Recently, Bitcomodo.com website appeared, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather reliable evidence that clearly indicates it is, actually, a deceptive site.
Regardless of the promises of the most convenient, trustworthy, and client-friendly service, Bitcomodo.com does not follow any of them. In fact, all this is just a golden wrap around a clear scam, which takes your money and never gives them back. Any stories about gifts, endorsement from celebrities etc are absent as well.
Bitcomodo Scam Overview
Originally, Bitcomodo poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another bright marketing point for this platform is partnerships with 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 real, rascals use AI-generated videos with those celebs promote the scam 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 glaring wrap around a transparent scam.
Bitcomodo Scam
First and foremost, Bitcomodo repeats the appearance of many equivalent online platforms. There are quite a few examples, like Avixbit, Arocoin or Alaxcrypto. They are totally undistinguishable in terms of visual elements, with small discrepancies in the website header. Other details, and at times even crypto wallet addresses, are matching. Presumably, all these deceptive sites are managed by a single gang of scoundrels.
Cryptocurrency Scam Summary
| Website | Bitcomodo.com |
| Hosting | AS13335 Cloudflare, Inc. United States, San Francisco |
| IP Address | 172.67.159.201 |
| Threat Type | Scam/Fraud |
| Scam Type | Fraudulent offers of cryptocurrency services |
How the Bitcomodo Scam Works?
Bitcomodo is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use several website designs, which still share the identical overall layout. Another common 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 well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Using bots and sponsored advertisements (when possible), fraud actors boost the presence of their scam activities to potential victims. And as I said, crooks do not disdain using deepfake for creating videos with the mentioned celebs that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who enrolls the service immediately.
Promotions of cryptoscams like Bitcomodo in TikTok. Most of these videos are AI-generated deepfakes
Users get a stimulus to register, attracted by the assurance of receiving crypto prizes valued at thousands of dollars, all without cost. To enhance the attractiveness of the offer, false 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, victims end up on a page filled with attractive offers. “Crypto starts with Bitcomodo”, “Your crypto savings are secured with Bitcomodo, “Start earning with Bitcomodo – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that obtaining the promoted bonus requires registration. And since nothing suspicious happens at this point, unexperienced users happily move on – especially as the bonus appears to be right behind the corner.
At this point, it is possible to steer away from the scam without any losses. Before you sign up using your personal info, swindrels will not be able to 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 mentioned, scammers bait folks into signing up to get bonuses. And all the personal information needed for it – username, email, crypto wallet address – are valuable for user identification. Only by gathering this information and selling it further into the Darknet, swindlers 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 it at least usable for crypto purchases, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.
Step 4: Requesting funds
Eventually, any cryptocurrency purchases require having capital on your account. With Bitcomodo, users are also coerced to top up to use the bonuses. And these top ups is what creates the majority of the money flow to this scam website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the deposited money and withdraw them.
This is where the first obvious issues start to surface. When keeping an eye on 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 retrieve the capital from your account, the scam is finally uncovered to the user.
Step 5: Escaping from Funds Withdrawal
Needless to say that fraudsters have no intentions to send you money. Though to make the fraud look more legitimate, they’ve made up a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what KYC requirements say, but in this case they are here exclusively to make the withdrawal impossible.
By asking for your personal info, frauds 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 grand back. And every check will uncover 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 Bitcomodo.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- Cryptocurrency-Only Transactions. Bitcomodo.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
- Dubious Company Credentials. Bitcomodo arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
- Baseless Hype Generation. Bitcomodo resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
- Fictitious Celebrity Association. Bitcomodo employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
- Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
- Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Bitcomodo capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Bitcomodo.com as a definite scam.
What Should I do as a Victim?
If you had to deal with Bitcomodo 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 masters may get in touch with you with specific files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto funds. As we earlier figured out, these scammers have no plan of restoring your capital. So, what do these messages and browser plugins represent? Correct – that is another side of the deceptive plan designed to throw you into willingly installing harmful applications onto your computer.
Both extensions and files added to email messages can act as a carrier for various malicious code. In this situation, I expect the presence of spyware and stealers among all kinds of malicious programs. While it is not mandatory for scammers to distribute malware, the likelihood is always existent. As noted, their ethics is of no concern, and their dignity is already deeply compromised. They have no scruples to give up and aim to boost revenues.
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Frequently asked questions
The vast majority of information posted on the Bitcomodo site is false. It is either fabricated, or a manipulation that misses the context of mentioned events. However, things like quotes or other interactive elements related to current prices may be trustworthy. But I would rather avoid using them as a primary source of information.
No, there is no legitimate information on the Bitcomodo site. The operators of this site use fabricated details and deceptive tactics to create an appearance of credibility, such as appealing visuals and claims of being a licensed company. However, these claims are false, and the site is part of a larger network of interconnected crypto scam sites designed to defraud victims. The scammers manipulate users into providing sensitive personal information and making deposits, ultimately leading to the loss of funds.
Unfortunately, recovering funds lost to a scam like Bitcomodo can be extremely challenging, if not impossible. Scammers often operate from obscure locations and use various tactics to cover their tracks, making it difficult to trace or retrieve the stolen funds. In many cases, these scams are designed to exploit victims and disappear once they have obtained the money.
Spotting crypto trading scams requires vigilance and a critical eye. Here are some tips to help you identify potential crypto trading scams in the future:
- Too Good to Be True Promises. Be cautious of offers that promise unrealistically high returns or guaranteed profits. If an investment opportunity sounds too good to be true, it likely is.
- Pressure to Act Quickly. Scammers often use tactics like creating a sense of urgency to pressure you into making quick decisions. Legitimate investments allow you time to research and consider your options.
- Lack of Regulation or Licensing. Check if the platform or service is regulated and licensed by relevant authorities. Scammers often operate without proper authorization.
- Social Proof and Celebrity Endorsements: Be skeptical of endorsements from celebrities or public figures. Scammers often fabricate endorsements to gain credibility.
- Check for Reviews and Feedback: Look for independent reviews and feedback from other traders. Scammers may fabricate positive reviews, but negative reviews can provide valuable insights.
If you have become a victim of a Bitcomodo or similar crypto trading scam, it’s important to take immediate action to minimize further damage and increase the chances of recovering your losses. Here’s what you should do:
- Document the Events. Gather and safeguard all pertinent information, including emails, screenshots, transaction records, and any correspondence with the scammers. This documentation holds utmost importance for reporting the scam and seeking assistance.
- Contact Financial Institutions. If you conducted any payments or deposits through your credit card or bank account, promptly notify your financial institution. They might offer assistance in contesting transactions or initiating chargebacks.
- Seek Legal Advice. Consult with a legal professional who specializes in fraud or financial matters. They can provide advice on potential legal actions you can take to recover your funds.
- Inform the Authorities. Lodge an official report with your local law enforcement agency and relevant regulatory bodies within your country. Present them with the amassed evidence. This step instigates investigations and enhances awareness about the scam.
- Notify Cryptocurrency Exchanges. Should you have employed a cryptocurrency exchange for transactions linked to the scam, inform the exchange about the fraudulent activity. In certain cases, they could extend their assistance.
- Consult Legal Counsel. Seek counsel from a legal expert specialized in fraud or financial matters. They can provide guidance on potential legal avenues for recovering your funds.
- Immediately Halt Communication. Once you recognize that you have fallen victim to a scam, cease all communication with the scammers. Refrain from responding to their emails, messages, or phone calls.
The truth about Bitcomodo
Name: Bitcomodo
Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Bitcomodo, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Bitcomodo scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.
Operating System: All
Application Category: Crypto Scams
