The "ElitePalace" crypto scheme is not just a standard trading scam; it is a calculated "pig butchering" operation that ends with a devastating finale: 

The Fake ICO using the "Athena System and the Milase Fake Trading Platform

After weeks of showing you artificial profits and letting you believe you are a successful trader, they pivot to their endgame. They will announce an "exclusive" Initial Coin Offering (ICO)—a chance to get in early on a new token before it "goes public" and supposedly skyrockets in value.

This is the trap.

Here is the psychological playbook they use to get that final transfer:

• The "Insider" Edge: They claim this ICO is reserved for their top-tier clients (you), promising gains of 10x, 20x, or 50x that are "guaranteed" by the platform.

• False Scarcity: They will tell you there is a limited allocation. You have to act now to secure your tokens before the round closes.

• The Liquidity Lock: They will often ask you to inject new capital to buy these tokens, rather than using your existing (fake) trading profits. They claim your current funds are "locked in trading positions" or that the ICO requires "fresh liquidity" for regulatory reasons.

The Reality

There is no ICO. There is no token. The moment you send money for this "pre-sale," it is gone. The numbers on your screen will update to show you own millions of these new coins, but you will never be able to sell them. This is their exit strategy—extracting the maximum amount of cash from you before they shut down your account or demand "taxes" to release your funds.

The Fake Trading Platforms: Milase and the "VLE" Token Traps

A core technical component of this fraud is the deployment of proprietary, rigged trading platforms such as Milase.com or the "Prescott Hawthorne Exchange." These platforms are simulated environments that do not connect to real cryptocurrency markets. Instead, they display manipulated charts and fake account balances to create the illusion of massive profits.

The backend of these websites gives the scammers total control to freeze accounts, adjust balances, and simulate "glitches" at will. Common tactics include:

• The "House Money" Bait: Providing $700 in "test funds" that magically grow to $2,000+ in days to prove the system works.

• Proprietary Assets: Promoting tokens like ELIX, CHX, or VLE that have no value outside the platform.

• The Mirage of Wealth: Numbers on the screen inevitably go up, encouraging victims to liquidate their 401(k)s. However, these profits are entirely fictional. When a withdrawal is attempted, the platform triggers a "security freeze" or "audit," demanding further payments to unlock the account.

The Social Engineering Funnel: WhatsApp, Signal, and "Assistant" Grooming

The primary recruitment tool is high-pressure social engineering within closed messaging groups managed by "assistants" (often using handles like Chloe). These assistants act as the primary groomers, bridging the gap between the distant "Professor" and the victim.

In these groups, planted accomplices known as "shills" post fake screenshots of massive successful withdrawals and thank-you messages to create a "fear of missing out" (FOMO). If a victim raises a question about legitimacy, they are swarmed by these shills or removed from the group. The assistants relentlessly push victims to migrate to Signal for "security," moving communication into a channel where disappearing messages can be used to erase evidence. They coach victims on how to lie to their banks about the purpose of wire transfers, providing "cover stories" regarding property or family to bypass anti-money laundering (AML) triggers.

The Money Mule Web: Wire Transfer Laundering

Unlike typical crypto scams that rely on direct wallet-to-wallet transfers, this network utilizes a complex web of money mules and wire transfers to legitimize the theft and obfuscate the trail. Victims are instructed to send large sums of fiat currency (USD, GBP, EUR) via wire transfer to "off-site funds" or "customer service agents."

These recipients are actually money mules—individuals whose bank accounts are used to funnel stolen cash. The syndicate frequently changes these account details, claiming the switches are for "tax efficiency" or "corporate restructuring." Once the wire hits the mule's account, the funds are immediately converted into cryptocurrency and tumbled through mixers to break the chain of custody. This reliance on wire transfers allows scammers to target demographics less comfortable with on-ramping to crypto and adds a layer of false legitimacy. The "taxes" and "fees" demanded at the end (often 20-30% of the fake portfolio) are the final extraction attempt using these same mule channels before the scammers cut all contact.

Protect Yourself: If you are currently communicating with these individuals, do not confront them. Immediately screen-capture all messages, bank details for wire transfers, and platform balances. File a report with the FBI’s IC3.gov or your national cybercrime authority