We Looked at the Evidence: Is Bit-gatesfond Legit or Scam?

Recently, Bit-gatesfond.com service surfaced, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather reliable evidence that clearly confirms it is, in fact, a deceptive service.

Regardless of the promises of the most easy, reliable, and customer-centric service, Bit-gatesfond.com does not fulfill any of them. In fact, all this is just a shiny wrap around a blatant scam, which takes your money and never returns them. Any tales about bonuses, backing from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Bit-gatesfond Scam Overview

Originally, Bit-gatesfond poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another bright selling point for this service is backing from celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look real, con actors use AI-generated videos with those celebs advertise the fraud as if it was the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

Bit-gatesfond Scam

Initially, Bit-gatesfond repeats the appearance of many similar pages. There are quite a few examples, like Soskavex, Teslaquant or Manerex. They are entirely identical in terms of visual elements, with slight discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are matching. Probably, all these fraudulent websites are managed by a single team of scammers.

Cryptocurrency Scam Summary

How the Bit-gatesfond Scam Works?

Bit-gatesfond is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use several website designs, which still share the similar overall layout. Another mutual 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 advanced psychological tricks that make the user believe in the legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To start the fraud, criminals set up and fill accounts on well-liked social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Employing bots and paid ads (when feasible), fraud actors intensify the presence of their fraudulent activities to possible victims. And as I said, crooks do not shy away using generative AI for creating clips with the mentioned 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 Bit-gatesfond in TikTok. Most of these videos are AI-generated deepfakes

Users receive a stimulus to sign up, attracted by the assurance of receiving crypto prizes valued at hundreds of dollars, all free of charge. To augment the appeal of the offer, false claims of sponsorship by a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

After clicking the promos, users end up on a page filled with appealing offers. “Crypto starts with Bit-gatesfond”, “Your crypto savings are secured with Bit-gatesfond, “Start earning with Bit-gatesfond – they look rather reliable. To heat up users and make them proceed to step 3, crooks say that getting the promoted bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily keep on – especially since the reward appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal information, 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 said, deceivers bait folks for registration with bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the promised bonus right away. To make at least crypto purchases on the platform with it, 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

It is obvious that any crypto purchases require you to have money on your account. With Bit-gatesfond, users are also forced to top up to claim the bonuses. And these top ups is what creates most of the cash flow to this scam website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the transferred capital and withdraw them.

This, however, is where the problems start to surface. When keeping an eye on the actual crypto wallet vs what the site 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 give your money back. Though to make it look more legitimate, they’ve elaborated a whole pack of reasons to decline the wireout request. Most of them repeat what KYC requirements say, but for the Bit-gatesfond.com they are here only to make the wireout impossible.

By requesting your personal information, deceivers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your grand back. And every check will uncover more and more info of yours, 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-gatesfond.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Bit-gatesfond employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Bit-gatesfond exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Bit-gatesfond as a scam.
• Dubious Corporate Information. Bit-gatesfond arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Bit-gatesfond.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Bit-gatesfond utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Bit-gatesfond 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, fraudsters may reach out to you with specific files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we earlier figured out, these rascals have no intent of giving back your capital. So, what can these emails and browser add-ons represent? You guessed – this is another component of the deceptive plan designed to entice you into willingly running harmful software onto your system.

Both plugins and files attached to emails can serve as a carrier for various malicious software. In this case, I expect the presence of spyware and stealers among other kinds of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always significant. As stated, their ethics is of no concern, and their dignity is already severely tarnished. They have no principles to give up and aim to maximize gains.

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