered significant financial losses, combined with the Department of Financial Protection and Innovation findings, paint a clear picture of a fraudulent scheme. Elwallets.com employs the classic hallmarks of a scam, such as promising high returns, manipulating perceived account growth, and then obstructing withdrawal attempts with demands for additional funds.

The platform’s deceptive nature, coupled with its minimal web presence and questionable backlinks, further reinforces its lack of legitimacy. The manipulative strategies used by the platform’s operators, such as creating seemingly professional websites and leveraging social media to lure victims, reveal a calculated effort to exploit trust and financial aspirations.

In light of these findings, it is prudent to consider elwallets.com a scam. Potential investors should exercise extreme caution and conduct thorough research before engaging with online trading platforms, particularly those with limited verifiable information and a history of complaints. The experiences of those defrauded serve as a stark reminder of the importance of vigilance and skepticism in the rapidly evolving world of cryptocurrency investment.