Is Bitgemnex Legit or Another Scam? The Truth Revealed

Recently, Bitgemnex.com website surfaced, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather reliable proof that unmistakably reveals it is, in truth, a deceptive service.

Despite the promises of the most convenient, reliable, and client-friendly service, Bitgemnex.com does not fulfill any of them. All this is just a gilded wrap around a clear scam, which steals your money and never returns them. Any stories about bonuses, endorsement from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Bitgemnex Scam Overview

Originally, Bitgemnex poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another notable marketing point for this service is partnerships with celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – 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 fraud as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around an obvious scam.

Bitgemnex Scam

Initially, Bitgemnex copies the layout of multiple equivalent online platforms. There are quite a few examples, like Bitoxyn, Melarax or Moonxtrade. They are entirely indistinguishable in terms of visual elements, with slight discrepancies in the webpage header. Other specific elements, and sometimes even crypto wallet addresses, are the same. Most likely, all these scam sites are managed by the same gang of scammers.

Cryptocurrency Scam Summary

How the Bitgemnex Scam Works?

Bitgemnex is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use several website designs, which still share the identical 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 sophisticated 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 initiate the deceptive scheme, criminals set up and fill accounts on popular social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Employing bots and sponsored ads (when feasible), scam actors boost the exposure of their scam activities to potential victims. And as I said, crooks do not shy away using generative AI for creating videos with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who joins the service immediately.

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

Users get a stimulus to register, attracted by the assurance of receiving crypto prizes valued at hundreds of dollars, all free of charge. To increase the attractiveness of the offer, false suggestions of cooperation with a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

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

This is the last stage when it is possible to get away from the scam without any losses. Before you register using your personal info, swindrels will not be able to earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, frauds bait folks for registration with bonuses. And all the personal data needed for it – username, email, crypto wallet address – are valuable for user identification. Solely by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the claimed bonus is not available to use right away. To make at least crypto purchases on the platform with it, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Obviously, any crypto operations require you to have funds on your account. With Bitgemnex, users are also forced to top up to claim the bonuses. And this is what creates the majority of the cash flow to this scam site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the deposited funds and withdraw them.

This, however, is where the victim notices the issues. When keeping an eye on the actual crypto wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that scoundrels are naught on intentions to return your money. But to make it look more legitimate, they’ve elaborated a whole pack of reasons to decline the transfer-out request. Most of them repeat what KYC requirements say, but for the Bitgemnex.com they are here exclusively to make the withdrawal impossible.

By requesting your personal information, deceivers just stall hoping for you to understand that you’ve been scammed 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 every check will reveal more and more information, 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 Bitgemnex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bitgemnex 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 fraud, rascals may reach out to you with specific documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we previously determined, these deceivers have no intent of returning your money. So, what can these email messages and browser extensions represent? Correct – that is another element of the deceptive plan designed to throw you into deliberately running malicious applications onto your device.

Both extensions and files included to email messages can act as a carrier for different malicious code. In this scenario, I expect the presence of spyware and stealers among other types of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As noted, their conscience is of negligible importance, and their dignity is already severely tarnished. They have nothing to lose and aim to boost profits.

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