Bitstake Reviewed: Legit or Total Ripoff? Read This First

Recently, Bitstake.su service appeared, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather reliable supporting information that clearly indicates it is, in fact, a scam platform.

Regardless of the promises of the most easy, trustworthy, and customer-centric service, Bitstake.su does not fulfill any of them. In fact, all this is just a gilded wrap around a dirty scam, which steals your funds and never gives them back. Any stories about bonuses, sponsorship from celebrities etc are non-existent as well.

Bitstake Scam Overview

Originally, Bitstake poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another notable marketing point for this platform is partnerships with celebrities that are known in 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 use deepfake videos with those celebs advertise the scam 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 glaring wrap around a transparent scam.

Bitstake Scam

To begin with, Bitstake repeats the appearance of multiple similar pages. There are quite a few examples, like Bitfuta, Bazarswap or Teforix. They are totally identical in terms of graphic elements, with minor discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are the same. Probably, all these scam sites are led by a single group of scammers.

Cryptocurrency Scam Summary

How the Bitstake Scam Works?

Bitstake 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 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 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 begin the scam, criminals set up and fill accounts on popular social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Using bots and sponsored advertisements (when possible), scam actors intensify the presence of their deceptive activities to potential victims. And as I said, fraudsters do not shy away using generative AI for creating clips with the aforementioned celebs that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

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

Step 2: Gaining Traffic

After following the ads, users end up on a page filled with appealing offers. “Crypto starts with Bitstake”, “Your crypto savings are secured with Bitstake, “Start earning with Bitstake – they look rather credible. To heat up users and make them proceed to step 3, fraudsters say that claiming the promised 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.

At this point, it is possible to skip the scam without any losses. Before you register using your personal data, rascals 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 said, deceivers bait folks for registration with bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – are 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, you cannot use the alleged bonus right away. To make at least crypto 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 cryptocurrency operations require having money on your account. With Bitstake, users are also forced to top up to get the bonuses. And this is what creates the majority of the cash flow to this fraudulent site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the deposited money and withdraw them.

This, however, is where the issues start to surface. When keeping an eye on 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 withdraw 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 have 0 intentions to give your money back. Though to make the denial look more legitimate, they’ve elaborated a whole pack of reasons to decline the transfer-out request. Most of them repeat what Know Your Client guidelines say, but for the Bitstake.su they are here only to make the withdrawal impossible.

By asking for your personal data, deceivers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your grand back. And every check will uncover 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 Bitstake.su. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bitstake 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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 duration of the fraud, scoundrels may get in touch with you with particular documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto assets. As we earlier determined, these rascals have no intention of restoring your funds. So, what can these email messages and browser add-ons represent? Correct – that is another component of the fraudulent scheme designed to throw you into willingly installing destructive programs onto your computer.

Both plugins and attachments included to emails can serve as a shell for diverse malicious code. In this scenario, I anticipate the presence of spyware and stealers among other forms of malicious programs. While it is not mandatory for scammers to distribute malware, the probability is always greater than zero. As stated, their ethics is of negligible importance, and their dignity is already severely tarnished. They have no principles to lose and strive to boost profits.

Frequently asked questions