Is Abubit Legit or Another Scam? The Truth Revealed

Recently, Abubit.com service popped up, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather reliable proof that unmistakably confirms it is, actually, a fraudulent site.

Despite what Abubit site states, they won’t ever return your funds. Despite the figures displayed in the “member area”, there is absolutely no means to retrieve even a single cent. All pledges regarding crypto rewards are empty as well.

Abubit Scam Overview

The key offering that Abubit strives to provide is a secure and convenient cryptocurrency wallet service. The site promises crypto exchange services, tools for controlling wallets, transfers, dashboards, and the like. In fact, they aim to emulate the functionality of a crypto trading platform, like Binance or Coinbase. However, it actually solely serves as a shell intended to deceive the cautious.

Abubit Scam

To begin with, Abubit mimics the layout of multiple equivalent online platforms. There are quite a few examples, like Btcxgrp, Coinkoy or Swapexo. They are totally identical in terms of graphic elements, with small discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are identical. Probably, all these fraudulent websites are led by a single gang of scammers.

Cryptocurrency Scam Summary

How the Abubit Scam Works?

Abubit is yet another website within a extensive network of associated crypto scam webpages. The operators employ various brand titles and sites, like Abubit.com, to ensnare victims. However, these fraudulent sites possess the same designs, terms of service, and About Us content. This reveals their beginnings as a part of the identical fraudulent network, which promotes the identical form of scam under diverse disguises. The fraudsters merely replicate the equal scam website under diverse names to mislead users into believing they are participating in a new opportunity. However, in actuality, it’s the same system of swindlers orchestrating the misleading promises and attempts to take deposited cryptocurrency. The administrators skillfully make use of psychological tactics and captivating propositions to implement their deceitful schemes.

Step 1: Spreading

To begin the scam, criminals establish and fill accounts on well-liked social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Employing bots and paid advertisements (when feasible), fraud actors boost the visibility of their scam activities to possible victims. This strategy permits them to create a broad net and engage with their aimed audience. The audience commonly comprises of cryptocurrency fans looking for prospects to make profits.

Users receive an encouragement to enroll, attracted by the promise of receiving crypto benefits valued at thousands of dollars, all for free. To enhance the attractiveness of the offer, fake claims of cooperation with a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

People who demonstrate interest check out Abubit.com via links present in ads or bot-generated posts. The webpage employs captivating visuals, design features that appear genuine, and claims of possessing a official license, all intended to present an initial perception of reliability.

Step 3: Data Gathering

To claim their rewards, users must deliberately set up an profile on Abubit and receive instructions to provide sensitive and private data throughout the sign-up procedure. This includes linking their cryptocurrency wallets, sharing email addresses, supplying phone numbers, sending in identification papers, and the like.

Step 4: Requesting funds

Once registered, users witness significant amounts of cryptocurrency, valued at thousands of dollars, within their Abubit wallets. However, as is common with such bonuses, you can’t withdraw them prior to making a deposit. Usually, a payment of $100 is required to access the sign-up bonus. This stipulation serves as the trap that ultimately leads to the money loss.

Step 5: Disappear

The point in time the funds transfer is made, the scammers terminate all communication. They go ahead to block users, remove accounts, and vanish with both the submitted capital and critical personal data. The fictitious benefits remain perpetually uncredited, as they lack genuine existence. They function purely as a fraudulent ploy. This approach forms the foundation for the fraudsters’ capability to mislead victims and embezzle hard-earned earnings through their duplicative internet-based crypto fraud.

Signs of Scam

I gathered several facts that point at the scammy nature of the Abubit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Abubit.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Abubit arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Abubit resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Abubit employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Abubit capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Abubit.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Abubit site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.

• Report the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

Scan your system for possible malware infections

Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.

Throughout the course of the scam, its actors may get in touch with you with specific files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency assets. As we previously figured out, these scoundrels have no plan of returning your money. So, what do these emails and browser add-ons represent? You guessed it right – this is another element of the fraudulent scheme designed to throw you into deliberately installing malicious software onto your device.

Both extensions and files added to emails can act as a carrier for various malicious code. In this situation, I expect the presence of spyware and stealers among all kinds of threats. While it is not mandatory for scammers to distribute malware, the chance is always existent. As previously mentioned, their morality is of little concern, and their reputation is already severely tarnished. They have no scruples to lose and strive to boost profits.

Frequently asked questions