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

Recently, Bitsofix.com service appeared, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather reliable supporting information that clearly indicates it is, in fact, a fraudulent service.

Regardless of the promises of the most user-friendly, trustworthy, and customer-centric service, Bitsofix.com does not fulfill any of them. In fact, all this is just a shiny wrap around a clear scam, which takes your funds and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are absent as well.

Bitsofix Scam Overview

Originally, Bitsofix poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another bright selling point for this service 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 more realistic, rascals use deepfake videos where those celebrities advertise the fraud 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 vivid wrap around a transparent scam.

Bitsofix Scam

To begin with, Bitsofix repeats the design of numerous equivalent websites. There are quite a few examples, like Usexbit, Bit or Vebit. They are entirely undistinguishable in terms of visual elements, with small discrepancies in the site header. Other details, and at times even crypto wallet addresses, are identical. Probably, all these deceptive sites are managed by the same gang of scoundrels.

Cryptocurrency Scam Summary

How the Bitsofix Scam Works?

Bitsofix is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use several website designs, which still share the same 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 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 initiate the fraud, criminals set up and fill accounts on popular social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Utilizing bots and paid advertisements (when achievable), scam actors intensify the presence of their deceptive activities to potential victims. And as I said, crooks do not shy away using deepfake for creating videos with the mentioned celebs that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who registers the service immediately.

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

Step 2: Gaining Traffic

After clicking the promotions, users end up on a page filled with appealing offers. “Crypto starts with Bitsofix”, “Your crypto savings are secured with Bitsofix, “Start earning with Bitsofix – they look rather reliable. To heat up users and make them proceed to step 3, crooks say that unlocking the pledged bonus requires registration. And as nothing suspicious happens at this point, unaware users happily proceed – especially since the reward 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 information, 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, frauds bait folks into registration for bonuses. And all the personal data needed for it – username, email, crypto wallet address – are valuable for user identification. Exclusively by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the claimed bonus 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

Obviously, any crypto operations require having money on your account. With Bitsofix, users are also compelled to top up to claim the bonuses. And this is what creates most of the money flow to this scam website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the credited funds and withdraw them.

This is where the problems start to surface. When keeping an eye on the actual cryptocurrency wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to withdraw 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 crafted a whole bunch of reasons to decline the withdrawal request. Most of them repeat what Know Your Client guidelines say, but for the Bitsofix.com they are here exclusively 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 a dozen other checks you should go through before getting your money back. And each of these checks will reveal 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 Bitsofix.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Bitsofix often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Bitsofix.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Bitsofix raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Bitsofix.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Bitsofix preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Bitsofix as a scam.

What Should I do as a Victim?

If you had to deal with Bitsofix 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, rascals may contact you with particular files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we already determined, these rascals have no intent of restoring your money. So, what can these messages and browser extensions represent? You guessed – that is another side of the deceptive plan designed to throw you into deliberately running destructive applications onto your device.

Both plugins and files attached to emails can act as a shell for diverse malicious code. In this scenario, I expect the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As stated, their ethics is of little concern, and their dignity is already severely tarnished. They have no principles to give up and aim to boost gains.

Frequently asked questions