Investigating BITSWIFER: Legit or Scam? The Truth Revealed

Recently, Bitswifer.com website popped up, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather reliable proof that clearly confirms it is, in fact, a fraudulent service.

Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Bitswifer.com does not follow any of them. In fact, all this is just a shiny wrap around a blatant scam, which steals your money and never returns them. Any tales about bonuses, sponsorship from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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BITSWIFER Scam Overview

Originally, BITSWIFER poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another bright selling point for this site is partnerships with celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look real, frauds use deepfake videos with those celebs advertise the scam as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a vivid wrap around an obvious scam.

BITSWIFER Scam

Initially, BITSWIFER repeats the layout of many equivalent online platforms. There are quite a few examples, like Ferionex, Felunax or Coweu. They are entirely identical in terms of visual elements, with slight discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are identical. Presumably, all these deceptive sites are operated by a single team of frauds.

Cryptocurrency Scam Summary

How the BITSWIFER Scam Works?

BITSWIFER is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the deceptive scheme, criminals set up and fill accounts on popular social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Using bots and sponsored promotions (when feasible), fraud actors intensify the exposure of their scam activities to possible victims. And as I said, fraudsters do not shy away 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 enrolls the service immediately.

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

Users obtain a stimulus to sign up, drawn by the assurance of obtaining crypto prizes valued at thousands of dollars, all without cost. To increase the attractiveness of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon clicking the promos, users end up on a page filled with attractive offers. “Crypto starts with BITSWIFER”, “Your crypto savings are secured with BITSWIFER, “Start earning with BITSWIFER – they look rather reliable. 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, unaware users happily keep on – especially since the gift appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you register using your personal info, frauds will not be able to earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, frauds bait folks into registration to get bonuses. And all the personal info needed for it – username, email, crypto wallet address – is valuable for user identification. Exclusively by gathering this info 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 cryptocurrency purchases on the platform with it, 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

Obviously, any cryptocurrency operations require you to have money on your account. With BITSWIFER, users are also compelled to top up to claim the bonuses. And this is what creates most of the cash flow to this scam website. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the transferred capital and withdraw them.

This, however, is where the first obvious problems start to surface. When comparing the real cryptocurrency wallet vs what the website 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 have no intentions to return your money. Though to make it look more realistic, they’ve developed a whole pack of reasons to decline the withdrawal request. Usually, they repeat what KYC regulations say, but for the Bitswifer.com they are here exclusively to make the withdrawal impossible.

By requesting 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 would desperately need to undergo before getting your grand back. And every check will share 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 Bitswifer.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with BITSWIFER 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 timeline of the scam, its actors may reach out to you with particular files. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency funds. As we earlier determined, these deceivers have no intention of restoring your capital. So, what do these emails and browser extensions represent? Correct – this is another element of the deceptive plan designed to throw you into willingly installing malicious programs onto your computer.

Both extensions and files included to emails can act as a shell for various malicious code. In this case, I anticipate 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 ethics is of little concern, and their reputation is already neck deep in mud. They have no principles to lose and strive to maximize profits.

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