Investigating Bitswifter: Legit or Scam? The Truth Exposed

Written by Daniel Zimmerman

Recently, Bitswifter.com website popped up, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather reliable supporting information that clearly reveals it is, actually, a scam platform.

Despite the promises of the most user-friendly, trustworthy, and client-friendly service, Bitswifter.com does not offer any of them. All this is just a shiny wrap around a dirty scam, which takes your funds and never returns them. Any tales about gifts, endorsement from celebrities etc are absent as well.

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Bitswifter Scam Overview

Originally, Bitswifter poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another notable selling 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 where those celebrities advertise the fraud as the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around a transparent scam.

Bitswifter.com Scam

Bitswifter Scam

To begin with, Bitswifter copies the appearance of many equivalent websites. There are quite a few examples, like Bitoneco, Bitcoinsynergy or Wosnex. They are completely undistinguishable in terms of visual elements, with small discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are the same. Presumably, all these fraudulent websites are managed by a single team of scammers.

Cryptocurrency Scam Summary

WebsiteBitswifter.com
HostingAS13335 Cloudflare, Inc.
United States, San Francisco
IP Address188.114.97.3
Threat TypeScam/Fraud
Scam TypeFraudulent offers of cryptocurrency services

How the Bitswifter Scam Works?

Bitswifter is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use various 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 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 start the fraud, criminals set up and fill accounts on popular social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Using bots and paid promotions (when achievable), scam actors intensify the exposure of their fraudulent activities to possible victims. And as I said, scammers do not shy away using generative AI for creating clips with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

Cryptoscam ads TIkTok

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

Users obtain an incentive to enroll, enticed by the commitment of getting crypto prizes valued at thousands of dollars, all for free. To increase the attractiveness of the offer, fake claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

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

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, deceivers bait folks for registration with bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Only 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, the alleged bonus is not available for withdrawal right away. To make it at least usable for cryptocurrency purchases, 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

It is obvious that any crypto operations require having capital on your account. With Bitswifter, users are also forced to top up to claim the bonuses. And these top ups 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 capital and withdraw them.

This, however, is where the victim notices the issues. When comparing the actual crypto wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to retrieve 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 return your money. Though to make the denial look more legitimate, they’ve crafted a whole pack of reasons to decline the transfer-out request. Usually, they repeat what KYC regulations say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for your personal info, frauds 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 funds back. And each of these checks 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 Bitswifter.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

  • False Celebrity Sponsorship. Bitswifter 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. Bitswifter.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. Bitswifter 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. Bitswifter.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%, Bitswifter preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Bitswifter as a scam.

What Should I do as a Victim?

If you had to deal with Bitswifter 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 scam, fraudsters may get in touch with you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we previously figured out, these scoundrels have no plan of returning your funds. So, what can these email messages and browser add-ons represent? You guessed – this is another component of the deceptive plan designed to throw you into deliberately running destructive applications onto your computer.

Both plugins and files added to emails can act as a carrier for various malicious code. In this situation, I anticipate the presence of spyware and stealers among other kinds of malicious programs. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As previously mentioned, their ethics is of negligible importance, and their reputation is already severely tarnished. They have nothing to lose and strive to boost profits.

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Frequently asked questions

Is there any real info on Bitswifter site?

The vast majority of information posted on the Bitswifter 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.

Are the Bitswifter site promices real?

No, there is no legitimate information on the Bitswifter 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.

Is there any way to recover my lost funds from Bitswifter scam?

Unfortunately, recovering funds lost to a scam like Bitswifter 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.

How to spot crypto trading scams in the future?

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:

  1. Question Unrealistic Promises. Approach offers that promise unrealistically high returns or guaranteed profits with caution. If an investment opportunity sounds too good to be true, it probably is.
  2. Scrutinize Celebrity Endorsements. Exercise skepticism when encountering endorsements from celebrities or public figures. Scammers often create fabricated endorsements to enhance their credibility.
  3. Verify Regulation and Licensing. Investigate whether the platform or service holds proper regulation and licenses from relevant authorities. Scammers frequently operate without legitimate authorization.
  4. Consult Reviews and Feedback. Seek out independent reviews and feedback from other traders. Positive reviews can be falsified, but negative reviews may offer valuable insights.
  5. Resist Urgency. Be wary of tactics that use a false sense of urgency to rush your decisions. Legitimate investments provide the necessary time for thorough research and contemplation.

What should I do as a victim of a Bitswifter.com scam?

If you have become a victim of a Bitswifter 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:

  • 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.
  • 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.
  • Thoroughly Document. 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.
  • 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.
  • 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.
  • 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.
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About the author

Daniel Zimmerman

I'm Daniel, a seasoned professional deeply passionate about the realm of security and malware defense. With over a decade of experience in the security industry and a background in writing, I am thrilled to share my expertise through this cybersecurity blog.

Throughout my career, I've had the privilege of working on the front lines of cybersecurity, tirelessly combating emerging threats and safeguarding digital environments. This hands-on experience has allowed me to develop a deep understanding of the ever-evolving landscape of malware and cyber-attacks.

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