Recently, Bitmedex.com website appeared, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather credible supporting information that unmistakably confirms it is, in fact, a deceptive service.
Regardless of the promises of the most convenient, reliable, and customer-centric service, Bitmedex.com does not offer any of them. In fact, all this is just a golden wrap around a blatant scam, which takes your money and data and never returns them. Any tales about gifts, sponsorship from celebrities etc are non-existent as well.
Bitmedex Scam Overview
Originally, Bitmedex poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another bright marketing point for this service is backing from celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look real, frauds employ AI-generated videos with those celebs promote the fake crypto service as if it was the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a glaring wrap around a transparent scam.
Bitmedex Scam
Initially, Bitmedex copies the appearance of many similar websites. There are quite a few examples, like Bilanix, Swapxstake or Blockx. They are entirely undistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other specific elements, and at times even crypto wallet addresses, are unchanged. Probably, all these scam sites are managed by a single gang of fraudsters.
Cryptocurrency Scam Summary
| Website | Bitmedex.com |
| Hosting | AS13335 Cloudflare, Inc. United States, San Francisco |
| IP Address | 188.114.96.3 |
| Threat Type | Scam/Fraud |
| Scam Type | Fraudulent offers of cryptocurrency services |
How the Bitmedex Scam Works?
Bitmedex is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use various website designs, which still share the similar 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 sophisticated psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.
Step 1: Promotion
To initiate the fraud, criminals create and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Utilizing bots and paid promotions (when achievable), scam actors intensify the exposure of their fraudulent activities to potential victims. And as I said, scammers do not shy away using generative AI for creating videos with the aforementioned celebs that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.
Promotions of cryptoscams like Bitmedex in TikTok. Most of these videos are AI-generated deepfakes
Users receive a stimulus to sign up, drawn by the assurance of receiving cryptocurrency benefits valued at thousands of dollars, all for free. To enhance the attractiveness of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.
Step 2: Gaining Traffic
After following the promos, victims end up on a page filled with appealing offers. “Crypto starts with Bitmedex”, “Your crypto savings are secured with Bitmedex, “Start earning with Bitmedex – they look rather credible. To heat up users and make them proceed to step 3, crooks say that unlocking the promised bonus requires registration. And since nothing questionable happens at this point, uninformed users happily proceed – especially as the gift 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 sign up using your personal info, frauds 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 into registration to get bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.
As it turns out, you cannot use the promised bonus right away. To make it at least usable for crypto purchases, the user should top up the account with the equivalent sum. And this is what starts the final stage of the scam.
Step 4: Requesting funds
It is obvious that any crypto purchases require having money on your account. In the case of Bitmedex, users are also coerced to top up to get the bonuses. And these top ups is what creates the majority of the cash flow to this fraudulent site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the transferred capital and withdraw them.
This is where the first obvious issues start to surface. When comparing the actual cryptocurrency wallet vs what the website says, you can notice 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 swindlers are naught on intentions to give your money back. But to make it look more realistic, they’ve elaborated a whole pack of reasons to decline the transfer-out request. Most of them repeat what Know Your Client requirements say, but for the Bitmedex.com they are here only to make the wireout impossible.
By asking for your personal information, 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 would desperately need to undergo before getting your funds back. And each of these checks will share 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 Bitmedex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- Unsubstantiated Credibility. Bitmedex employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
- Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Bitmedex exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Bitmedex as a scam.
- Dubious Corporate Information. Bitmedex arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
- Exclusive Cryptocurrency Payments. Bitmedex.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
- Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
- Groundless Hype Tactics. Bitmedex utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.
What Should I do as a Victim?
If you had to deal with Bitmedex 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 scam, its masters may reach out to you with particular files. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we previously determined, these scoundrels have no plan of restoring your funds. So, what can these messages and browser extensions represent? Correct – this is another side of the fraudulent scheme designed to entice you into deliberately installing malicious programs onto your device.
Both plugins and files added to emails can serve as a shell for diverse malware. In this situation, I foresee the presence of spyware and stealers among other kinds of threats. While it is not mandatory for scammers to distribute malware, the likelihood is always above zero. As stated, their morality is of no concern, and their dignity is already neck deep in mud. They have no principles to lose and aim to maximize profits.
