Investigating BitxProtect: Legit or Scam? The Truth Exposed

Recently, Bitxprotect.com website surfaced, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather reliable proof that clearly confirms it is, actually, a fraudulent service.

Regardless of the promises of the most easy, dependable, and customer-centric service, Bitxprotect.com does not fulfill any of them. All this is just a golden wrap around a dirty scam, which takes your funds and never returns them. Any stories about gifts, backing from celebrities etc are absent as well.

BitxProtect Scam Overview

Originally, BitxProtect poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another notable marketing point for this site is partnerships with celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, con actors employ deepfake videos with those celebs promote the fraud as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

BitxProtect Scam

Initially, BitxProtect copies the design of multiple equivalent pages. There are quite a few examples, like Defirog, Bit or Bestbtcoreth2023. They are totally undistinguishable in terms of graphic elements, with small discrepancies in the website header. Other details, and sometimes even crypto wallet addresses, are the same. Probably, all these scam websites are managed by a single gang of scammers.

Cryptocurrency Scam Summary

How the BitxProtect Scam Works?

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

Step 1: Promotion

To start the scam, criminals establish and fill accounts on popular social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Employing bots and sponsored promotions (when achievable), fraud actors intensify the presence of their fraudulent activities to possible victims. And as I said, scammers do not shy away using deepfake for creating videos with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users get a stimulus to register, attracted by the commitment of getting crypto rewards valued at hundreds of dollars, all free of charge. To increase the appeal of the offer, false suggestions of sponsorship by a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon clicking the promotions, victims end up on a page filled with attractive offers. “Crypto starts with BitxProtect”, “Your crypto savings are secured with BitxProtect, “Start earning with BitxProtect – they look rather reliable. To heat up users and make them proceed to step 3, crooks say that claiming the pledged bonus requires registration. And since nothing suspicious happens at this point, unexperienced users happily move on – especially as the bonus appears to be right behind the corner.

This is the last stage when it is possible to get away from the scam without any losses. Before you sign up using your personal data, frauds will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, deceivers bait folks into signing up for bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Still, 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. At this point, the final stage of the scam begins.

Step 4: Requesting funds

It is obvious that any cryptocurrency operations require you to have money on your account. With BitxProtect, users are also compelled to top up to claim the bonuses. And this is what creates most of the money flow to this fraudulent site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the credited money and withdraw them.

This, however, is where the victim notices the issues. When keeping an eye on the real crypto wallet vs what the site says, you can notice 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 fraudsters are naught on intentions to return your money. Though to make the denial look more realistic, they’ve crafted a whole pack of reasons to decline the wireout request. Usually, they repeat what Know Your Client requirements say, but in this case they are here only to make the wireout impossible.

By asking for your personal information, deceivers just stall hoping for you to understand that you’ve been scammed 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 uncover 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 Bitxprotect.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. BitxProtect 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%, BitxProtect exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying BitxProtect as a scam.
• Dubious Corporate Information. BitxProtect 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. Bitxprotect.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. BitxProtect 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 BitxProtect 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 scam, its masters may reach out to you with particular files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency assets. As we earlier figured out, these rascals have no intention of restoring your funds. So, what do these messages and browser add-ons represent? Correct – that is another element of the scam designed to throw you into deliberately running destructive software onto your system.

Both add-ons and attachments attached to email messages can serve as a shell for different malicious software. In this situation, I foresee the presence of spyware and stealers among other kinds of malicious programs. While it is not mandatory for scammers to distribute malware, the probability is always above zero. As noted, their conscience is of no concern, and their dignity is already seriously marred. They have no principles to lose and intend to boost gains.

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