Is Bexbits Legit or Another Scam? The Truth Revealed

Recently, Bexbits.com site appeared, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather reliable supporting information that clearly indicates it is, actually, a deceptive site.

Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Bexbits.com does not offer any of them. In fact, all this is just a golden wrap around a blatant scam, which steals your money and data and never gives them back. Any stories about bonuses, endorsement from celebrities etc are nowhere to be found as well.

Bexbits Scam Overview

Originally, Bexbits poses as a crypto trading & cryptowallet platform with outstandingly low commission fees. Another highlighted selling point for this platform is partnerships with celebrities that have relation to the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look real, rascals use AI-generated videos with those celebs promote the scam as the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a glaring wrap around a transparent scam.

Bexbits Scam

Initially, Bexbits shares the appearance of many similar websites. There are quite a few examples, like Zitorex, Luenix or Upxcar. They are entirely indistinguishable in terms of visual elements, with slight discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Presumably, all these fraudulent sites are operated by a single team of frauds.

Cryptocurrency Scam Summary

How the Bexbits Scam Works?

Bexbits is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use various website designs, which still share the identical overall layout. Another shared element are the ways the scams like NAME are promoted, and the manner all this ends up to the victim of the scam. To reach peak efficiency, frauds apply sophisticated psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.

Step 1: Promotion

To begin the fraud, criminals set up and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Employing bots and sponsored promotions (when possible), scam actors boost the presence of their scam activities to possible victims. And as I said, crooks do not disdain using deepfake for creating videos with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

Promotions of cryptoscams like Bexbits in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

After clicking the ads, targets end up on a page filled with enticing offers. “Crypto starts with Bexbits”, “Your crypto savings are secured with Bexbits, “Start earning with Bexbits – they look rather credible. To heat up the interest and make the users proceed to step 3, fraudsters say that unlocking the pledged bonus requires registration. And since nothing suspicious happens at this point, unexperienced users happily proceed – especially since the bonus appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you sign up using your personal info, swindrels will not earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just mentioned, scammers bait folks into registration to get bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make at least crypto purchases on the platform with it, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any crypto purchases require having money on your account. In the case of Bexbits, users are also compelled to top up to get the bonuses. And these top ups is what creates the majority of the money flow to this fraudulent site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the credited capital and withdraw them.

This, however, is where the first obvious issues start to surface. When keeping an eye on the actual cryptocurrency wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to retrieve the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that scoundrels have no intentions to return your money. Though to make the denial look more realistic, they’ve developed a whole bunch of reasons to decline the withdrawal request. Usually, they repeat what KYC regulations say, but for the Bexbits.com they are here only to make the withdrawal impossible.

By requesting your personal info, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your grand back. And each of these checks will uncover more and more info of yours, which – you guessed it right – will be then sold on the Darknet. Never reveal your real info to strangers!

Signs of Scam

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

• False Celebrity Sponsorship. Bexbits often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Bexbits.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Bexbits raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Bexbits.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Bexbits preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Bexbits as a scam.

What Should I do as a Victim?

If you had to deal with Bexbits 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further financial setbacks.

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, rascals may contact you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency funds. As we earlier figured out, these scammers have no intention of returning your funds. So, what can these emails and browser plugins represent? You guessed – that is another component of the fraudulent scheme designed to entice you into willingly running destructive programs onto your computer.

Both add-ons and files added to email messages can function as a shell for various malicious software. In this situation, I anticipate the presence of spyware and stealers among all kinds of malware. While it is not mandatory for scammers to distribute malware, the probability is always existent. As stated, their conscience is of little concern, and their reputation is already deeply compromised. They have nothing to lose and strive to maximize profits.

Frequently asked questions