The Bitoxe Scam – What You Need To Know

Recently, Bitoxe.org website popped up, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather credible proof that clearly indicates it is, in truth, a fraudulent service.

Despite the promises of the most convenient, dependable, and customer-centric service, Bitoxe.org does not follow any of them. All this is just a gilded wrap around a clear scam, which steals your money and data and never gives them back. Any tales about bonuses, backing from celebrities etc are non-existent as well.

Bitoxe Scam Overview

Originally, Bitoxe poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another bright selling point for this site is backing from celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look real, rascals use deepfake videos where those celebrities advertise the fraud 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 blatant wrap around a transparent scam.

Bitoxe Scam

Initially, Bitoxe shares the layout of multiple similar online platforms. There are quite a few examples, like Sintexcoin, Soltkey or Rolygon. They are totally identical in terms of graphic elements, with minor discrepancies in the website header. Other details, and at times even crypto wallet addresses, are the same. Presumably, all these fraudulent online platforms are managed by a single gang of frauds.

Cryptocurrency Scam Summary

How the Bitoxe Scam Works?

Bitoxe is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous 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 start the scam, criminals establish and fill accounts on well-liked social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Using bots and sponsored promotions (when achievable), scam actors increase the visibility of their scam activities to potential victims. And as I said, fraudsters do not shy away using deepfake for creating videos with the aforementioned celebrities that promote 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 Bitoxe in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

After following the promotions, targets end up on a page filled with attractive offers. “Crypto starts with Bitoxe”, “Your crypto savings are secured with Bitoxe, “Start earning with Bitoxe – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that retrieving the pledged bonus requires registration. And as nothing suspicious happens at this point, unexperienced users happily move on – especially as the reward appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you sign up using your personal information, rascals 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 mentioned, scammers bait folks for registration with bonuses. And all the personal data needed for it – email, username, crypto wallet address – is valuable for user identification. Only by gathering this info and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, the promised bonus is not available to use right away. To make at least cryptocurrency purchases on the platform with it, the user should top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

It is obvious that any crypto operations require having money on your account. With Bitoxe, users are also coerced to top up to get the bonuses. And these top ups is what creates the majority of the money flow to this scam website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the deposited money and withdraw them.

This, however, is where the first obvious 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 scoundrels are naught on intentions to give your money back. Though to make it look more legitimate, they’ve crafted a whole pack of reasons to decline the transfer-out request. Most of them repeat what KYC regulations say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal information, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your grand back. And every check 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 Bitoxe.org. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bitoxe 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, scoundrels may contact you with particular documents. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency funds. As we already determined, these scammers have no plan of restoring your money. So, what can these messages and browser plugins represent? You guessed – this is another component of the deceptive plan designed to entice you into willingly installing malicious programs onto your computer.

Both add-ons and attachments added to emails can serve as a shell for different malware. In this case, I foresee the presence of spyware and stealers among all kinds of malicious programs. While it is not mandatory for scammers to distribute malware, the chance is always significant. As stated, their ethics is of negligible importance, and their dignity is already severely tarnished. They have no scruples to lose and intend to maximize gains.

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