We Looked at the Evidence: Is Bitmartai Legit or Scam?

Recently, Bitmartai.com service popped up, promoting itself as a platform to keep cryptocurrency and other assets safely. I managed to gather reliable supporting information that unmistakably reveals it is, actually, a deceptive site.

Despite the promises of the most easy, dependable, and client-friendly service, Bitmartai.com does not offer any of them. All this is just a golden wrap around a dirty scam, which takes your funds and never gives them back. Any stories about gifts, sponsorship from celebrities etc are non-existent as well.

Bitmartai Scam Overview

Originally, Bitmartai poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another highlighted selling point for this platform is backing from 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 use AI-generated videos where those celebrities promote the scam as if it was 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.

Bitmartai Scam

First and foremost, Bitmartai shares the design of numerous equivalent websites. There are quite a few examples, like Bexusx, Befeno or Livaxxen. They are completely identical in terms of visual elements, with small discrepancies in the website header. Other particulars, and at times even crypto wallet addresses, are unchanged. Probably, all these deceptive online platforms are led by a single team of scammers.

Cryptocurrency Scam Summary

How the Bitmartai Scam Works?

Bitmartai 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 identical 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 start the fraud, criminals establish and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and sponsored promotions (when feasible), fraud actors intensify the visibility of their scam activities to potential victims. And as I said, scammers do not shy away using deepfake 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 Bitmartai in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

After following the promos, victims end up on a page filled with enticing offers. “Crypto starts with Bitmartai”, “Your crypto savings are secured with Bitmartai, “Start earning with Bitmartai – they look rather reliable. To heat up the interest and make the users proceed to step 3, scammers say that retrieving the promoted bonus requires registration. And since nothing questionable happens at this point, unexperienced users happily keep on – especially as the gift 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 register using your personal information, swindrels will not 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, deceivers bait folks into signing up to get bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Only by gathering this info and selling it further into the Darknet, fraudsters can earn quite a penny. Still, 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. And this is what starts the final step of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency purchases require having funds on your account. In the case of Bitmartai, users are also compelled to top up to use the bonuses. And these top ups is what creates the majority of the cash flow to this fraudulent website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the deposited capital and withdraw them.

This is where the victim notices the problems. When comparing the real crypto wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to pull out 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 are naught on intentions to send you money. But to make it look more realistic, they’ve crafted a whole bunch of reasons to decline the wireout request. Most of them repeat what Know Your Client guidelines say, but for the Bitmartai.com they are here only to make the withdrawal impossible.

By requesting your personal data, frauds 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 grand back. And every check will uncover more and more information, 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 Bitmartai.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bitmartai 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 duration of the fraud, scoundrels may get in touch with you with specific documents. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we earlier figured out, these deceivers have no intent of returning your capital. So, what can these email messages and browser extensions represent? Correct – that is another side of the scam designed to entice you into deliberately installing malicious programs onto your system.

Both extensions and attachments included to email messages can act as a shell for various malicious software. In this case, I anticipate the presence of spyware and stealers among other kinds of threats. While it is not mandatory for scammers to distribute malware, the chance is always greater than zero. As stated, their ethics is of negligible importance, and their dignity is already seriously marred. They have nothing to lose and aim to boost gains.

Frequently asked questions