Recently, Bitrabex.com site surfaced, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather reliable supporting information that clearly reveals it is, in fact, a scam service.
Regardless of the promises of the most convenient, reliable, and customer-centric service, Bitrabex.com does not fulfill any of them. In fact, all this is just a golden wrap around a blatant scam, which steals your money and never gives them back. Any stories about bonuses, endorsement from celebrities etc are non-existent as well.
Bitrabex Scam Overview
Originally, Bitrabex poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another highlighted selling point for this site is backing from celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look more realistic, rascals employ AI-generated videos where those celebrities advertise the fraud as if it was 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 an obvious scam.
Bitrabex Scam
To begin with, Bitrabex repeats the appearance of multiple similar websites. There are quite a few examples, like Foxbitox, Flentex or Fakesilo. They are totally indistinguishable in terms of graphic elements, with slight discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are the same. Most likely, all these deceptive sites are led by the same team of scammers.
Cryptocurrency Scam Summary
| Website | Bitrabex.com |
| Hosting | AS13335 Cloudflare, Inc. United States, San Francisco |
| IP Address | 172.67.156.109 |
| Threat Type | Scam/Fraud |
| Scam Type | Fraudulent offers of cryptocurrency services |
How the Bitrabex Scam Works?
Bitrabex is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers 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 complex 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 deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Using bots and sponsored promotions (when possible), scam actors intensify the visibility of their scam activities to potential victims. And as I said, crooks do not disdain using deepfake for creating clips with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who registers the service immediately.
Promotions of cryptoscams like Bitrabex in TikTok. Most of these videos are AI-generated deepfakes
Users get an encouragement to enroll, drawn by the assurance of obtaining cryptocurrency benefits valued at thousands of dollars, all without cost. To augment the attractiveness of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are completely baseless.
Step 2: Gaining Traffic
After following the promotions, users end up on a page filled with enticing offers. “Crypto starts with Bitrabex”, “Your crypto savings are secured with Bitrabex, “Start earning with Bitrabex – they look rather credible. To heat up users and make them proceed to step 3, fraudsters say that getting the promoted bonus requires registration. And since nothing questionable happens at this point, unexperienced users happily keep on – especially as the bonus appears to be right behind the corner.
This is the last stage when it is possible to steer away from the scam without any losses. Before you sign up using your personal data, 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 mentioned, scammers bait folks into registration for bonuses. And all the personal info needed for it – email, username, crypto wallet address – is valuable for user identification. Exclusively 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 claimed bonus is not available to use right away. To make it at least usable for cryptocurrency purchases, 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
It is obvious that any crypto operations require you to have capital on your account. With Bitrabex, users are also compelled to top up to get the bonuses. And this is what creates most of the money flow to this scam site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the deposited funds and withdraw them.
This, however, is where the first obvious issues start to surface. When comparing the real crypto wallet vs what the site says, you can observe that no transactions are done whatsoever. And then, when you’d try to retrieve the funds from your account, the scam is finally uncovered to the user.
Step 5: Escaping from Funds Withdrawal
There’s no need to explain that fraudsters are naught on intentions to send you money. Though to make the denial look more realistic, they’ve elaborated a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what KYC requirements say, but in this case they are here only to make the withdrawal impossible.
By requesting your personal data, frauds just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple 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 traded 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 Bitrabex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- Absent company details. Bitrabex 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 Bitrabex 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 Bitrabex, 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 Bitrabex is a definite scam.
What Should I do as a Victim?
If you had to deal with Bitrabex 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 scam, scoundrels may get in touch with you with specific files. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we already determined, these scoundrels have no plan of returning your capital. So, what can these messages and browser plugins represent? Correct – that is another side of the fraudulent scheme designed to entice you into willingly running malicious programs onto your system.
Both add-ons and attachments included to emails can function as a shell for diverse malicious code. In this case, I expect the presence of spyware and stealers among other forms of threats. While it is not obligatory for scammers to distribute malware, the probability is always existent. As noted, their ethics is of negligible importance, and their dignity is already seriously marred. They have no scruples to give up and intend to maximize gains.
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Frequently asked questions
The vast majority of information posted on the Bitrabex 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 Bitrabex 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 Bitrabex 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 Bitrabex 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:
- 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.
- 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.
- Thoroughly Document. 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.
- 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.
- 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.
- 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.
The truth about Bitrabex
Name: Bitrabex
Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Bitrabex, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Bitrabex scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.
Operating System: All
Application Category: Crypto Scams
