Investigating Bitenyx: Legit or Scam? The Truth Exposed

Recently, Bitenyx.com service surfaced, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather credible supporting information that unmistakably confirms it is, actually, a deceptive platform.

Regardless of the promises of the most easy, trustworthy, and customer-centric service, Bitenyx.com does not offer any of them. In fact, all this is just a golden wrap around a blatant scam, which takes your funds and never returns them. Any stories about gifts, backing from celebrities etc are absent as well.

Bitenyx Scam Overview

Originally, Bitenyx poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another notable selling point for this service is partnerships with celebrities that have relation to 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 use AI-generated videos where those celebrities 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 glaring wrap around an obvious scam.

Bitenyx Scam

Initially, Bitenyx repeats the appearance of multiple equivalent websites. There are quite a few examples, like Blackrockfund, Loyal or Chainspacex. They are entirely identical in terms of visual elements, with small discrepancies in the website header. Other details, and sometimes even crypto wallet addresses, are matching. Presumably, all these scam online platforms are operated by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Bitenyx Scam Works?

Bitenyx is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Rascals 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 complex 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 start the scam, criminals set up and fill accounts on popular social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Utilizing bots and paid promotions (when feasible), fraud actors increase the exposure of their scam activities to possible victims. And as I said, crooks do not shy away 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 registers the service immediately.

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

Users obtain an incentive to enroll, attracted by the promise of obtaining crypto benefits valued at thousands of dollars, all for free. To enhance the attractiveness of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon following the promos, users end up on a page filled with enticing offers. “Crypto starts with Bitenyx”, “Your crypto savings are secured with Bitenyx, “Start earning with Bitenyx – they look rather credible. To heat up users and make them proceed to step 3, fraudsters say that retrieving the promised bonus requires registration. And since nothing suspicious happens at this point, uninformed users happily keep on – especially as the bonus 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 nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, frauds bait folks into registration for bonuses. And all the personal data needed for it – username, email, crypto wallet address – are valuable for user identification. Exclusively by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, the alleged bonus is not available to use right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the equivalent sum. And this is what starts the final stage of the scam.

Step 4: Requesting funds

Obviously, any crypto operations require having capital on your account. In the case of Bitenyx, users are also forced to top up to get the bonuses. And these top ups is what creates the majority of the cash flow to this fraudulent site. 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 credited funds and withdraw them.

This is where the first obvious issues 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 funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that swindlers are naught on intentions to send you money. But to make the fraud look more realistic, they’ve made up a whole pack of reasons to decline the wireout request. Usually, they repeat what Know Your Client requirements say, but for the Bitenyx.com they are here only to make the wireout impossible.

By requesting your personal data, deceivers 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 funds 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 Bitenyx.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Bitenyx often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Bitenyx.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Bitenyx raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Bitenyx.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Bitenyx preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Bitenyx as a scam.

What Should I do as a Victim?

If you had to deal with Bitenyx 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 timeline of the scam, scoundrels may reach out to you with particular files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto savings. As we earlier determined, these rascals have no plan of returning your capital. So, what do these email messages and browser add-ons represent? Correct – that is another component of the scam designed to throw you into willingly installing malicious software onto your system.

Both add-ons and files included to email messages can serve as a carrier for different malicious code. In this scenario, I anticipate the presence of spyware and stealers among all kinds of malicious programs. While it is not obligatory for scammers to distribute malware, the chance is always significant. As previously mentioned, their ethics is of no concern, and their reputation is already seriously marred. They have no principles to give up and aim to maximize gains.

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