We Looked Into Bitchaw: Scam or Trustworthy? The Verdict

Recently, Bitchaw.com website appeared, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather reliable evidence that clearly indicates it is, actually, a deceptive service.

Despite what Bitchaw site states, they will never give back your capital. Despite the figures displayed in the “member area”, there is zero ability to withdraw even a single penny. All commitments regarding crypto incentives are hollow as well.

Bitchaw Scam Overview

The primary service that Bitchaw strives to provide is a safe and convenient crypto wallet service. The site pledges crypto exchange services, tools for handling wallets, transfers, dashboards, and alike functions. In truth, they try to emulate the functionality of a crypto exchange, akin to Binance or Coinbase. However, it in actuality only serves as a cover needed to fool the cautious.

Bitchaw Scam

To begin with, Bitchaw mimics the design of numerous equivalent online platforms. There are quite a few examples, like Bitcnod, Bitcrex or Audatrade. They are totally indistinguishable in terms of visual elements, with slight discrepancies in the site header. Other particulars, and at times even crypto wallet addresses, are matching. Most likely, all these scam online platforms are led by the same gang of fraudsters.

Cryptocurrency Scam Summary

How the Bitchaw Scam Works?

Bitchaw is yet another website within a extensive network of linked crypto deceptive webpages. The managers utilize various brand identities and sites, like Bitchaw.com, to ensnare victims. Nevertheless, these false sites have in common identical designs, terms of service, and About information. This exposes their origins as parts of the equal criminal network, which promotes the same type of deception under diverse disguises. The deceivers just replicate the equal deceptive website under various names to deceive users into thinking they are joining a fresh opportunity. However, in reality, it’s the equal system of scammers orchestrating the deceptive promises and undertakings to take deposited funds. The administrators cleverly utilize psychological tactics and captivating offers to execute their unscrupulous schemes.

Step 1: Spreading

To start the fraud, criminals create and fill accounts on popular social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Utilizing bots and sponsored ads (when achievable), scam actors boost the visibility of their scam activities to possible victims. This tactic enables them to create a broad net and interact with their focused spectators. The public typically comprises of cryptocurrency enthusiasts seeking opportunities to generate profits.

Users obtain an incentive to sign up, attracted by the promise of receiving crypto prizes valued at thousands of dollars, all for free. To increase the appeal of the offer, false suggestions of cooperation with a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

People who demonstrate interest visit Bitchaw.com via links present in ads or robotic posts. The website uses captivating visuals, design aspects that appear legitimate, and assertions of possessing a official license, all aimed to convey an initial perception of trustworthiness.

Step 3: Data Gathering

To collect their rewards, users are required to actively sign up on Bitchaw and get instructions to submit sensitive and private information during the enrollment process. This includes linking their cryptocurrency wallets, providing email addresses, giving phone numbers, submitting identification papers, and more.

Step 4: Requesting funds

Once registered, users notice significant amounts of cryptocurrency, valued at thousands of dollars, within their Bitchaw wallets. However, as is common with such incentives, you cannot withdraw them ahead of topping up your account. Usually, a deposit of $100 is required to access the sign-up bonus. This prerequisite 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 Bitchaw.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Bitchaw 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%, Bitchaw exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Bitchaw as a scam.
• Dubious Corporate Information. Bitchaw 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. Bitchaw.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. Bitchaw 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 Bitchaw 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 course of the fraud, its actors 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 crypto funds. As we previously figured out, these scammers have no intent of restoring your money. So, what can these email messages and browser plugins represent? You guessed it right – that is another element of the scam designed to entice you into willingly installing malicious software onto your computer.

Both extensions and attachments added to emails can serve as a shell for different malicious software. In this situation, I foresee 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 above zero. As previously mentioned, their conscience is of no concern, and their reputation is already neck deep in mud. They have no scruples to give up and strive to maximize revenues.

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