The BiBTC Scam – What You Need To Know

Recently, Bibtc.org site surfaced, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather credible evidence that unmistakably confirms it is, actually, a scam platform.

Regardless of the promises of the most easy, dependable, and customer-centric service, Bibtc.org does not fulfill any of them. All this is just a shiny wrap around a blatant scam, which takes your money and never gives them back. Any stories about bonuses, sponsorship from celebrities etc are non-existent as well.

BiBTC Scam Overview

Originally, BiBTC poses as a crypto trading & cryptowallet service with exceptionally low commission fees. Another highlighted selling point for this service is partnerships with celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look more realistic, con actors use AI-generated videos with those celebs promote the fake crypto service as if it was the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

BiBTC Scam

First and foremost, BiBTC repeats the layout of multiple equivalent online platforms. There are quite a few examples, like Rynaxe, Zoomexer or Valhadex. They are completely undistinguishable in terms of graphic elements, with minor discrepancies in the site header. Other details, and sometimes even crypto wallet addresses, are the same. Probably, all these deceptive websites are led by a single team of frauds.

Cryptocurrency Scam Summary

How the BiBTC Scam Works?

BiBTC is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use several website designs, which still share the same 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 start the scam, criminals create and fill accounts on well-liked social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Employing bots and paid ads (when possible), fraud actors intensify the visibility of their scam activities to possible victims. And as I said, crooks do not disdain using generative AI for creating videos with the aforementioned celebs that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

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

Step 2: Gaining Traffic

Upon following the promos, victims end up on a page filled with enticing offers. “Crypto starts with BiBTC”, “Your crypto savings are secured with BiBTC, “Start earning with BiBTC – they look rather authoritative. To heat up the interest and make the users proceed to step 3, fraudsters say that getting the promoted bonus requires registration. And as nothing concerning happens at this point, uninformed users happily move on – especially since the bonus appears to be right behind the corner.

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

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, deceivers bait folks for registration with bonuses. And all the personal data needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Only by gathering this info and selling it further into the Darknet, fraudsters 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 it at least usable for cryptocurrency purchases, you need to top up the account with the equivalent sum. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Eventually, any cryptocurrency purchases require you to have money on your account. In the case of BiBTC, users are also compelled to top up to claim the bonuses. And this is what creates the majority of the money flow to this fraudulent website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the credited capital and withdraw them.

This, however, is where the victim notices the problems. When comparing the actual crypto wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to pull out 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 are naught on intentions to send you money. Though to make the fraud look more legitimate, they’ve crafted a whole pack of reasons to decline the transfer-out request. Most of them repeat what KYC requirements say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal info, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your grand back. And every check will reveal more and more information, 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 Bibtc.org. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Bibtc.org 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. BiBTC 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. BiBTC 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. BiBTC 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%, BiBTC capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Bibtc.org as a definite scam.

What Should I do as a Victim?

If you had to deal with BiBTC 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 fraud, rascals may reach out to you with particular files. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency savings. As we already determined, these scammers have no intent of restoring your money. So, what can these email messages and browser add-ons represent? Correct – this is another element of the scam designed to throw you into deliberately installing harmful programs onto your device.

Both plugins and files included to email messages can function as a carrier for different malware. In this scenario, I anticipate the presence of spyware and stealers among all forms of threats. While it is not obligatory for scammers to distribute malware, the chance is always above zero. As noted, their morality is of no concern, and their reputation is already seriously marred. They have nothing to give up and strive to boost gains.

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