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

Recently, Bitxmars.com site appeared, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather credible supporting information that clearly confirms it is, in truth, a deceptive site.

Regardless of the promises of the most user-friendly, reliable, and client-friendly service, Bitxmars.com does not follow any of them. In fact, all this is just a shiny wrap around a blatant scam, which takes your money and data and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are nowhere to be found as well.

Bitxmars Scam Overview

Originally, Bitxmars poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another bright selling point for this platform is partnerships with celebrities that are known as crypto activists. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, rascals employ deepfake videos where those celebrities advertise the scam as if it was the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around a transparent scam.

Bitxmars Scam

To begin with, Bitxmars shares the design of multiple similar online platforms. There are quite a few examples, like Coinlandx, Corionx or Electobit. They are entirely undistinguishable in terms of visual elements, with small discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are the same. Probably, all these deceptive websites are managed by a single team of fraudsters.

Cryptocurrency Scam Summary

How the Bitxmars Scam Works?

Bitxmars is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers 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 sophisticated psychological tricks that make the user believe in the legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the scam, criminals set up and fill accounts on popular social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Using bots and paid promotions (when achievable), scam actors boost the exposure of their fraudulent activities to possible victims. And as I said, scammers do not disdain using deepfake for creating videos with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who registers the service immediately.

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

Step 2: Gaining Traffic

Upon following the ads, users end up on a page filled with appealing offers. “Crypto starts with Bitxmars”, “Your crypto savings are secured with Bitxmars, “Start earning with Bitxmars – they look rather credible. To heat up the interest and make the users proceed to step 3, fraudsters say that unlocking the pledged bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily move on – especially since 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 info, crooks 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 mentioned, deceivers bait folks into registration for bonuses. And all the personal information needed for it – username, email, crypto wallet address – is valuable for user identification. Only by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the claimed 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 purchases require you to have funds on your account. With Bitxmars, users are also forced to top up to use the bonuses. And these top ups is what creates most of the money flow to this scam site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the transferred capital and withdraw them.

This is where the victim notices the problems. When keeping an eye on the real 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 funds 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. But to make the fraud look more legitimate, they’ve crafted a whole pack of reasons to decline the withdrawal request. Usually, they repeat what Know Your Client regulations say, but for the Bitxmars.com they are here exclusively to make the wireout impossible.

By requesting your personal data, frauds 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 would desperately need to undergo before getting your grand back. And each of these checks will reveal 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 Bitxmars.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Bitxmars 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. Bitxmars.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. Bitxmars 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. Bitxmars.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%, Bitxmars preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Bitxmars as a scam.

What Should I do as a Victim?

If you had to deal with Bitxmars 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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 duration of the fraud, fraudsters 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 savings. As we earlier figured out, these scammers have no intent of giving back your funds. So, what can these messages and browser extensions represent? Correct – that is another element of the fraudulent scheme designed to throw you into deliberately running harmful programs onto your system.

Both plugins and files added to emails can serve as a shell for various malicious code. In this situation, I expect the presence of spyware and stealers among all kinds of malware. While it is not obligatory for scammers to distribute malware, the probability is always greater than zero. As noted, their conscience is of negligible importance, and their dignity is already seriously marred. They have no principles to give up and strive to boost gains.

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