Investigating Bitxmust: Legit or Scam? The Truth Revealed

Recently, Bitxmust.com website popped up, promoting itself as a place to store cryptocurrency and other assets safely. I managed to gather reliable supporting information that clearly indicates it is, actually, a fraudulent service.

Despite the promises of the most convenient, reliable, and client-friendly service, Bitxmust.com does not follow any of them. In fact, all this is just a gilded wrap around a clear scam, which takes your money and data and never returns them. Any stories about gifts, backing from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Bitxmust Scam Overview

Originally, Bitxmust poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another notable marketing point for this site is partnerships with celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, con actors use deepfake videos where those celebrities advertise the fake crypto service as the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a vivid wrap around a transparent scam.

Bitxmust Scam

First and foremost, Bitxmust copies the layout of numerous equivalent websites. There are quite a few examples, like Yembit, Xteslon or Xfalc. They are entirely indistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are matching. Most likely, all these deceptive online platforms are operated by the same gang of fraudsters.

Cryptocurrency Scam Summary

How the Bitxmust Scam Works?

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

Step 1: Promotion

To initiate the scam, criminals create and fill accounts on popular social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Utilizing bots and sponsored promotions (when feasible), scam actors intensify the exposure of their scam activities to potential victims. And as I said, crooks do not shy away using generative AI for creating clips with the mentioned celebs that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who joins the service immediately.

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

Users obtain an encouragement to register, attracted by the assurance of obtaining crypto benefits valued at hundreds of dollars, all for free. To increase the attractiveness of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After following the promotions, victims end up on a page filled with appealing offers. “Crypto starts with Bitxmust”, “Your crypto savings are secured with Bitxmust, “Start earning with Bitxmust – they look rather authoritative. To heat up users and make them proceed to step 3, fraudsters say that claiming the promoted bonus requires registration. And since nothing concerning happens at this point, uninformed 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 register using your personal info, swindrels will not be able to 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 mentioned, deceivers bait folks for registration with bonuses. And all the personal data needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make at least crypto purchases on the platform with it, you need to top up the account with the equivalent sum. And this is what initiates the final stage of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency operations require having funds on your account. With Bitxmust, users are also forced to top up to claim the bonuses. And this is what creates most 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 site hoping to use all the transferred capital and withdraw them.

This is where the issues start to surface. When keeping an eye on the actual crypto wallet vs what the website says, you can notice 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 send you money. Though to make it look more realistic, they’ve made up a whole bunch of reasons to decline the withdrawal request. Most of them repeat what KYC regulations say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal info, deceivers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your funds back. And each of these checks will reveal more and more information, which – you guessed it right – will be then sold 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 Bitxmust.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bitxmust 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 course of the scam, its actors may get in touch with you with particular documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we earlier figured out, these scoundrels have no intention of giving back your capital. So, what do these messages and browser add-ons represent? Correct – that is another side of the scam designed to throw you into willingly running harmful programs onto your system.

Both add-ons and attachments attached to emails can serve as a shell for different malicious software. In this situation, I anticipate the presence of spyware and stealers among other kinds of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always above zero. As stated, their morality is of little concern, and their dignity is already severely tarnished. They have no principles to give up and intend to maximize revenues.

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