Recently, Bitstray.com site surfaced, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather reliable proof that unmistakably reveals it is, in truth, a scam platform.
Regardless of the promises of the most convenient, dependable, and customer-centric service, Bitstray.com does not offer any of them. All this is just a golden wrap around a dirty scam, which steals your money and never returns them. Any stories about gifts, sponsorship from celebrities etc are non-existent as well.
Bitstray Scam Overview
Originally, Bitstray poses as a crypto trading & cryptowallet platform with exceptionally low commission fees. Another bright selling point for this service 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, frauds use deepfake videos where those celebrities advertise the fake crypto service 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 glaring wrap around a transparent scam.
Bitstray Scam
To begin with, Bitstray shares the layout of many equivalent websites. There are quite a few examples, like Bitxde, Bitzefix or Bolfrex. They are totally indistinguishable in terms of graphic elements, with minor discrepancies in the webpage header. Other particulars, and sometimes even crypto wallet addresses, are unchanged. Most likely, all these deceptive sites are led by the same team of scoundrels.
Cryptocurrency Scam Summary
| Website | Bitstray.com |
| Hosting | AS13335 Cloudflare, Inc. United States, San Francisco |
| IP Address | 188.114.97.3 |
| Threat Type | Scam/Fraud |
| Scam Type | Fraudulent offers of cryptocurrency services |
How the Bitstray Scam Works?
Bitstray is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use numerous 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 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 initiate the deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Employing bots and sponsored advertisements (when possible), scam actors boost the visibility of their deceptive activities to potential victims. And as I said, fraudsters do not shy away using deepfake for creating videos with the aforementioned celebs that promote 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 Bitstray in TikTok. Most of these videos are AI-generated deepfakes
Users receive an encouragement to enroll, attracted by the assurance of obtaining cryptocurrency benefits valued at thousands of dollars, all for free. To increase the attractiveness 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 following the promotions, users end up on a page filled with attractive offers. “Crypto starts with Bitstray”, “Your crypto savings are secured with Bitstray, “Start earning with Bitstray – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that claiming the promoted bonus requires registration. And as nothing suspicious happens at this point, unaware users happily move on – especially as the gift appears to be right behind the corner.
This is the last stage when it is possible to get away from 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 said, deceivers bait folks for registration with bonuses. And all the personal info needed for it – email, username, crypto wallet address – are valuable for user identification. Solely by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.
As it turns out, you cannot use the alleged bonus right away. To make it at least usable for cryptocurrency 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
It is obvious that any cryptocurrency purchases require having money on your account. With Bitstray, users are also compelled to top up to claim the bonuses. And these top ups is what creates most of the money flow to this fraudulent 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 transferred funds and withdraw them.
This, however, is where the first obvious problems start to surface. When comparing the actual cryptocurrency wallet vs what the site says, you can observe that no transactions are done whatsoever. And then, when you’d try to withdraw the capital 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 return your money. But to make the denial look more legitimate, they’ve developed a whole bunch of reasons to decline the wireout request. Usually, they repeat what Know Your Client guidelines say, but in this case they are here only to make the wireout impossible.
By requesting your personal information, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen 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 sold 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 Bitstray.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- Absent company details. Bitstray 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 Bitstray 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 Bitstray, 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 Bitstray is a definite scam.
What Should I do as a Victim?
If you had to deal with Bitstray 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 course of the fraud, its actors may contact you with specific files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we earlier determined, these rascals have no intent of giving back your money. So, what can these messages and browser add-ons represent? Correct – this is another component of the fraudulent scheme designed to throw you into deliberately running destructive programs onto your system.
Both plugins and files attached to emails can function as a shell for different malicious software. In this case, I foresee the presence of spyware and stealers among other types of malicious programs. While it is not mandatory for scammers to distribute malware, the likelihood is always existent. As previously mentioned, their morality is of negligible importance, and their reputation is already deeply compromised. They have no principles to give up and aim to maximize profits.
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Frequently asked questions
The vast majority of information posted on the Bitstray 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 Bitstray 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 Bitstray 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:
- Scrutinize Celebrity Endorsements. Be cautious of endorsements from celebrities or public figures. Scammers often fabricate endorsements to gain credibility.
- Resist Urgency. Watch out for tactics that create a sense of urgency to pressure quick decisions. Legitimate investments offer time for research and consideration.
- Consult Reviews and Feedback. Look for independent reviews and feedback from fellow traders. Scammers may create fake positive reviews, but negative reviews can provide valuable insights.
- Question Unrealistic Promises. Be skeptical of offers promising unrealistically high returns or guaranteed profits. If an investment opportunity seems too good to be true, it likely is.
- Verify Regulation and Licensing. Check if the platform or service is regulated and licensed by relevant authorities. Scammers often operate without proper authorization.
If you have become a victim of a Bitstray 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:
- 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.
- 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.
- 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.
- 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.
- 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.
- Thoroughly Document the Events. 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.
The truth about Bitstray
Name: Bitstray
Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Bitstray, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Bitstray scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.
Operating System: All
Application Category: Crypto Scams
