If you’re thinking about trading cryptocurrencies on Folorax.com, think twice because it’s a SCAM. You will need to deposit Bitcoin first into your wallet to activate your account. At the end of the day, you will receive nothing, and your money will be gone. We’ve come across similar crypto scams in 2024. Before you sign up, there are some things you should know first.
Is Folorax.com A Scam
Yes it is. Do not be fooled by the fake celebrity endorsements like Elon Musk and Bill Gates online used to promote this scam crypto website. The website promises guaranteed payouts and high earnings through its affiliate program, a common trick used by scammers to attract users.
Secondly, according to Whois, the website was recently registered on 08 of August of 2024 and is set to expire on 08 of August 2025. This is very typical of scam websites.
Why You Should Be Careful with Folorax.com
- Crypto exchanges like Folorax.com aren’t always checked by the government. This means they don’t follow the same rules as banks or stock markets, which can be risky for your money.
- They promise you’ll make a lot of money easily. But making money with crypto is hard and uncertain.
- Folorax.com does not give any information about the owner of the website or the address of the company and they promise the app is available for download but that’s false too.
- The website has fake customer reviews stamped all over the website and on Trustpilot.
- The website might ask for extra deposits to “activate” withdrawals, which is a common scam tactic.
What To Do If You Fell For The Folorax.com Scam
Cancel your credit card
Immediately call your financial provider and cancel your credit card. By so doing, the credit card details you used for your transaction would become null and void.
Request for a new card
After the old credit card has been canceled, ask for a new card, it doesn’t cost much to get one. Your credit card issuer will issue you a new one with different numbers.
Report the Fraud To Relevant Authorities
Report the scam to relevant authorities and organizations. This includes:
- Better Business Bureau (BBB): File a complaint with the BBB if the online store is based in the United States.
- Internet Crime Complaint Center (IC3): If you are in the United States, you can file a complaint with the IC3 at https://www.ic3.gov/.
- Your Local Consumer Protection Agency: Contact your local consumer protection agency or the equivalent regulatory body in your country.
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