We Looked Into Bitexlycoin: Scam or Trustworthy? The Verdict

Recently, Bitexlycoin.com website popped up, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather credible proof that clearly confirms it is, actually, a deceptive service.

Contrary to the claims of Bitexlycoin.com, they won’t give back your capital. Despite the figures displayed in the “member area”, there is zero means to retrieve even a cent. All promises regarding crypto incentives are hollow as well.

Bitexlycoin Scam Overview

The key service that Bitexlycoin strives to provide is a secure and convenient cryptocurrency wallet service. The site promises exchange facilities, tools for handling wallets, transfers, dashboards, and the like. In fact, they endeavor to emulate the functionality of a crypto exchange, akin to Binance or Coinbase. However, it in fact exclusively serves as a shell intended to fool the cautious.

Bitexlycoin Scam

First and foremost, Bitexlycoin imitates the layout of numerous similar pages. There are quite a few examples, like Updenny, Onitline or Kowlex. They are completely undistinguishable in terms of visual elements, with small discrepancies in the site header. Other details, and at times even crypto wallet addresses, are the same. Probably, all these deceptive online platforms are led by a single gang of swindrels.

Cryptocurrency Scam Summary

How the Bitexlycoin Scam Works?

Bitexlycoin is yet another website within a vast network of interconnected crypto scam sites. The operators utilize different brand titles and sites, like Bitexlycoin.com, to ensnare victims. However, these deceptive sites possess identical designs, terms of service, and About Us content. This reveals their sources as a part of the same fraudulent network, which advocates the same form of fraud under various appearances. The scammers just duplicate the equal scam site under various names to mislead users into believing they are enrolling a fresh venture. However, in actuality, it’s the equal group of swindlers orchestrating the misleading pledges and undertakings to take deposited money. The managers shrewdly utilize psychological tactics and captivating invitations to execute their dishonest plans.

Step 1: Spreading

To start the fraud, criminals set up and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Utilizing bots and paid ads (when achievable), scam actors intensify the presence of their deceptive activities to potential victims. This approach allows them to create an extensive net and connect with their aimed viewers. The group typically comprises of cryptocurrency fans searching for chances to earn profits.

Step 2: Gaining Traffic

People who demonstrate interest check out Bitexlycoin.com via links present in advertisements or bot-generated posts. The webpage employs captivating visuals, design aspects that appear legitimate, and claims of possessing a legitimate license, all aimed to convey an initial impression of reliability.

Step 3: Data Gathering

To collect their benefits, users must deliberately sign up on Bitexlycoin and get guidance to submit sensitive and personal data during the sign-up procedure. This includes linking their cryptocurrency wallets, sharing email addresses, giving phone numbers, submitting identification papers, and more.

Step 4: Requesting funds

Once signed up, users observe considerable amounts of cryptocurrency, valued at thousands of dollars, within their Bitexlycoin wallets. Nonetheless, as it usually happens with such bonuses, you cannot withdraw them ahead of topping up your account. Usually, a funds transfer of $100 is required to get the sign-up bonus. This stipulation serves as the trap that ultimately culminates to the money loss.

Step 5: Disappear

The instant the payment is sent, the scammers terminate all interaction. They move forward to bar users, remove accounts, and abscond with both the transferred funds and essential individual details. The phony benefits remain perpetually uncredited, as they lack actual existence. They act solely as a deceptive ploy. This approach forms the foundation for the fraudsters’ capacity to mislead victims and steal hard-earned money through their deceptive internet-based crypto scheme.

Signs of Scam

I gathered several facts that point at the scammy nature of the Bitexlycoin.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Bitexlycoin 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. Bitexlycoin.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. Bitexlycoin 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. Bitexlycoin.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%, Bitexlycoin preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Bitexlycoin as a scam.

What Should I do as a Victim?

If you had to deal with Bitexlycoin 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, its actors may reach out to you with particular files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we earlier figured out, these scoundrels have no plan of giving back your capital. So, what can these email messages and browser add-ons represent? You guessed – this is another component of the scam designed to throw you into deliberately running harmful software onto your computer.

Both plugins and files attached to email messages can act as a shell for various malicious code. In this scenario, I anticipate the presence of spyware and stealers among other types of malicious programs. While it is not mandatory for scammers to distribute malware, the chance is always existent. As noted, their ethics is of little concern, and their dignity is already deeply compromised. They have no principles to give up and strive to boost gains.

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