The Bitopinbank Scam – What You Need To Know

Recently, Bitopinbank.com website appeared, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather reliable proof that clearly reveals it is, actually, a fraudulent platform.

Despite the promises of the most convenient, reliable, and customer-centric service, Bitopinbank.com does not fulfill any of them. All this is just a gilded wrap around a clear scam, which takes your funds and never gives them back. Any stories about gifts, backing from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Bitopinbank Scam Overview

Originally, Bitopinbank poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another notable selling point for this site is backing from celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, rascals employ AI-generated videos where those celebrities advertise the fraud 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 vivid wrap around a transparent scam.

Bitopinbank Scam

Initially, Bitopinbank repeats the design of many similar pages. There are quite a few examples, like Beenbit, Ojybit or Muricabit. They are completely undistinguishable in terms of visual elements, with minor discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are matching. Presumably, all these fraudulent websites are operated by a single gang of swindrels.

Cryptocurrency Scam Summary

How the Bitopinbank Scam Works?

Bitopinbank 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 same 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To start the scam, criminals create and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Employing bots and sponsored promotions (when achievable), fraud actors boost the exposure of their fraudulent activities to possible victims. And as I said, fraudsters do not shy away using generative AI for creating clips with the mentioned celebrities that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

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

Users obtain an incentive to enroll, attracted by the commitment of obtaining cryptocurrency prizes valued at thousands of dollars, all for free. To increase the appeal of the offer, fake claims of cooperation with a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

After clicking the ads, users end up on a page filled with appealing offers. “Crypto starts with Bitopinbank”, “Your crypto savings are secured with Bitopinbank, “Start earning with Bitopinbank – they look rather credible. To heat up users and make them proceed to step 3, fraudsters say that retrieving the pledged bonus requires registration. And as nothing suspicious happens at this point, uninformed users happily keep on – especially since the gift appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you register 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 the starting poing of the main fraud action. As I just said, frauds bait folks for registration with bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Only 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, you cannot use the promised bonus right away. To make at least cryptocurrency purchases on the platform with it, you need to top up the account with the equivalent sum. And this is what starts the final step of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency operations require having funds on your account. In the case of Bitopinbank, users are also forced to top up to get the bonuses. And these top ups is what creates most of the cash 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 website hoping to use all the credited capital and withdraw them.

This, however, is where the first obvious issues start to surface. When comparing the actual cryptocurrency wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to pull out the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have zero intentions to give your money back. Though to make the fraud look more realistic, they’ve developed a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what KYC guidelines say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for your personal info, deceivers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your money back. And every check will uncover 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 Bitopinbank.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bitopinbank 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 duration of the scam, its masters may reach out to you with particular files. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we already figured out, these rascals have no intent of giving back your funds. So, what do these email messages and browser plugins represent? Correct – that is another element of the deceptive plan designed to entice you into willingly running destructive applications onto your system.

Both plugins and attachments added to email messages can serve as a shell for diverse malicious code. In this scenario, I expect the presence of spyware and stealers among other types of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always significant. As noted, their conscience is of no concern, and their dignity is already severely tarnished. They have nothing to lose and aim to boost gains.

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