We Looked at the Evidence: Is Bitexnon Legit or Scam?

Recently, Bitexnon.com service popped up, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather reliable proof that clearly confirms it is, actually, a scam service.

Regardless of the promises of the most easy, dependable, and client-friendly service, Bitexnon.com does not fulfill any of them. All this is just a golden wrap around a blatant scam, which takes your money and never returns them. Any tales about bonuses, endorsement from celebrities etc are nowhere to be found as well.

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Bitexnon Scam Overview

Originally, Bitexnon poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another highlighted marketing point for this site is partnerships with celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, rascals use AI-generated videos with those celebs promote the fake crypto service as the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a glaring wrap around an obvious scam.

Bitexnon Scam

First and foremost, Bitexnon shares the layout of multiple equivalent pages. There are quite a few examples, like Bitelop, Zokdex or Wixcryptos. They are completely identical in terms of visual elements, with minor discrepancies in the webpage header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Most likely, all these deceptive online platforms are operated by a single team of fraudsters.

Cryptocurrency Scam Summary

How the Bitexnon Scam Works?

Bitexnon is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use several website designs, which still share the same 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 initiate the scam, criminals create and fill accounts on well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Using bots and sponsored promotions (when possible), scam actors increase the visibility of their scam activities to possible victims. And as I said, fraudsters do not shy away using generative AI for creating clips with the mentioned celebrities that promote 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 Bitexnon in TikTok. Most of these videos are AI-generated deepfakes

Users receive a stimulus to sign up, enticed by the promise of receiving cryptocurrency rewards valued at hundreds of dollars, all for free. To augment the appeal of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Upon following the ads, users end up on a page filled with appealing offers. “Crypto starts with Bitexnon”, “Your crypto savings are secured with Bitexnon, “Start earning with Bitexnon – they look rather credible. To heat up the interest and make the users proceed to step 3, crooks say that getting the pledged bonus requires registration. And since nothing questionable happens at this point, uninformed users happily keep on – especially since 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, frauds will not be able to earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, scammers bait folks for registration with bonuses. And all the personal info needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Only by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the promised bonus is not available to use right away. To make it at least usable for crypto 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 funds on your account. With Bitexnon, users are also forced to top up to use the bonuses. And this is what creates the majority of the money 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 engaging on this site hoping to use all the deposited money and withdraw them.

This, however, is where the problems start to surface. When keeping an eye on the actual cryptocurrency 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 swindlers have no intentions to give your money back. But to make it look more legitimate, they’ve elaborated a whole bunch of reasons to decline the wireout request. Most of them repeat what KYC requirements say, but in this case they are here only to make the wireout impossible.

By asking for your personal info, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are a dozen other checks you would desperately need to undergo before getting your money back. And each of these checks will share more and more info of yours, which – you guessed it right – will be then sold 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 Bitexnon.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Bitexnon.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. Bitexnon 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. Bitexnon 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. Bitexnon 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%, Bitexnon capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Bitexnon.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Bitexnon 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 timeline of the scam, scoundrels may reach out to you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we previously figured out, these scoundrels have no plan of returning your funds. So, what do these email messages and browser add-ons represent? You guessed it right – this is another component of the scam designed to entice you into willingly installing destructive software onto your system.

Both add-ons and attachments added to emails can function as a carrier for various malware. In this case, I foresee the presence of spyware and stealers among all kinds of threats. While it is not mandatory for scammers to distribute malware, the chance is always greater than zero. As noted, their ethics is of no concern, and their dignity is already seriously marred. They have no principles to lose and aim to boost gains.

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Frequently asked questions

The truth about Bitexnon

Name: Bitexnon

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