We Investigated Bitdegix: Legit or Scam? The Facts

Written by Daniel Zimmerman

Recently, Bitdegix.com site appeared, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather credible proof that clearly reveals it is, actually, a deceptive platform.

Regardless of the promises of the most easy, dependable, and customer-centric service, Bitdegix.com does not follow any of them. In fact, all this is just a golden wrap around a clear scam, which steals your money and data and never returns them. Any tales about gifts, endorsement from celebrities etc are nowhere to be found as well.

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Bitdegix Scam Overview

Originally, Bitdegix poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another notable selling point for this service is partnerships with celebrities that have relation to the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look real, frauds employ AI-generated videos with those celebs advertise the scam as the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

Bitdegix.com Scam

Bitdegix Scam

Initially, Bitdegix shares the layout of multiple similar pages. There are quite a few examples, like Besarex, Aptevex or Lanerix. They are entirely indistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other details, and at times even crypto wallet addresses, are identical. Presumably, all these deceptive online platforms are led by the same team of fraudsters.

Cryptocurrency Scam Summary

Website Bitdegix.com
Hosting AS13335 Cloudflare, Inc.
United States, San Francisco
IP Address 188.114.97.3
Threat Type Scam/Fraud
Scam Type Fraudulent offers of cryptocurrency services

How the Bitdegix Scam Works?

Bitdegix is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use various website designs, which still share the identical 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 sophisticated psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the fraud, criminals create and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Employing bots and paid promotions (when possible), fraud actors increase the visibility of their fraudulent activities to potential victims. And as I said, scammers do not shy away using generative AI for creating clips with the mentioned celebs that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

Cryptoscam ads TIkTok

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

Users get an encouragement to sign up, enticed by the promise of obtaining cryptocurrency rewards valued at hundreds of dollars, all for free. To enhance the appeal 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, users end up on a page filled with appealing offers. “Crypto starts with Bitdegix”, “Your crypto savings are secured with Bitdegix, “Start earning with Bitdegix – they look rather authoritative. To heat up users and make them proceed to step 3, fraudsters say that obtaining the pledged bonus requires registration. And as nothing suspicious happens at this point, unaware users happily keep on – especially since the gift appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you sign up using your personal data, crooks will not be able to 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, deceivers bait folks into registration to get bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Exclusively by gathering this information 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 claimed bonus right away. To make at least cryptocurrency purchases on the platform with it, 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 crypto purchases require having money on your account. With Bitdegix, users are also compelled to top up to claim the bonuses. And these top ups is what creates the majority of the money flow to this fraudulent website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the transferred money and withdraw them.

This, however, is where the victim notices the problems. When keeping an eye on the actual crypto wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to retrieve the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that fraudsters are naught on intentions to give your money back. But to make the denial look more realistic, they’ve elaborated a whole pack of reasons to decline the wireout request. Usually, they repeat what KYC regulations say, but for the Bitdegix.com they are here only to make the withdrawal impossible.

By requesting your personal info, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you should go through before getting your money back. And each of these checks will uncover more and more info of yours, 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 Bitdegix.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

  • Absent company details. Bitdegix does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
  • Fake sponsorship from a celebrity. Scams like Bitdegix like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Bitdegix, they do not care – this creates a halo of credibility.
  • Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
  • Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
  • Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
  • Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Bitdegix is a definite scam.

What Should I do as a Victim?

If you had to deal with Bitdegix 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 timeline of the scam, fraudsters may get in touch with you with specific files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we previously determined, these rascals have no intention of returning your capital. So, what can these emails and browser plugins represent? Correct – that is another side of the deceptive plan designed to entice you into deliberately running harmful software onto your device.

Both plugins and files added to emails can act as a carrier for diverse malicious code. In this situation, I foresee the presence of spyware and stealers among other forms of malware. While it is not obligatory for scammers to distribute malware, the likelihood is always significant. As noted, their morality is of little concern, and their reputation is already severely tarnished. They have nothing to give up and aim to boost revenues.

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Frequently asked questions

Is there any real info on Bitdegix site?

The vast majority of information posted on the Bitdegix 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.

Are the Bitdegix site promices real?

No, there is no legitimate information on the Bitdegix 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.

Is there any way to recover my lost funds from Bitdegix scam?

Unfortunately, recovering funds lost to a scam like Bitdegix 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.

How to spot crypto trading scams in the future?

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:

  1. Question Unrealistic Promises. Approach offers that promise unrealistically high returns or guaranteed profits with caution. If an investment opportunity sounds too good to be true, it probably is.
  2. Scrutinize Celebrity Endorsements. Exercise skepticism when encountering endorsements from celebrities or public figures. Scammers often create fabricated endorsements to enhance their credibility.
  3. Verify Regulation and Licensing. Investigate whether the platform or service holds proper regulation and licenses from relevant authorities. Scammers frequently operate without legitimate authorization.
  4. Consult Reviews and Feedback. Seek out independent reviews and feedback from other traders. Positive reviews can be falsified, but negative reviews may offer valuable insights.
  5. Resist Urgency. Be wary of tactics that use a false sense of urgency to rush your decisions. Legitimate investments provide the necessary time for thorough research and contemplation.

What should I do as a victim of a Bitdegix.com scam?

If you have become a victim of a Bitdegix 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:

  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • Thoroughly 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.
The truth about Bitdegix

Name: Bitdegix

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Bitdegix, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Bitdegix 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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About the author

Daniel Zimmerman

I'm Daniel, a seasoned professional deeply passionate about the realm of security and malware defense. With over a decade of experience in the security industry and a background in writing, I am thrilled to share my expertise through this cybersecurity blog.

Throughout my career, I've had the privilege of working on the front lines of cybersecurity, tirelessly combating emerging threats and safeguarding digital environments. This hands-on experience has allowed me to develop a deep understanding of the ever-evolving landscape of malware and cyber-attacks.

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