Biticrypto Reviewed: Real Deal or Total Ripoff? Read This First

Recently, Biticrypto.com service surfaced, promoting itself as a platform to store cryptocurrency and other assets securely. I managed to gather credible supporting information that unmistakably confirms it is, in truth, a deceptive site.

Despite the promises of the most convenient, reliable, and customer-centric service, Biticrypto.com does not follow any of them. In fact, all this is just a golden wrap around a blatant scam, which steals your money and never gives them back. Any tales about gifts, endorsement from celebrities etc are absent as well.

Biticrypto Scam Overview

Originally, Biticrypto poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another notable selling point for this site 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 claims having significant support from them. To make these claims look more realistic, frauds use AI-generated videos where those celebrities promote the scam as the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a blatant wrap around an obvious scam.

Biticrypto Scam

To begin with, Biticrypto copies the design of numerous equivalent websites. There are quite a few examples, like Top, Tonex or Map18. They are entirely undistinguishable in terms of visual elements, with small discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are unchanged. Presumably, all these deceptive websites are managed by the same team of fraudsters.

Cryptocurrency Scam Summary

How the Biticrypto Scam Works?

Biticrypto is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use several website designs, which still share the similar 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 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 begin 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. Utilizing bots and sponsored ads (when possible), scam actors increase the visibility of their deceptive activities to possible victims. And as I said, fraudsters do not disdain using deepfake for creating videos with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

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

Users get an encouragement to register, attracted by the assurance of obtaining cryptocurrency rewards valued at hundreds of dollars, all free of charge. To augment the appeal of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Upon following the ads, victims end up on a page filled with attractive offers. “Crypto starts with Biticrypto”, “Your crypto savings are secured with Biticrypto, “Start earning with Biticrypto – they look rather reliable. To heat up users and make them proceed to step 3, crooks say that getting the promised bonus requires registration. And since nothing suspicious happens at this point, uninformed users happily proceed – especially since the reward appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you sign up using your personal data, swindrels will not 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 – is valuable for user identification. Solely by gathering this info and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the promised bonus right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

It is obvious that any cryptocurrency operations require you to have funds on your account. With Biticrypto, users are also compelled to top up to use the bonuses. And this is what creates most of the cash flow to this scam website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the transferred funds and withdraw them.

This is where the issues start to surface. When keeping an eye on the real 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

Needless to say that scoundrels have no intentions to give your money back. But to make the denial look more legitimate, they’ve made up a whole bunch of reasons to decline the withdrawal request. Most of them repeat what Know Your Client requirements say, but in this case they are here exclusively to make the wireout impossible.

By requesting your personal information, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you should go through before getting your money back. And every check will reveal more and more info of yours, which – you guessed it right – will be then marketed 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 Biticrypto.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Biticrypto often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Biticrypto.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Biticrypto raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Biticrypto.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Biticrypto preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Biticrypto as a scam.

What Should I do as a Victim?

If you had to deal with Biticrypto 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 timeline of the fraud, rascals may get in touch with you with specific files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency funds. As we already figured out, these rascals have no intent of returning your money. So, what do these email messages and browser add-ons represent? You guessed – that is another element of the deceptive plan designed to entice you into willingly installing destructive software onto your system.

Both plugins and files added to email messages can function as a carrier for different malware. In this case, I foresee the presence of spyware and stealers among all forms of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always significant. As stated, their morality is of negligible importance, and their reputation is already seriously marred. They have no scruples to give up and aim to maximize revenues.

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