Bitvald Reviewed: Legit or Total Ripoff? Read This First

Recently, Bitvald.com site appeared, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather reliable supporting information that unmistakably reveals it is, actually, a deceptive platform.

Despite the promises of the most easy, trustworthy, and client-friendly service, Bitvald.com does not follow any of them. All this is just a shiny wrap around a clear scam, which takes your money and never returns them. Any stories about gifts, backing from celebrities etc are absent as well.

Bitvald Scam Overview

Originally, Bitvald poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another notable selling point for this service is partnerships with celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, rascals employ AI-generated videos with those celebs advertise the fake crypto service as the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

Bitvald Scam

First and foremost, Bitvald repeats the design of multiple equivalent online platforms. There are quite a few examples, like Wemixvip, Flunexa or Flentora. They are entirely undistinguishable in terms of visual elements, with slight discrepancies in the website header. Other details, and at times even crypto wallet addresses, are unchanged. Presumably, all these scam sites are managed by a single team of frauds.

Cryptocurrency Scam Summary

How the Bitvald Scam Works?

Bitvald is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use several website designs, which still share the identical 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 fraud, criminals set up and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Employing bots and sponsored advertisements (when possible), scam actors intensify the visibility of their scam activities to potential victims. And as I said, scammers do not disdain using deepfake for creating clips with the aforementioned celebs that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

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

Users get a stimulus to sign up, attracted by the assurance of getting cryptocurrency benefits valued at thousands of dollars, all for free. To enhance the appeal of the offer, false suggestions of sponsorship by a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

After following the ads, targets end up on a page filled with enticing offers. “Crypto starts with Bitvald”, “Your crypto savings are secured with Bitvald, “Start earning with Bitvald – they look rather credible. To heat up the interest and make the users proceed to step 3, scammers say that obtaining the pledged bonus requires registration. And as nothing questionable happens at this point, unexperienced 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, 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 mentioned, deceivers bait folks into registration to get bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, swindlers 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, you need to top up the account with the sum of a bonus. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Eventually, any crypto operations require you to have money on your account. With Bitvald, users are also coerced to top up to use the bonuses. And these top ups is what creates most of the cash flow to this fraudulent website. 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 first obvious issues start to surface. When keeping an eye on the real cryptocurrency wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to pull out 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 scoundrels are naught on intentions to return your money. But to make the denial look more legitimate, they’ve elaborated a whole bunch of reasons to decline the transfer-out request. Most of them repeat what Know Your Client requirements say, but for the Bitvald.com they are here exclusively to make the withdrawal impossible.

By requesting your personal info, deceivers 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 grand back. And every check will share more and more info of yours, which – you guessed it right – will be then marketed 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 Bitvald.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Bitvald employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Bitvald exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Bitvald as a scam.
• Dubious Corporate Information. Bitvald arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Bitvald.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Bitvald utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Bitvald 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 course of the fraud, scoundrels may contact you with specific files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency savings. As we already figured out, these scoundrels have no plan of returning your capital. So, what can these emails and browser plugins represent? You guessed it right – that is another side of the deceptive plan designed to throw you into deliberately installing malicious applications onto your device.

Both add-ons and attachments attached to emails can function as a shell for diverse malicious code. In this scenario, I foresee the presence of spyware and stealers among other types of malicious programs. While it is not obligatory for scammers to distribute malware, the likelihood is always above zero. As previously mentioned, their morality is of negligible importance, and their reputation is already neck deep in mud. They have nothing to lose and strive to maximize gains.

Frequently asked questions