Investigating Bit-Nexus: Legit or Scam? The Truth Exposed

Recently, Bit-nexus.com site popped up, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather credible evidence that clearly reveals it is, actually, a deceptive service.

Regardless of the promises of the most convenient, reliable, and client-friendly service, Bit-nexus.com does not fulfill any of them. In fact, all this is just a gilded wrap around a dirty scam, which steals your money and never gives them back. Any stories about bonuses, sponsorship from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Bit-Nexus Scam Overview

Originally, Bit-Nexus poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another notable marketing point for this platform is backing from celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look real, frauds use AI-generated videos with those celebs promote the scam as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a blatant wrap around an obvious scam.

Bit-Nexus Scam

Initially, Bit-Nexus copies the layout of many similar pages. There are quite a few examples, like Bestbtcoreth2023, Exchainio or Qwazis. They are completely identical in terms of graphic elements, with slight discrepancies in the webpage header. Other specific elements, and at times even crypto wallet addresses, are identical. Most likely, all these scam sites are managed by the same gang of swindrels.

Cryptocurrency Scam Summary

How the Bit-Nexus Scam Works?

Bit-Nexus is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Rascals 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 complex 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 scam, criminals create and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Using bots and sponsored advertisements (when feasible), fraud actors boost the exposure of their scam activities to potential victims. And as I said, crooks do not shy away using generative AI for creating videos with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who registers the service immediately.

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

Users receive an incentive to register, drawn by the assurance of receiving cryptocurrency benefits valued at hundreds of dollars, all without cost. To enhance the appeal of the offer, fake suggestions of cooperation with a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After clicking the promos, users end up on a page filled with attractive offers. “Crypto starts with Bit-Nexus”, “Your crypto savings are secured with Bit-Nexus, “Start earning with Bit-Nexus – they look rather credible. To heat up the interest and make the users proceed to step 3, scammers say that getting the promised bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily keep on – especially as 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 register using your personal data, frauds 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 into signing up for bonuses. And all the personal data needed for it – username, email, crypto wallet address – are valuable for user identification. Only by gathering this info and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, the promised bonus is not available for withdrawal 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 starts the final stage of the scam.

Step 4: Requesting funds

Eventually, any crypto operations require having funds on your account. With Bit-Nexus, users are also forced to top up to claim the bonuses. And these top ups is what creates most of the money flow to this scam website. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the transferred money and withdraw them.

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

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have zero intentions to send you money. But to make the denial look more realistic, they’ve made up a whole pack of reasons to decline the wireout request. Usually, they repeat what KYC regulations say, but for the Bit-nexus.com they are here only to make the wireout impossible.

By requesting your personal data, deceivers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your money back. And each of these checks will reveal more and more info of yours, which – you guessed it right – will be then marketed 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-nexus.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bit-Nexus 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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, its masters may get in touch with you with specific documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we earlier figured out, these scoundrels have no intent of restoring your money. So, what do these messages and browser extensions represent? You guessed it right – this is another element of the scam designed to entice you into willingly installing malicious software onto your system.

Both add-ons and attachments added to emails can serve as a carrier for various malicious code. In this case, I anticipate the presence of spyware and stealers among other types of malicious programs. While it is not mandatory for scammers to distribute malware, the probability is always greater than zero. As previously mentioned, their conscience is of little concern, and their dignity is already neck deep in mud. They have no principles to give up and strive to maximize gains.

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