We Looked Into Bitbybrax: Scam or Trustworthy? The Verdict

Recently, Bitbybrax.com site popped up, promoting itself as a platform to keep cryptocurrency and other assets safely. I managed to gather credible proof that clearly indicates it is, actually, a deceptive service.

Regardless of the promises of the most user-friendly, trustworthy, and customer-centric service, Bitbybrax.com does not offer any of them. All this is just a gilded wrap around a blatant scam, which steals your money and never returns them. Any tales about bonuses, backing from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Bitbybrax Scam Overview

Originally, Bitbybrax poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another bright marketing point for this service is backing from celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, frauds employ AI-generated videos with those celebs promote the fake crypto service as if it was 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 vivid wrap around an obvious scam.

Bitbybrax Scam

Initially, Bitbybrax repeats the appearance of multiple similar pages. There are quite a few examples, like Esfenex, Dijitalborsas or Baloxtrade. They are completely indistinguishable in terms of visual elements, with slight discrepancies in the website header. Other specific elements, and at times even crypto wallet addresses, are identical. Presumably, all these deceptive websites are managed by a single team of scoundrels.

Cryptocurrency Scam Summary

How the Bitbybrax Scam Works?

Bitbybrax is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use several website designs, which still share the same 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 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 deceptive scheme, criminals set up and fill accounts on popular social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Using bots and sponsored advertisements (when feasible), scam actors boost the exposure of their deceptive activities to potential victims. And as I said, fraudsters do not disdain using generative AI for creating clips with the aforementioned celebs that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

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

Users receive an incentive to enroll, enticed by the promise of receiving crypto rewards valued at thousands of dollars, all free of charge. To increase the attractiveness of the offer, fake suggestions of cooperation with a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After following the promotions, users end up on a page filled with appealing offers. “Crypto starts with Bitbybrax”, “Your crypto savings are secured with Bitbybrax, “Start earning with Bitbybrax – they look rather reliable. To heat up users and make them proceed to step 3, fraudsters say that obtaining the promised bonus requires registration. And since nothing suspicious happens at this point, unexperienced users happily keep on – especially since 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 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 said, scammers bait folks into registration to get bonuses. And all the personal data needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Exclusively by gathering this data and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the promised bonus right away. To make it at least usable for crypto purchases, you need to top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

It is obvious that any cryptocurrency purchases require having funds on your account. In the case of Bitbybrax, users are also forced to top up to use the bonuses. And this is what creates the majority 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 participating on this website hoping to use all the transferred money and withdraw them.

This is where the first obvious problems start to surface. When comparing the real cryptocurrency wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to pull out the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters are naught on intentions to send you money. But to make the denial look more realistic, they’ve made up a whole bunch of reasons to decline the wireout request. Usually, they repeat what KYC regulations say, but in this case they are here only to make the withdrawal impossible.

By requesting your personal data, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple other checks you should go through before getting your money back. And every check will reveal 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 Bitbybrax.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Bitbybrax 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%, Bitbybrax exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Bitbybrax as a scam.
• Dubious Corporate Information. Bitbybrax 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. Bitbybrax.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. Bitbybrax 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 Bitbybrax 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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 timeline of the scam, fraudsters may contact you with particular documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we earlier determined, these scoundrels have no intention of giving back your funds. So, what do these messages and browser plugins represent? Correct – that is another element of the fraudulent scheme designed to throw you into deliberately running destructive applications onto your device.

Both add-ons and attachments added to emails can serve as a shell for various malicious code. In this case, I anticipate the presence of spyware and stealers among all forms of threats. While it is not mandatory for scammers to distribute malware, the likelihood is always existent. As previously mentioned, their conscience is of no concern, and their reputation is already neck deep in mud. They have nothing to give up and intend to maximize gains.

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Frequently asked questions

The truth about Bitbybrax

Name: Bitbybrax

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Bitbybrax, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Bitbybrax scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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