Investigating Bitxelo: Legit or Scam? The Truth Revealed

Recently, Bitxelo.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, actually, a scam platform.

Regardless of the promises of the most convenient, trustworthy, and client-friendly service, Bitxelo.com does not fulfill any of them. All this is just a gilded wrap around a dirty scam, which steals your funds and never gives them back. Any stories about bonuses, backing from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Bitxelo Scam Overview

Originally, Bitxelo poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another notable marketing point for this platform is backing from celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, frauds use deepfake videos with those celebs promote 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.

Bitxelo Scam

First and foremost, Bitxelo repeats the appearance of many equivalent websites. There are quite a few examples, like Bitantc, Xelovex or Xeomex. They are entirely undistinguishable in terms of visual elements, with minor discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are matching. Most likely, all these fraudulent websites are managed by a single gang of fraudsters.

Cryptocurrency Scam Summary

How the Bitxelo Scam Works?

Bitxelo is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous website designs, which still share the identical 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 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 fraud, criminals create and fill accounts on well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and sponsored advertisements (when achievable), fraud actors boost the visibility of their scam activities to potential victims. And as I said, fraudsters do not disdain using deepfake for creating clips with the aforementioned celebs that promote 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 Bitxelo in TikTok. Most of these videos are AI-generated deepfakes

Users obtain a stimulus to sign up, attracted by the assurance of obtaining cryptocurrency prizes valued at hundreds of dollars, all free of charge. To increase the appeal of the offer, fake suggestions of cooperation with a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, targets end up on a page filled with enticing offers. “Crypto starts with Bitxelo”, “Your crypto savings are secured with Bitxelo, “Start earning with Bitxelo – they look rather credible. To heat up users and make them proceed to step 3, fraudsters say that getting the promoted bonus requires registration. And as nothing questionable happens at this point, unexperienced users happily move on – 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 register using your personal information, frauds will not earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, frauds bait folks for registration with bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this info 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 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 starts the final step of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency purchases require you to have capital on your account. In the case of Bitxelo, users are also coerced to top up to use the bonuses. And this is what creates the majority of the money flow to this scam website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the deposited funds and withdraw them.

This, however, is where the issues start to surface. When comparing the actual cryptocurrency wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out the capital 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 return your money. Though to make the denial look more realistic, they’ve made up a whole bunch of reasons to decline the wireout request. Usually, they repeat what KYC requirements say, but for the Bitxelo.com they are here only to make the wireout impossible.

By asking for 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 multiple other checks you should go through before getting your money back. And each of these checks will uncover more and more information, 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 Bitxelo.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bitxelo 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 duration of the scam, its masters may reach out to you with specific files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we earlier figured out, these deceivers have no intention of returning your capital. So, what can these messages and browser extensions represent? Correct – that is another element of the deceptive plan designed to entice you into deliberately running harmful applications onto your system.

Both add-ons and files added to email messages can serve as a carrier for various malware. In this case, I expect the presence of spyware and stealers among all forms of threats. While it is not mandatory for scammers to distribute malware, the chance is always greater than zero. As stated, their morality is of little concern, and their reputation is already severely tarnished. They have no principles to lose and aim to boost revenues.

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