We Investigated Bitxguard: Legit or Scam? The Facts

Recently, Bitxguard.com website popped up, promoting itself as a platform where you can safely keep cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably confirms it is, actually, a scam platform.

Despite what Bitxguard site says, they won’t ever return your funds. Regardless of the figures displayed in the “member area”, there is absolutely no way to withdraw even a cent. All promises regarding crypto incentives are empty as well.

Bitxguard Scam Overview

The main service that Bitxguard aims to provide is a secure and convenient crypto wallet service. The website promises crypto exchange solutions, tools for handling wallets, transfers, dashboards, and alike functions. In truth, they try to emulate the functionality of a crypto exchange, like Binance or Coinbase. However, it in actuality only serves as a cover needed to deceive the cautious.

Bitxguard Scam

Initially, Bitxguard imitates the design of multiple equivalent pages. There are quite a few examples, like Royre, Lanexar or Amezas. They are completely indistinguishable in terms of visual elements, with slight discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are matching. Presumably, all these fraudulent websites are managed by the same gang of fraudsters.

Cryptocurrency Scam Summary

How the Bitxguard Scam Works?

Bitxguard is yet another website within a wide-ranging network of linked crypto fraudulent sites. The administrators employ different brand titles and sites, like Bitxguard.com, to ensnare victims. However, these deceptive websites possess identical designs, terms of service, and About information. This reveals their origins as components of the equal scam network, which endorses the similar form of fraud under various disguises. The scammers simply replicate the equal fraudulent website under various names to mislead users into thinking they are enrolling a new opportunity. However, in actuality, it’s the identical system of scammers orchestrating the deceptive pledges and undertakings to grab deposited funds. The managers shrewdly make use of psychological strategies and appealing invitations to carry out their unscrupulous schemes.

Step 1: Spreading

To begin the scam, criminals set up and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Utilizing bots and paid ads (when feasible), fraud actors intensify the exposure of their deceptive activities to possible victims. This tactic enables them to cast an extensive net and engage with their focused audience. The latter commonly consists of cryptocurrency fans seeking prospects to make profits.

Users receive an encouragement to sign up, attracted by the promise of obtaining crypto benefits valued at thousands of dollars, all for free. To increase the appeal of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Individuals who demonstrate interest visit Bitxguard.com via links featured in advertisements or robotic posts. The site utilizes captivating visuals, design aspects that appear authentic, and assertions of holding a valid license, all designed to project an initial impression of credibility.

Step 3: Data Gathering

To redeem their benefits, users need to proactively create an profile on Bitxguard and receive instructions to submit sensitive and private data throughout the registration procedure. This comprises linking their cryptocurrency wallets, providing email addresses, giving phone numbers, submitting identification papers, and the like.

Step 4: Requesting funds

Once registered, users notice significant amounts of cryptocurrency, valued at hundreds of dollars, within their Bitxguard wallets. However, as is typical with such bonuses, you can’t withdraw them prior to topping up your account. Typically, a deposit of $100 is required to get the sign-up bonus. This stipulation serves as the enticement that eventually results to the money loss.

Step 5: Disappear

Signs of Scam

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

• False Celebrity Sponsorship. Bitxguard often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Bitxguard.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Bitxguard raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Bitxguard.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Bitxguard preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Bitxguard as a scam.

What Should I do as a Victim?

If you had to deal with Bitxguard 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 masters may get in touch with you with particular documents. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto assets. As we previously figured out, these scoundrels have no intent of restoring your money. So, what can these messages and browser plugins represent? You guessed it right – that is another element of the fraudulent scheme designed to entice you into deliberately running malicious applications onto your computer.

Both extensions and files included to emails can function as a shell for various malware. In this case, I foresee the presence of spyware and stealers among other kinds of malware. While it is not mandatory for scammers to distribute malware, the chance is always existent. As stated, their ethics is of little concern, and their dignity is already seriously marred. They have no scruples to lose and aim to boost gains.

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