Investigating Bittradein: Legit or Scam? The Truth Exposed

Recently, Bittradein.com service appeared, promoting itself as a platform to keep cryptocurrency and other assets safely. I managed to gather credible evidence that clearly reveals it is, in fact, a fraudulent service.

Despite the promises of the most user-friendly, dependable, and client-friendly service, Bittradein.com does not fulfill any of them. In fact, all this is just a gilded wrap around a clear scam, which steals your funds and never returns them. Any tales about gifts, endorsement from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Bittradein Scam Overview

Originally, Bittradein poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another highlighted marketing point for this service is partnerships with celebrities that are known as crypto activists. 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, rascals use AI-generated videos with those celebs promote the fraud as if it was 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.

Bittradein Scam

First and foremost, Bittradein copies the design of multiple similar online platforms. There are quite a few examples, like Dyig, Torwaxe or Cenutix. They are completely undistinguishable in terms of graphic elements, with small discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Probably, all these fraudulent sites are led by the same group of swindrels.

Cryptocurrency Scam Summary

How the Bittradein Scam Works?

Bittradein 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 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 advanced 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 well-liked social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Utilizing bots and paid promotions (when possible), fraud actors intensify the presence of their scam activities to possible victims. And as I said, fraudsters do not shy away using generative AI for creating clips with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who enrolls the service immediately.

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

Users get an encouragement to enroll, enticed by the commitment of obtaining cryptocurrency prizes valued at hundreds of dollars, all free of charge. To increase the attractiveness of the offer, fake suggestions of cooperation with a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After clicking the promotions, targets end up on a page filled with attractive offers. “Crypto starts with Bittradein”, “Your crypto savings are secured with Bittradein, “Start earning with Bittradein – they look rather credible. To heat up the interest and make the users proceed to step 3, fraudsters say that unlocking the pledged bonus requires registration. And as nothing questionable happens at this point, uninformed users happily proceed – 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 register using your personal data, crooks will not be able to 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, scammers bait folks into signing up to get bonuses. And all the personal information needed for it – email, username, crypto wallet address – are valuable for user identification. Only by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the promised bonus right away. To make it at least usable for crypto purchases, you need to 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 crypto operations require you to have money on your account. With Bittradein, users are also forced to top up to use the bonuses. And this is what creates the majority of the money flow to this scam site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the credited funds and withdraw them.

This, however, is where the first obvious issues start to surface. When comparing the real crypto wallet vs what the website says, you can observe 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

Needless to say that swindlers are naught on intentions to give your money back. But to make the denial look more realistic, they’ve crafted a whole pack of reasons to decline the withdrawal request. Usually, they repeat what Know Your Client requirements say, but for the Bittradein.com they are here only to make the wireout impossible.

By requesting your personal information, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your funds back. And every check 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 Bittradein.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bittradein 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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 offer you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency savings. As we earlier figured out, these scoundrels have no plan of restoring your funds. So, what do these messages and browser extensions represent? Correct – that is another element of the deceptive plan designed to throw you into deliberately running malicious applications onto your computer.

Both add-ons and files attached to emails can serve as a carrier for different malicious code. In this situation, I anticipate the presence of spyware and stealers among other forms of malware. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As noted, their ethics is of no concern, and their dignity is already severely tarnished. They have no scruples to give up and aim to boost revenues.

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