Bitgetex Review: Legit or Scam? Read This First

Recently, Bitgetex.world website popped up, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather reliable evidence that clearly confirms it is, actually, a scam site.

Despite the promises of the most easy, dependable, and customer-centric service, Bitgetex.world does not fulfill any of them. In fact, all this is just a shiny wrap around a dirty scam, which takes your money and never returns them. Any tales about gifts, endorsement from celebrities etc are nowhere to be found as well.

Bitgetex Scam Overview

Originally, Bitgetex poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another highlighted marketing point for this service is backing from celebrities that have relation to the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, con actors use deepfake videos where those celebrities promote the scam as the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

Bitgetex Scam

Initially, Bitgetex shares the design of many similar websites. There are quite a few examples, like Bybince, Cludom or Coinrushbet. They are entirely indistinguishable in terms of visual elements, with slight discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are unchanged. Probably, all these deceptive sites are led by a single team of swindrels.

Cryptocurrency Scam Summary

How the Bitgetex Scam Works?

Bitgetex is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use several website designs, which still share the same overall layout. Another common 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 advanced psychological tricks that make the user believe in the authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Employing bots and paid promotions (when achievable), scam actors boost the presence of their deceptive activities to potential victims. And as I said, fraudsters do not shy away using deepfake for creating videos with the mentioned celebrities that advertise 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 Bitgetex in TikTok. Most of these videos are AI-generated deepfakes

Users obtain a stimulus to sign up, attracted by the commitment of obtaining crypto prizes valued at thousands of dollars, all for free. To increase the appeal of the offer, fake claims of cooperation with a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, targets end up on a page filled with enticing offers. “Crypto starts with Bitgetex”, “Your crypto savings are secured with Bitgetex, “Start earning with Bitgetex – they look rather credible. To heat up the interest and make the users proceed to step 3, crooks say that claiming the promoted bonus requires registration. And as nothing questionable happens at this point, unaware users happily move on – especially since the bonus appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you register using your personal data, rascals will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just mentioned, deceivers bait folks for registration with bonuses. And all the personal information needed for it – username, email, crypto wallet address – is valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

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

Step 4: Requesting funds

It is obvious that any crypto purchases require having funds on your account. In the case of Bitgetex, users are also coerced to top up to claim the bonuses. And these top ups is what creates most 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 participating on this site hoping to use all the transferred money and withdraw them.

This is where the first obvious issues start to surface. When keeping an eye on the actual cryptocurrency wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw 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 have no intentions to give your money back. But to make the fraud look more realistic, they’ve crafted a whole bunch of reasons to decline the wireout request. Usually, they repeat what KYC regulations say, but for the Bitgetex.world they are here exclusively to make the wireout 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 a dozen other checks you should go through before getting your funds back. And each of these checks will reveal more and more information, which – you guessed it right – will be then traded 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 Bitgetex.world. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bitgetex 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 timeline of the scam, its actors may reach out to you with specific documents. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we already figured out, these deceivers have no plan of returning your money. So, what can these emails and browser extensions represent? Correct – this is another element of the scam designed to entice you into willingly running harmful applications onto your device.

Both add-ons and attachments added to emails can serve as a shell for diverse malicious code. In this situation, I anticipate the presence of spyware and stealers among other forms of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always existent. As previously mentioned, their ethics is of little concern, and their dignity is already severely tarnished. They have nothing to give up and aim to boost gains.

Frequently asked questions