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

Recently, Bitoxchange.com site popped up, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather credible supporting information that clearly reveals it is, actually, a scam service.

Despite the promises of the most convenient, dependable, and client-friendly service, Bitoxchange.com does not offer any of them. In fact, all this is just a shiny wrap around a clear scam, which takes your money and data and never gives them back. Any stories about bonuses, backing from celebrities etc are absent as well.

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Bitoxchange Scam Overview

Originally, Bitoxchange poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another highlighted selling point for this site is backing from celebrities that are known as crypto activists. 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 real, frauds use deepfake videos with those celebs promote the fraud as the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

Bitoxchange Scam

Initially, Bitoxchange shares the design of many equivalent pages. There are quite a few examples, like Cryptozme, Wixlars or Coinsler. They are completely identical in terms of visual elements, with minor discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are unchanged. Probably, all these deceptive online platforms are managed by a single team of frauds.

Cryptocurrency Scam Summary

How the Bitoxchange Scam Works?

Bitoxchange is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use several website designs, which still share the identical 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 advanced 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 set up and fill accounts on popular social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Employing bots and sponsored advertisements (when achievable), scam actors boost the exposure of their fraudulent activities to potential victims. And as I said, scammers do not disdain using deepfake 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 Bitoxchange in TikTok. Most of these videos are AI-generated deepfakes

Users get a stimulus to enroll, enticed by the promise of getting crypto rewards valued at thousands of dollars, all for free. To increase the attractiveness of the offer, fake claims of sponsorship by a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

After clicking the promos, targets end up on a page filled with enticing offers. “Crypto starts with Bitoxchange”, “Your crypto savings are secured with Bitoxchange, “Start earning with Bitoxchange – they look rather reliable. To heat up users and make them proceed to step 3, fraudsters say that unlocking the promised bonus requires registration. And since nothing questionable happens at this point, uninformed users happily move on – especially as the gift appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you register using your personal data, frauds will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, deceivers bait folks into registration for bonuses. And all the personal information needed for it – username, email, crypto wallet address – is valuable for user identification. Solely by gathering this information and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the promised 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 initiates the final stage of the scam.

Step 4: Requesting funds

Obviously, any crypto purchases require having capital on your account. In the case of Bitoxchange, users are also forced 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 promised gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the transferred capital and withdraw them.

This, however, is where the problems start to surface. When keeping an eye on the real crypto 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

There’s no need to explain that swindlers have 0 intentions to send you money. Though to make it look more legitimate, they’ve elaborated a whole pack of reasons to decline the withdrawal request. Most of them repeat what Know Your Client guidelines say, but for the Bitoxchange.com they are here only to make the withdrawal impossible.

By requesting your personal info, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen 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 Bitoxchange.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Bitoxchange 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%, Bitoxchange exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Bitoxchange as a scam.
• Dubious Corporate Information. Bitoxchange 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. Bitoxchange.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. Bitoxchange 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 Bitoxchange 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 course of the fraud, fraudsters may get in touch with you with specific documents. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we earlier figured out, these scoundrels have no intention of giving back your money. So, what can these emails and browser plugins represent? You guessed – that is another side of the scam designed to throw you into deliberately running destructive software onto your computer.

Both add-ons and attachments included to emails can serve as a carrier for various malicious code. In this scenario, I anticipate the presence of spyware and stealers among other kinds of malicious programs. While it is not mandatory for scammers to distribute malware, the probability is always greater than zero. As stated, their conscience is of negligible importance, and their dignity is already severely tarnished. They have no principles to give up and aim to maximize profits.

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Frequently asked questions

The truth about Bitoxchange

Name: Bitoxchange

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Bitoxchange, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Bitoxchange scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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User Review

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