Bitxstore Reviewed: Real Deal or Total Ripoff? Read This First

Recently, Bitxstore.com site surfaced, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather reliable evidence that clearly confirms it is, in fact, a fraudulent platform.

Despite the promises of the most user-friendly, trustworthy, and client-friendly service, Bitxstore.com does not fulfill any of them. In fact, all this is just a golden wrap around a blatant scam, which takes your money and data and never returns them. Any stories about bonuses, backing from celebrities etc are nowhere to be found as well.

Bitxstore Scam Overview

Originally, Bitxstore poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another highlighted selling point for this site is backing from celebrities that have relation to 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 use deepfake videos where those celebrities promote the scam as if it was 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.

Bitxstore Scam

First and foremost, Bitxstore repeats the layout of numerous equivalent pages. There are quite a few examples, like Bitxet, Bitsneek or Bitoxchange. They are entirely identical in terms of visual elements, with slight discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are identical. Presumably, all these deceptive online platforms are managed by the same gang of fraudsters.

Cryptocurrency Scam Summary

How the Bitxstore Scam Works?

Bitxstore is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use numerous website designs, which still share the same overall layout. Another mutual 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 legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To start the fraud, criminals create and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Using bots and sponsored ads (when feasible), fraud actors intensify the visibility of their deceptive activities to possible victims. And as I said, crooks do not disdain using generative AI for creating videos with the mentioned celebs that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who enrolls the service immediately.

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

Step 2: Gaining Traffic

Upon clicking the promotions, users end up on a page filled with enticing offers. “Crypto starts with Bitxstore”, “Your crypto savings are secured with Bitxstore, “Start earning with Bitxstore – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that unlocking the promoted bonus requires registration. And as nothing questionable happens at this point, uninformed users happily keep on – especially since the reward 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 information, swindrels 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 to get bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make it at least usable for crypto purchases, 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

Obviously, any cryptocurrency operations require you to have money on your account. In the case of Bitxstore, users are also compelled to top up to claim the bonuses. And these top ups is what creates most of the cash flow to this fraudulent website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the deposited money and withdraw them.

This is where the victim notices the issues. When keeping an eye on the actual crypto wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw the capital 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 give your money back. Though to make the denial look more legitimate, they’ve crafted a whole pack of reasons to decline the withdrawal request. Usually, they repeat what Know Your Client guidelines say, but in this case they are here only to make the wireout 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 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 Bitxstore.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bitxstore 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 fraud, fraudsters may contact you with specific documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto assets. As we previously determined, these deceivers have no plan of giving back your money. So, what do these messages and browser add-ons represent? Correct – that is another component of the deceptive plan designed to throw you into willingly running destructive applications onto your device.

Both extensions and attachments included to email messages can serve as a shell for different malicious software. In this situation, I expect the presence of spyware and stealers among other types of malicious programs. While it is not mandatory for scammers to distribute malware, the probability is always greater than zero. As stated, their ethics is of no concern, and their dignity is already deeply compromised. They have no principles to lose and intend to maximize revenues.

Frequently asked questions