BitexCrypt Review: Legit or Scam? Read This First

Recently, Bitexcrypt.com service popped up, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather credible evidence that clearly reveals it is, in fact, a fraudulent platform.

Despite the promises of the most user-friendly, reliable, and client-friendly service, Bitexcrypt.com does not follow any of them. In fact, all this is just a gilded wrap around a blatant scam, which takes your money and data and never gives them back. Any tales about gifts, sponsorship from celebrities etc are absent as well.

BitexCrypt Scam Overview

Originally, BitexCrypt poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another notable selling point for this platform is partnerships with celebrities that are known as crypto activists. 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 deepfake videos with those celebs advertise the scam as the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around a transparent scam.

BitexCrypt Scam

To begin with, BitexCrypt shares the design of multiple equivalent online platforms. There are quite a few examples, like Adevour, Withix or Fexade. They are completely indistinguishable in terms of graphic elements, with minor discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are the same. Presumably, all these deceptive sites are operated by the same gang of frauds.

Cryptocurrency Scam Summary

How the BitexCrypt Scam Works?

BitexCrypt is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use several website designs, which still share the same 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 advanced 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 create and fill accounts on popular social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Using bots and paid advertisements (when feasible), fraud actors intensify the exposure of their fraudulent activities to possible victims. And as I said, crooks do not disdain using deepfake for creating videos with the aforementioned celebs that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

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

Step 2: Gaining Traffic

After following the promos, victims end up on a page filled with appealing offers. “Crypto starts with BitexCrypt”, “Your crypto savings are secured with BitexCrypt, “Start earning with BitexCrypt – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that getting the promised bonus requires registration. And as nothing questionable happens at this point, uninformed users happily keep on – especially as the reward 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 sign up using your personal info, swindrels will not 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 for registration with bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this info 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 cryptocurrency purchases, the user should top up the account with the sum of a bonus. And this is what starts the final stage of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency purchases require you to have money on your account. With BitexCrypt, users are also coerced to top up to use the bonuses. And this is what creates most 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 trading on this site hoping to use all the credited capital and withdraw them.

This, however, is where the problems start to surface. When keeping an eye on the real crypto wallet vs what the website says, you can observe 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 have no intentions to send you money. Though to make the fraud look more realistic, they’ve developed a whole bunch of reasons to decline the transfer-out request. Most of them repeat what Know Your Client regulations say, but for the Bitexcrypt.com they are here only to make the wireout impossible.

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

• Unsubstantiated Credibility. BitexCrypt 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%, BitexCrypt exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying BitexCrypt as a scam.
• Dubious Corporate Information. BitexCrypt 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. Bitexcrypt.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. BitexCrypt 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 BitexCrypt 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 course of the fraud, scoundrels may get in touch with you with specific files. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we previously figured out, these rascals have no intention of returning your capital. So, what do these messages and browser add-ons represent? You guessed it right – that is another element of the deceptive plan designed to throw you into deliberately running harmful programs onto your device.

Both add-ons and files added to email messages can act as a shell for diverse malicious code. In this scenario, I expect the presence of spyware and stealers among all kinds of malware. While it is not obligatory for scammers to distribute malware, the probability is always greater than zero. As stated, their conscience is of little concern, and their dignity is already seriously marred. They have nothing to give up and strive to boost gains.

Frequently asked questions