We Investigated Bitxeq: Legit or Scam? The Facts

Recently, Bitxeq.com site appeared, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather credible proof that clearly indicates it is, actually, a fraudulent platform.

Despite what Bitxeq site says, they won’t ever give back your funds. Regardless of the money displayed in the “member area”, there is no possibility to take out even a single cent. All commitments regarding crypto bonuses are baseless as well.

Bitxeq Scam Overview

The key offering that Bitxeq aims to provide is a secure and user-friendly cryptocurrency wallet service. The site pledges crypto exchange solutions, tools for managing wallets, transfers, dashboards, and similar stuff. In fact, they aim to emulate the functionality of a crypto exchange, like Binance or Coinbase. However, it in actuality only serves as a cover needed to lull the vigilance.

Bitxeq Scam

To begin with, Bitxeq imitates the appearance of numerous equivalent online platforms. There are quite a few examples, like Coinfuise, Coinixbit or Crystalxbit. They are completely identical in terms of visual elements, with small discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are identical. Probably, all these fraudulent sites are operated by the same gang of scoundrels.

Cryptocurrency Scam Summary

How the Bitxeq Scam Works?

Bitxeq is yet another online platform within a wide-ranging network of linked crypto deceptive platforms. The administrators utilize diverse brand identities and sites, like Bitxeq.com, to capture victims. Nevertheless, these fraudulent websites have in common identical website designs, terms of service, and About content. This reveals their origins as components of the equal scam network, which advocates the identical form of fraud under different disguises. The scammers merely replicate the equal scam site under diverse names to fool users into assuming they are participating in a fresh venture. However, in actuality, it’s the identical system of scammers orchestrating the deceptive commitments and attempts to grab deposited cryptocurrency. The operators shrewdly employ psychological strategies and captivating propositions to execute their unscrupulous schemes.

Step 1: Spreading

To initiate the fraud, criminals establish and fill accounts on well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Using bots and paid ads (when achievable), scam actors intensify the exposure of their scam activities to potential victims. This strategy enables them to create a wide net and interact with their targeted spectators. The group typically consists of cryptocurrency enthusiasts looking for chances to make profits.

Step 2: Gaining Traffic

People who express interest go to Bitxeq.com via links present in promotions or bot-generated posts. The webpage employs captivating visuals, design aspects that appear authentic, and claims of holding a official license, all intended to present an initial perception of credibility.

Step 3: Data Gathering

To redeem their prizes, users must deliberately sign up on Bitxeq and get prompts to provide sensitive and private information throughout the enrollment process. This includes linking their cryptocurrency wallets, sharing email addresses, specifying phone numbers, submitting identification papers, and more.

Step 4: Requesting funds

Once signed up, users observe substantial amounts of cryptocurrency, valued at thousands of dollars, within their Bitxeq wallets. Nonetheless, as it usually happens with such incentives, you can’t withdraw them ahead of making a deposit. Normally, a payment of $100 is asked to withdraw the sign-up bonus. This condition serves as the trap that eventually leads to the money loss.

Step 5: Disappear

Signs of Scam

I gathered several facts that point at the scammy nature of the Bitxeq.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bitxeq 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.

• Report the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

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 fraud, its masters may get in touch with you with specific files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we previously determined, these deceivers have no intent of giving back your money. So, what can these email messages and browser plugins represent? You guessed it right – that is another element of the deceptive plan designed to throw you into willingly installing malicious applications onto your device.

Both extensions and files attached to emails can act as a carrier for various malware. In this scenario, I expect the presence of spyware and stealers among all kinds of malicious programs. While it is not obligatory for scammers to distribute malware, the likelihood is always existent. As noted, their ethics is of no concern, and their dignity is already deeply compromised. They have no principles to lose and strive to boost gains.

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