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

Recently, Bitxwexy.com site surfaced, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather reliable proof that clearly reveals it is, actually, a scam service.

Despite the promises of the most convenient, trustworthy, and customer-centric service, Bitxwexy.com does not follow any of them. All this is just a shiny wrap around a dirty scam, which takes your funds and never gives them back. Any tales about gifts, backing from celebrities etc are nowhere to be found as well.

Bitxwexy Scam Overview

Originally, Bitxwexy poses as a crypto trading & cryptowallet platform with outstandingly low commission fees. Another highlighted marketing point for this service is backing from celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, con actors use AI-generated videos where those celebrities advertise the fake crypto service 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.

Bitxwexy Scam

To begin with, Bitxwexy copies the appearance of multiple similar pages. There are quite a few examples, like Bits, Bitexup or Bensory. They are entirely indistinguishable in terms of graphic elements, with slight discrepancies in the site header. Other details, and sometimes even crypto wallet addresses, are matching. Presumably, all these fraudulent sites are managed by a single gang of frauds.

Cryptocurrency Scam Summary

How the Bitxwexy Scam Works?

Bitxwexy is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use various website designs, which still share the similar 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 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 start the scam, criminals set up and fill accounts on well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Utilizing bots and sponsored promotions (when achievable), fraud actors intensify the presence of their fraudulent activities to possible victims. And as I said, crooks do not disdain using generative AI for creating clips with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who registers the service immediately.

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

Users obtain an encouragement to sign up, enticed by the commitment of receiving cryptocurrency prizes valued at thousands of dollars, all without cost. To augment the attractiveness 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 following the promotions, victims end up on a page filled with attractive offers. “Crypto starts with Bitxwexy”, “Your crypto savings are secured with Bitxwexy, “Start earning with Bitxwexy – they look rather credible. To heat up users and make them proceed to step 3, crooks say that claiming the pledged bonus requires registration. And as nothing concerning happens at this point, unexperienced users happily keep on – especially as the reward appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you register using your personal info, swindrels will not 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 said, deceivers bait folks for registration with bonuses. And all the personal info needed for it – username, email, crypto wallet address – are valuable for user identification. Solely by gathering this info and selling it further into the Darknet, fraudsters 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 cryptocurrency 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 purchases require having funds on your account. In the case of Bitxwexy, users are also coerced to top up to use the bonuses. And these top ups is what creates the majority of the cash 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 credited capital and withdraw them.

This is where the issues start to surface. When keeping an eye on the real crypto wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to retrieve the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that fraudsters have 0 intentions to send you money. Though to make it look more legitimate, they’ve made up a whole pack of reasons to decline the wireout request. Most of them repeat what KYC requirements say, but in this case they are here only to make the wireout impossible.

By requesting your personal data, 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 should go through before getting your funds back. And each of these checks will uncover more and more info of yours, 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 Bitxwexy.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bitxwexy 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 duration of the scam, fraudsters may contact you with particular files. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we already figured out, these scammers have no intent of giving back your funds. So, what can these emails and browser add-ons represent? Correct – this is another component of the deceptive plan designed to entice you into deliberately running harmful applications onto your device.

Both extensions and files included to emails can function as a shell for different malicious software. In this scenario, I anticipate the presence of spyware and stealers among all forms of malware. While it is not obligatory for scammers to distribute malware, the chance is always existent. As noted, their morality is of negligible importance, and their reputation is already seriously marred. They have no scruples to lose and intend to boost profits.

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