Categories
Scam

E-Wallet.io: A Russian Scam on Staking


July 3, 2020

Exit Scam

On August 6, 2020 the E-Wallet.io website is no longer accessible, the Twitter account, the Telegram group and the administrator account have been deleted.


Summary:

  • E-Wallet.io is allegedly a cryptocurrency wallet offering daily passive income through masternodes.
  • It is verified that the team members do not exist, they are images generated through artificial intelligence.
  • It is observed the money of the users ends in a single address from where it is withdrawn through Binance and MinedTrade, a Russian exchange that allows crypto-fiat withdrawals.
  • The platform does not pay benefits and users can not withdraw their money.

Introducing E-Wallet.io

E-Wallet.io is a company registered in the United Kingdom in September 2019 under the name E-WALLET INC LTD. with the following registration number: 12192519.

The company defines itself as an electronic wallet for cryptocurrency storage that generates passive income through staking and the implementation of masternodes.

E-Wallet allows you to safely store users ‘ funds in cryptocurrency, and get regular accruals of dividends in percentage to the account balance. So, using the services of the company E-Wallet, the account holder gets a guaranteed passive income.

https://e-wallet.io/#faq
E-Wallet.io
https://e-wallet.io

The platform was launched on June 10, 2020.

A wallet is characterized by offering control of the user’s private keys. Despite being defined as a wallet, E-Wallet.io is an “investment platform”.

Although hypothetically it was true that they implement staking technologies, the ROI offered does not fit the generated through staking and masternodes.

How much will I earn if I keep money in the system?
According to the current conditions for the users of our company, the balance of the client’s account is accrued 0.2% per day for the first 10 days, from 11 days-0.3% per day, from 21 days-0.4% per day, from 31 days-0.5% per day, from 41 days-1% per day.

https://e-wallet.io/#faq
https://e-wallet.io/how-it-works

As we will see detailed, the E-Wallet.io platform does not even make payments to users nor does it allow withdrawals. We are not facing a ponzi scheme but a direct scam.

Nonexistent team

The E-Wallet.io corporate team is not real.

The images of the team members have been generated using an online tool that, through artificial intelligence, is capable of generating faces of people who do not exist: This Person Does Not Exist

https://e-wallet.io/interview-director

The images generated on the website are not always exact but often have errors, specifically in the glasses and on the neck is where they usually appear.

Comparing the size, the distance, and the different errors that the images present, it can be seen that the faces have indeed been generated through the “This Person Does Not Exist” tool.

Fraudulent Capital Movements

E-Wallet-Diagram-Scam
Diagram of transactions made in Ethereum

Despite the fact E-Wallet.io repeatedly mentions that the tokens always remain on the platform (“wallet”) without moving, if we follow the money we see how the vast majority of the capital deposited by all its users ends in a single address that, subsequently, it will be withdrawn through Binance (50%) and Minedtrade.com (50%), a Russian exchange that allows crypto-fiat withdrawals.

When users deposit their money, a wallet is generated that automatically sends the tokens to the main address of E-Wallet.

Once there, 50% is withdrawn directly via Minedtrade and the remaining 50% is sent to a secondary address where it is withdrawn via Binance.

Deposits and withdrawals can be made in BTC, ETH or LTC, although at the moment the amounts deposited in BTC and LTC have been derisory.

A couple of addresses are the only ones that receive daily income, those belonging to the accomplices who, through the platform’s Telegram group, announce periodically how they are receiving payments.

The rest of the users have not seen any income and have been denied the withdrawal of their initial investment.

Addresses used in the diagram:

E-Wallet
0xc5bc2a6323be74d0679cbbd33cffe3a55d604894

Scammer Main Address
0x14c497f842A6A23B8Ee2439410A38132c102D676

Telegram Accomplice
0x90a4ACF41c8BB9903D5C3D13b638443C71856922

Minedtrade.com
0xac338d9fAaC562Df26d702880c796e1024E2698A

Scammer Secondary
0xd46761857db3238a222bae9cb78967293621d203

*When we refer to temp/temporary wallet, it is just the way to express a wallet which has been created to only do a single transaction.
*Note that the addresses listed here are not all the addresses used by E-Wallet.io

Evidences of its Russian origin can be found in the backoffice, seeing that some parts have not been translated from its original language, Russian. The translations of the website in the different languages present very serious grammatical errors, except for the Russian version. Furthermore, the exchange used to withdraw money from investors (MinedTrade.com) has hardly any English-speaking users.

Conclusion

Based on the data provided, we can affirm that E-Wallet.io is a scam operating as a registered company in the UK. We recommend not to interact in any way with this type of online fraud.