Remove spyware with Gridinsoft Anti-Malware
We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.
To use Gridinsoft for remove malicious threats, follow the steps below:
1. Begin by downloading Gridinsoft Anti-Malware, accessible via the blue button below or directly from the official website gridinsoft.com.
2.Once the Gridinsoft setup file (setup-gridinsoft-fix.exe) is downloaded, execute it by clicking on the file.
3.Follow the installation setup wizard's instructions diligently.
4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.
Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.
5. Upon completion, Anti-Malware will present a detailed report containing all the detected malicious items and threats on your PC.
6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.
8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.
Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.
Frequently asked questions
The vast majority of information posted on the Bitmedex site is false. It is either fabricated, or a manipulation that misses the context of mentioned events. However, things like quotes or other interactive elements related to current prices may be trustworthy. But I would rather avoid using them as a primary source of information.
No, there is no legitimate information on the Bitmedex site. The operators of this site use fabricated details and deceptive tactics to create an appearance of credibility, such as appealing visuals and claims of being a licensed company. However, these claims are false, and the site is part of a larger network of interconnected crypto scam sites designed to defraud victims. The scammers manipulate users into providing sensitive personal information and making deposits, ultimately leading to the loss of funds.
Unfortunately, recovering funds lost to a scam like Bitmedex can be extremely challenging, if not impossible. Scammers often operate from obscure locations and use various tactics to cover their tracks, making it difficult to trace or retrieve the stolen funds. In many cases, these scams are designed to exploit victims and disappear once they have obtained the money.
Spotting crypto trading scams requires vigilance and a critical eye. Here are some tips to help you identify potential crypto trading scams in the future:
- Too Good to Be True Promises. Be cautious of offers that promise unrealistically high returns or guaranteed profits. If an investment opportunity sounds too good to be true, it likely is.
- Pressure to Act Quickly. Scammers often use tactics like creating a sense of urgency to pressure you into making quick decisions. Legitimate investments allow you time to research and consider your options.
- Lack of Regulation or Licensing. Check if the platform or service is regulated and licensed by relevant authorities. Scammers often operate without proper authorization.
- Social Proof and Celebrity Endorsements: Be skeptical of endorsements from celebrities or public figures. Scammers often fabricate endorsements to gain credibility.
- Check for Reviews and Feedback: Look for independent reviews and feedback from other traders. Scammers may fabricate positive reviews, but negative reviews can provide valuable insights.
If you have become a victim of a Bitmedex or similar crypto trading scam, it’s important to take immediate action to minimize further damage and increase the chances of recovering your losses. Here’s what you should do:
- Contact Financial Institutions. If you conducted any payments or deposits through your credit card or bank account, promptly notify your financial institution. They might offer assistance in contesting transactions or initiating chargebacks.
- Immediately Halt Communication. Once you recognize that you have fallen victim to a scam, cease all communication with the scammers. Refrain from responding to their emails, messages, or phone calls.
- Consult Legal Counsel. Seek counsel from a legal expert specialized in fraud or financial matters. They can provide guidance on potential legal avenues for recovering your funds.
- Inform the Authorities. Lodge an official report with your local law enforcement agency and relevant regulatory bodies within your country. Present them with the amassed evidence. This step instigates investigations and enhances awareness about the scam.
- Notify Cryptocurrency Exchanges. Should you have employed a cryptocurrency exchange for transactions linked to the scam, inform the exchange about the fraudulent activity. In certain cases, they could extend their assistance.
- Seek Legal Advice. Consult with a legal professional who specializes in fraud or financial matters. They can provide advice on potential legal actions you can take to recover your funds.
- Thoroughly Document the Events. Gather and safeguard all pertinent information, including emails, screenshots, transaction records, and any correspondence with the scammers. This documentation holds utmost importance for reporting the scam and seeking assistance.
The truth about Bitmedex
Name: Bitmedex
Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Bitmedex, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Bitmedex scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.
Operating System: All
Application Category: Crypto Scams
