We Investigated BITOXYN: Legit or Scam? The Facts

Recently, Bitoxyn.com website appeared, promoting itself as a place to store cryptocurrency and other assets safely. I managed to gather reliable supporting information that unmistakably reveals it is, in truth, a scam service.

Regardless of the promises of the most user-friendly, reliable, and customer-centric service, Bitoxyn.com does not follow any of them. All this is just a golden wrap around a dirty scam, which steals your money and data and never returns them. Any tales about gifts, sponsorship from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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BITOXYN Scam Overview

Originally, BITOXYN poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another bright selling point for this service is backing from celebrities that have relation to the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look real, con actors employ deepfake videos where those celebrities advertise the scam as if it was the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

BITOXYN Scam

To begin with, BITOXYN repeats the appearance of numerous equivalent pages. There are quite a few examples, like Melarax, Moonxtrade or Musk. They are entirely identical in terms of visual elements, with minor discrepancies in the webpage header. Other specific elements, and at times even crypto wallet addresses, are unchanged. Presumably, all these scam sites are operated by a single gang of fraudsters.

Cryptocurrency Scam Summary

How the BITOXYN Scam Works?

BITOXYN is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use several website designs, which still share the similar overall layout. Another mutual 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 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 well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and paid ads (when achievable), scam actors increase the exposure of their fraudulent activities to possible victims. And as I said, fraudsters do not shy away using generative AI for creating videos with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who joins the service immediately.

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

Users obtain an incentive to enroll, attracted by the promise of receiving cryptocurrency prizes valued at thousands of dollars, all free of charge. To increase the appeal of the offer, fake claims of sponsorship by a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

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

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal data, frauds will not be able to 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, frauds bait folks into registration to get bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Solely by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any crypto purchases require you to have money on your account. In the case of BITOXYN, users are also compelled to top up to use the bonuses. And this is what creates the majority of the cash flow to this scam site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the deposited capital and withdraw them.

This, however, 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

Needless to say that scoundrels are naught on intentions to send you money. But to make the denial look more legitimate, they’ve elaborated a whole pack of reasons to decline the wireout request. Usually, they repeat what KYC requirements say, but for the Bitoxyn.com they are here exclusively to make the withdrawal impossible.

By requesting your personal data, 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 should go through 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 Bitoxyn.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with BITOXYN 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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 timeline of the fraud, its actors may contact you with particular documents. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we already determined, these rascals have no intention of giving back your capital. So, what do these messages and browser extensions represent? You guessed it right – this is another component of the deceptive plan designed to throw you into deliberately running malicious programs onto your computer.

Both extensions and attachments added to emails can act as a carrier for various malicious code. In this case, I expect the presence of spyware and stealers among all forms of malware. 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 reputation is already seriously marred. They have nothing to lose and intend to maximize profits.

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