We Investigated Bit-Dev: Legit or Scam? The Facts

Recently, Bit-dev.info website appeared, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather reliable proof that clearly reveals it is, actually, a fraudulent site.

Despite the promises of the most convenient, dependable, and customer-centric service, Bit-dev.info does not follow any of them. All this is just a gilded wrap around a dirty scam, which steals your funds and never returns them. Any stories about bonuses, backing from celebrities etc are non-existent as well.

Bit-Dev Scam Overview

Originally, Bit-Dev poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another notable selling point for this site is partnerships with celebrities that are known in 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 employ deepfake videos with those celebs advertise the fake crypto service as the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a glaring wrap around a transparent scam.

Bit-Dev Scam

First and foremost, Bit-Dev repeats the appearance of numerous equivalent online platforms. There are quite a few examples, like Vebit, Vinexbit or Jeylobit. They are entirely identical in terms of visual elements, with minor discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are matching. Probably, all these deceptive sites are operated by the same team of swindrels.

Cryptocurrency Scam Summary

How the Bit-Dev Scam Works?

Bit-Dev is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use numerous 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the fraud, criminals establish and fill accounts on popular social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Employing bots and paid promotions (when possible), fraud actors boost the visibility of their deceptive activities to possible victims. And as I said, scammers do not shy away using generative AI for creating videos with the aforementioned celebs that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who enrolls the service immediately.

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

Users get an incentive to sign up, enticed by the commitment of getting cryptocurrency rewards valued at hundreds of dollars, all free of charge. To enhance the appeal of the offer, fake claims of cooperation with a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

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

At this point, it is possible to steer away from the scam without any losses. Before you register using your personal info, rascals will not 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 mentioned, frauds bait folks into registration for bonuses. And all the personal info needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.

As it turns out, the claimed bonus is not available for withdrawal right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

It is obvious that any crypto purchases require you to have money on your account. With Bit-Dev, users are also compelled to top up to use the bonuses. And this is what creates the majority of the money flow to this scam website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the transferred capital and withdraw them.

This is where the victim notices the issues. When comparing the real crypto wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw 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 fraudsters are naught on intentions to give your money back. But to make it look more realistic, they’ve crafted a whole pack of reasons to decline the withdrawal request. Usually, they repeat what KYC requirements say, but for the Bit-dev.info they are here exclusively to make the withdrawal impossible.

By requesting your personal information, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your funds back. And every check will uncover more and more information, which – you guessed it right – will be then traded 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 Bit-dev.info. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Bit-Dev 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. Bit-dev.info 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. Bit-Dev 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. Bit-dev.info 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%, Bit-Dev preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Bit-Dev as a scam.

What Should I do as a Victim?

If you had to deal with Bit-Dev 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 duration of the fraud, scoundrels may get in touch with you with particular documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we previously figured out, these deceivers have no intention of giving back your money. So, what do these emails and browser extensions represent? You guessed it right – that is another element of the scam designed to throw you into willingly installing harmful software onto your device.

Both extensions and files attached to emails can act as a carrier for diverse malicious software. In this situation, I anticipate the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the probability is always above zero. As previously mentioned, their morality is of negligible importance, and their dignity is already seriously marred. They have nothing to give up and aim to boost profits.

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