We Investigated Bitwexy: Legit or Scam? The Facts

Recently, Bitwexy.com service surfaced, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather reliable proof that unmistakably confirms it is, in fact, a fraudulent service.

Despite the promises of the most easy, trustworthy, and customer-centric service, Bitwexy.com does not follow 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, sponsorship from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Bitwexy Scam Overview

Originally, Bitwexy poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another highlighted marketing point for this service is backing from celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, con actors employ AI-generated videos where those celebrities promote the fraud as the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a blatant wrap around a transparent scam.

Bitwexy Scam

To begin with, Bitwexy shares the design of many equivalent websites. There are quite a few examples, like Bitswifer, Ferionex or Felunax. They are completely undistinguishable in terms of graphic elements, with small discrepancies in the website header. Other details, and at times even crypto wallet addresses, are matching. Most likely, all these fraudulent websites are managed by the same gang of scoundrels.

Cryptocurrency Scam Summary

How the Bitwexy Scam Works?

Bitwexy is a part of a extensive 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 advanced 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 begin the deceptive scheme, criminals create and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and paid advertisements (when achievable), fraud actors boost the presence of their deceptive activities to possible victims. And as I said, scammers do not shy away using deepfake 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 registers the service immediately.

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

Users obtain an incentive to enroll, drawn by the commitment of receiving crypto benefits valued at hundreds of dollars, all for free. To augment the appeal of the offer, false suggestions of sponsorship by a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the promotions, users end up on a page filled with enticing offers. “Crypto starts with Bitwexy”, “Your crypto savings are secured with Bitwexy, “Start earning with Bitwexy – they look rather reliable. To heat up the interest and make the users proceed to step 3, scammers say that obtaining the pledged bonus requires registration. And since nothing questionable happens at this point, unaware users happily proceed – especially as 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 sign up using your personal data, swindrels 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, scammers bait folks into signing up for bonuses. And all the personal info needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this data and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.

As it turns out, the promised bonus is not available to use right away. To make it at least usable for crypto 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 money on your account. In the case of Bitwexy, users are also compelled to top up to get 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 committed gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the transferred money and withdraw them.

This is where the victim notices the issues. When keeping an eye on 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 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 swindlers are naught on intentions to give your money back. Though to make the denial look more realistic, they’ve crafted a whole bunch of reasons to decline the transfer-out request. Most of them repeat what Know Your Client requirements say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for your personal data, 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 grand back. And every check will uncover 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 Bitwexy.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Bitwexy 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%, Bitwexy exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Bitwexy as a scam.
• Dubious Corporate Information. Bitwexy 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. Bitwexy.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. Bitwexy 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 Bitwexy 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 scam, its actors may reach out to you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency savings. As we already figured out, these rascals have no intent of restoring your capital. So, what do these messages and browser add-ons represent? Correct – this is another side of the scam designed to throw you into deliberately installing destructive programs onto your computer.

Both plugins and files included to email messages can function as a carrier for various malicious code. In this situation, I expect the presence of spyware and stealers among other forms of malicious programs. While it is not mandatory for scammers to distribute malware, the chance is always existent. As stated, their morality is of no concern, and their dignity is already deeply compromised. They have no principles to give up and strive to boost profits.

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