We Looked at the Evidence: Is Bitxev Legit or Scam?

Recently, Bitxev.com site popped up, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably confirms it is, actually, a fraudulent platform.

Regardless of the promises of the most user-friendly, reliable, and customer-centric service, Bitxev.com does not offer any of them. All this is just a shiny wrap around a clear scam, which steals your money and never gives them back. Any tales about bonuses, endorsement from celebrities etc are non-existent as well.

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Bitxev Scam Overview

Originally, Bitxev poses as a crypto trading & cryptowallet platform with outstandingly low commission fees. Another highlighted marketing point for this site is partnerships with celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, rascals employ AI-generated videos where those celebrities promote the scam as if it was 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 glaring wrap around an obvious scam.

Bitxev Scam

First and foremost, Bitxev shares the appearance of numerous equivalent websites. There are quite a few examples, like Bitupchange, Bitcomodo or Avixbit. They are entirely identical in terms of visual elements, with small discrepancies in the website header. Other particulars, and at times even crypto wallet addresses, are identical. Probably, all these fraudulent online platforms are managed by a single gang of fraudsters.

Cryptocurrency Scam Summary

How the Bitxev Scam Works?

Bitxev is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use various 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To start the scam, criminals create and fill accounts on popular social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Utilizing bots and paid ads (when feasible), scam actors increase the exposure of their fraudulent activities to possible victims. And as I said, scammers do not shy away using generative AI for creating videos with the aforementioned celebrities 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 Bitxev in TikTok. Most of these videos are AI-generated deepfakes

Users receive an encouragement to register, drawn by the assurance of obtaining cryptocurrency benefits valued at thousands of dollars, all for free. To augment the attractiveness of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After clicking the promotions, victims end up on a page filled with enticing offers. “Crypto starts with Bitxev”, “Your crypto savings are secured with Bitxev, “Start earning with Bitxev – they look rather reliable. To heat up the interest and make the users proceed to step 3, scammers say that obtaining the promoted bonus requires registration. And as nothing questionable happens at this point, uninformed users happily proceed – especially since the gift appears to be right behind the corner.

This is the last stage when it is possible to steer away from 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 said, frauds bait folks into registration for bonuses. And all the personal information needed for it – username, email, crypto wallet address – are valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the promised bonus is not available for withdrawal right away. To make it at least usable for crypto purchases, the user should top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

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

This, however, is where the problems start to surface. When keeping an eye on the real crypto wallet vs what the site 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 scoundrels are naught on intentions to return your money. Though to make it look more legitimate, they’ve crafted a whole bunch of reasons to decline the wireout request. Most of them repeat what Know Your Client regulations say, but in this case they are here only to make the withdrawal impossible.

By asking for your personal information, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you should go through before getting your funds back. And every check will share more and more information, 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 Bitxev.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Bitxev 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%, Bitxev exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Bitxev as a scam.
• Dubious Corporate Information. Bitxev 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. Bitxev.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. Bitxev 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 Bitxev 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 offer you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we earlier determined, these scoundrels have no intent of restoring your capital. So, what can these messages and browser plugins represent? You guessed it right – this is another component of the scam designed to throw you into willingly installing destructive software onto your computer.

Both plugins and files added to email messages can act as a carrier for various malicious software. In this case, I expect the presence of spyware and stealers among other kinds of threats. While it is not mandatory for scammers to distribute malware, the probability is always greater than zero. As noted, their morality is of no concern, and their reputation is already seriously marred. They have no scruples to give up and strive to maximize revenues.

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Frequently asked questions

The truth about Bitxev

Name: Bitxev

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Bitxev, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Bitxev scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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