Is Bitbeast Legit or Another Scam? The Truth Revealed

Recently, Bitbeast.io website popped up, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably indicates it is, in fact, a deceptive service.

Despite what Bitbeast site says, they will never refund your money. Despite the figures displayed in the “member area”, there is no ability to take out even a coin. All commitments regarding crypto bonuses are empty as well.

Bitbeast Scam Overview

The main feature that Bitbeast attempts to provide is a protected and user-friendly crypto wallet service. The website promises exchange services, tools for handling wallets, transfers, dashboards, and similar stuff. In fact, they aim to emulate the functionality of a crypto exchange, akin to Binance or Coinbase. However, it in actuality solely serves as a shell intended to deceive the cautious.

Bitbeast Scam

Initially, Bitbeast imitates the layout of multiple equivalent websites. There are quite a few examples, like Bycoinx, Binodax or Baywex. They are entirely undistinguishable in terms of visual elements, with slight discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are the same. Presumably, all these scam websites are led by a single gang of frauds.

Cryptocurrency Scam Summary

How the Bitbeast Scam Works?

Bitbeast is yet another online platform within a extensive network of linked crypto fraudulent sites. The administrators utilize different brand names and sites, like Bitbeast.io, to trap victims. Nonetheless, these fraudulent sites possess the same website designs, terms of service, and About content. This unveils their beginnings as components of the equal criminal network, which advocates the identical form of deception under diverse appearances. The deceivers just duplicate the same fraudulent website under various names to fool users into thinking they are joining a new opportunity. However, in reality, it’s the equal group of swindlers orchestrating the deceptive commitments and efforts to grab deposited money. The managers cleverly employ psychological tactics and enticing propositions to carry out their deceitful plots.

Step 1: Spreading

To begin the deceptive scheme, criminals create and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Using bots and paid ads (when possible), fraud actors boost the exposure of their deceptive activities to potential victims. This approach permits them to cast a broad net and engage with their aimed audience. The latter commonly comprises of cryptocurrency enthusiasts searching for prospects to generate profits.

Step 2: Gaining Traffic

Users who express interest go to Bitbeast.io via links present in promotions or bot-generated posts. The site utilizes captivating visuals, design features that appear authentic, and assertions of possessing a legitimate license, all aimed to project an initial impression of reliability.

Step 3: Data Gathering

To claim their benefits, users must proactively sign up on Bitbeast and get guidance to submit sensitive and private data throughout the registration procedure. This includes linking their cryptocurrency wallets, sharing email addresses, giving phone numbers, sending in identification papers, and the like.

Step 4: Requesting funds

Once signed up, users observe substantial amounts of cryptocurrency, valued at hundreds of dollars, within their Bitbeast wallets. However, as is typical with such incentives, you cannot withdraw them before making a deposit. Usually, a payment of $100 is asked to access the sign-up bonus. This stipulation serves as the snare that ultimately results to the money loss.

Step 5: Disappear

Signs of Scam

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

• Unsubstantiated Credibility. Bitbeast 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%, Bitbeast exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Bitbeast as a scam.
• Dubious Corporate Information. Bitbeast 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. Bitbeast.io 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. Bitbeast 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 Bitbeast 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 get in touch with you with particular documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency assets. As we earlier determined, these rascals have no intent of giving back your funds. So, what do these messages and browser plugins represent? You guessed – that is another element of the scam designed to entice you into deliberately installing harmful programs onto your device.

Both plugins and attachments attached to emails can serve as a shell for diverse malicious code. In this case, I anticipate the presence of spyware and stealers among other forms of threats. While it is not mandatory for scammers to distribute malware, the probability is always above zero. As noted, their morality is of little concern, and their reputation is already severely tarnished. They have nothing to give up and intend to boost revenues.

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