The Bitsaind Scam – What You Need To Know

Recently, Bitsaind.com site appeared, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather credible supporting information that unmistakably indicates it is, actually, a scam platform.

Despite the promises of the most convenient, dependable, and customer-centric service, Bitsaind.com does not offer any of them. In fact, all this is just a gilded wrap around a blatant scam, which takes your money and data and never returns them. Any stories about gifts, backing from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Bitsaind Scam Overview

Originally, Bitsaind poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another bright marketing point for this platform is backing from celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, con actors employ AI-generated videos with those celebs promote the fake crypto service as if it was 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 blatant wrap around a transparent scam.

Bitsaind Scam

First and foremost, Bitsaind shares the appearance of numerous similar pages. There are quite a few examples, like Wocrex, Ise or Bitwin. They are totally indistinguishable in terms of visual elements, with small discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are unchanged. Most likely, all these deceptive online platforms are managed by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Bitsaind Scam Works?

Bitsaind is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous website designs, which still share the same 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 advanced 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 begin the scam, criminals create and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Using bots and sponsored promotions (when feasible), fraud actors boost the presence of their fraudulent activities to possible victims. And as I said, crooks do not shy away using deepfake 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 enrolls the service immediately.

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

Users receive a stimulus to register, drawn by the promise of obtaining cryptocurrency prizes valued at hundreds of dollars, all for free. To increase the attractiveness of the offer, false suggestions of cooperation with a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon following the promotions, users end up on a page filled with attractive offers. “Crypto starts with Bitsaind”, “Your crypto savings are secured with Bitsaind, “Start earning with Bitsaind – they look rather authoritative. To heat up the interest and make the users proceed to step 3, crooks say that claiming the pledged bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily move on – especially as the bonus 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 info, rascals will not earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just mentioned, deceivers bait folks into registration to get bonuses. And all the personal information needed for it – email, username, cryptocurrency 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. Still, their plans go much further.

As it turns out, the promised bonus is not available for withdrawal right away. To make it at least usable for crypto purchases, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any crypto operations require having money on your account. In the case of Bitsaind, users are also coerced to top up to claim the bonuses. And these top ups is what creates the majority of the money flow to this fraudulent 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 transferred money and withdraw them.

This is where the victim notices the problems. When keeping an eye on the real crypto wallet vs what the site 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 swindlers have no intentions to give your money back. Though to make the denial look more legitimate, they’ve crafted a whole bunch of reasons to decline the withdrawal request. Most of them repeat what Know Your Client 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 understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple other checks you should go through before getting your funds back. And every check will uncover more and more info of yours, 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 Bitsaind.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bitsaind 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 timeline of the fraud, its masters may get in touch with you with specific documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we earlier determined, these deceivers have no intent of giving back your capital. So, what can these email messages and browser plugins represent? Correct – that is another element of the deceptive plan designed to throw you into deliberately installing malicious programs onto your computer.

Both extensions and files included to emails can function as a carrier for various malware. In this case, I expect the presence of spyware and stealers among other forms of malware. While it is not obligatory for scammers to distribute malware, the probability is always greater than zero. As previously mentioned, their conscience is of no concern, and their dignity is already deeply compromised. They have no scruples to lose and strive to boost revenues.

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