Bitflarex Reviewed: Legit or Total Ripoff? Read This First

Recently, Bitflarex.com site surfaced, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably confirms it is, in fact, a scam platform.

Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Bitflarex.com does not follow any of them. All this is just a gilded wrap around a blatant scam, which takes your money and never gives them back. Any stories about bonuses, sponsorship from celebrities etc are non-existent as well.

Bitflarex Scam Overview

Originally, Bitflarex poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another notable marketing point for this site is backing from celebrities that are known in the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, frauds employ AI-generated videos where those celebrities advertise the fake crypto service as if it was 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 glaring wrap around a transparent scam.

Bitflarex Scam

Initially, Bitflarex repeats the appearance of multiple similar websites. There are quite a few examples, like Zalurex, Ventulor or Upbit. They are entirely undistinguishable in terms of visual elements, with minor discrepancies in the site header. Other details, and at times even crypto wallet addresses, are matching. Probably, all these deceptive sites are operated by the same group of scammers.

Cryptocurrency Scam Summary

How the Bitflarex Scam Works?

Bitflarex is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use several website designs, which still share the similar overall layout. Another shared 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 fraud, criminals establish and fill accounts on popular social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Utilizing bots and sponsored promotions (when possible), scam actors intensify the exposure of their fraudulent activities to potential victims. And as I said, fraudsters 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, frauds claim the bonus for every user who registers the service immediately.

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

Step 2: Gaining Traffic

After clicking the promos, users end up on a page filled with appealing offers. “Crypto starts with Bitflarex”, “Your crypto savings are secured with Bitflarex, “Start earning with Bitflarex – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that getting the pledged bonus requires registration. And as nothing questionable happens at this point, uninformed users happily move on – especially since the reward appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you register using your personal data, frauds 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 mentioned, scammers bait folks for registration with bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, the claimed bonus is not available for withdrawal right away. To make at least cryptocurrency purchases on the platform with it, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any crypto operations require having money on your account. With Bitflarex, users are also forced to top up to get the bonuses. And this is what creates the majority of the money flow to this scam website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the transferred money and withdraw them.

This is where the first obvious problems 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 retrieve the capital 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 have no intentions to give your money back. Though to make the denial look more realistic, they’ve made up a whole pack of reasons to decline the wireout request. Most of them repeat what Know Your Client regulations say, but in this case they are here only to make the withdrawal impossible.

By requesting your personal data, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your grand 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 Bitflarex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Bitflarex 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 Bitflarex 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 Bitflarex, 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 Bitflarex is a definite scam.

What Should I do as a Victim?

If you had to deal with Bitflarex 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 course of the scam, fraudsters may reach out to you with specific documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency savings. As we earlier figured out, these rascals have no intent of returning your money. So, what do these messages and browser extensions represent? You guessed it right – this is another element of the scam designed to entice you into deliberately running harmful software onto your computer.

Both plugins and files added to emails can function as a carrier for diverse malicious code. In this scenario, I foresee the presence of spyware and stealers among other forms of malicious programs. While it is not mandatory for scammers to distribute malware, the chance is always greater than zero. As previously mentioned, their ethics is of negligible importance, and their dignity is already neck deep in mud. They have nothing to give up and strive to boost profits.

Frequently asked questions