We Looked Into Bitflaxe: Scam or Trustworthy? The Verdict

Recently, Bitflaxe.com website popped up, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather credible proof that clearly indicates it is, in fact, a scam platform.

Contrary to the assertions of Bitflaxe.com, they won’t give back your money. Even though the money displayed in the “member area”, there is zero ability to retrieve even a penny. All pledges regarding crypto incentives are empty as well.

Bitflaxe Scam Overview

The primary offering that Bitflaxe attempts to provide is a protected and user-friendly crypto wallet service. The website promises exchange facilities, tools for handling wallets, transfers, dashboards, and similar stuff. In fact, they endeavor to emulate the functionality of a crypto trading platform, like Binance or Coinbase. However, it in fact exclusively serves as a shell intended to lull the vigilance.

Bitflaxe Scam

Initially, Bitflaxe mimics the layout of numerous equivalent pages. There are quite a few examples, like Crypto, Bitexlycoin or Updenny. They are entirely identical in terms of graphic elements, with small discrepancies in the website header. Other particulars, and at times even crypto wallet addresses, are the same. Most likely, all these fraudulent online platforms are led by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Bitflaxe Scam Works?

Bitflaxe is yet another webpage within a vast network of associated crypto fraudulent webpages. The managers employ various brand titles and sites, like Bitflaxe.com, to trap victims. Nonetheless, these false sites share the same designs, terms of service, and About Us information. This reveals their origins as a part of the same scam network, which advocates the similar mode of fraud under various appearances. The scammers merely copy the equal scam website under various names to fool users into assuming they are joining a new venture. However, in actuality, it’s the equal system of scammers orchestrating the deceptive promises and efforts to take deposited funds. The managers cleverly utilize psychological maneuvers and captivating propositions to implement their dishonest schemes.

Step 1: Spreading

To initiate the deceptive scheme, criminals establish and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and sponsored advertisements (when achievable), fraud actors increase the presence of their deceptive activities to potential victims. This approach enables them to cast a wide net and connect with their focused viewers. The latter usually comprises of cryptocurrency enthusiasts looking for opportunities to make profits.

Users obtain an encouragement to enroll, drawn by the assurance of receiving crypto benefits valued at thousands of dollars, all without cost. To enhance the appeal of the offer, false claims of sponsorship by a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Users who show interest go to Bitflaxe.com via links present in promotions or bot-generated posts. The website uses captivating visuals, design features that appear legitimate, and assertions of holding a official license, all designed to convey an initial impression of trustworthiness.

Step 3: Data Gathering

To redeem their prizes, users must actively set up an account on Bitflaxe and get guidance to provide sensitive and private information throughout the sign-up process. This comprises linking their cryptocurrency wallets, providing email addresses, specifying phone numbers, submitting identification papers, and the like.

Step 4: Requesting funds

Once enrolled, users witness significant amounts of cryptocurrency, valued at hundreds of dollars, within their Bitflaxe wallets. Nonetheless, as is typical with such rewards, you can’t withdraw them prior to making a deposit. Typically, a funds transfer of $100 is required to withdraw the sign-up bonus. This stipulation serves as the trap that eventually results to the money loss.

Step 5: Disappear

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Bitflaxe 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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 duration of the fraud, rascals may reach out to you with specific files. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto funds. As we already determined, these deceivers have no intent of giving back your funds. So, what can these emails and browser extensions represent? Correct – that is another component of the scam designed to throw you into deliberately running malicious software onto your device.

Both add-ons and files attached to emails can function as a shell for different malicious software. In this case, I foresee the presence of spyware and stealers among other types of malicious programs. While it is not obligatory for scammers to distribute malware, the likelihood is always significant. As noted, their conscience is of negligible importance, and their dignity is already severely tarnished. They have no scruples to lose and strive to boost profits.

Frequently asked questions