We Investigated Blazebitx: Legit or Scam? The Facts

Recently, Blazebitx.com service popped up, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable supporting information that clearly reveals it is, actually, a fraudulent service.

Regardless of the promises of the most user-friendly, trustworthy, and customer-centric service, Blazebitx.com does not fulfill any of them. All this is just a golden wrap around a clear scam, which steals your money and data and never gives them back. Any tales about gifts, sponsorship from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Blazebitx Scam Overview

Originally, Blazebitx poses as a crypto trading & cryptowallet platform with exceptionally low commission fees. Another bright selling point for this site is backing from celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look real, rascals employ deepfake videos where those celebrities promote the fake crypto service 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.

Blazebitx Scam

First and foremost, Blazebitx repeats the design of numerous equivalent online platforms. There are quite a few examples, like Zynoxy, Donometa or Bpomuk. They are totally indistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other specific elements, and at times even crypto wallet addresses, are identical. Probably, all these scam websites are led by a single team of scammers.

Cryptocurrency Scam Summary

How the Blazebitx Scam Works?

Blazebitx is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use various 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the fraud, criminals set up and fill accounts on popular social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Utilizing bots and paid promotions (when feasible), fraud actors intensify the visibility of their fraudulent activities to potential victims. And as I said, scammers do not shy away using deepfake for creating clips 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 registers the service immediately.

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

Users obtain a stimulus to register, attracted by the promise of receiving crypto prizes valued at hundreds of dollars, all for free. To enhance the attractiveness of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After following the promotions, targets end up on a page filled with appealing offers. “Crypto starts with Blazebitx”, “Your crypto savings are secured with Blazebitx, “Start earning with Blazebitx – they look rather reliable. To heat up the interest and make the users proceed to step 3, scammers say that getting the promoted bonus requires registration. And since nothing concerning happens at this point, unaware users happily proceed – especially as the gift 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, rascals will not 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, frauds bait folks for registration with bonuses. And all the personal data needed for it – email, username, cryptocurrency wallet address – are 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 promised 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 kicks in.

Step 4: Requesting funds

Eventually, any cryptocurrency purchases require having money on your account. With Blazebitx, users are also forced to top up to claim the bonuses. And this is what creates most of the money 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 site hoping to use all the deposited funds and withdraw them.

This, however, is where the victim notices the problems. When keeping an eye on the real cryptocurrency 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

There’s no need to explain that scoundrels have no intentions to give your money back. But to make the denial look more realistic, they’ve elaborated a whole pack of reasons to decline the withdrawal request. Most of them repeat what KYC requirements say, but in this case they are here only to make the withdrawal impossible.

By asking for 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 numerous other checks you would desperately need to undergo before getting your grand back. And each of these checks will uncover more and more info of yours, which – you guessed it right – will be then traded 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 Blazebitx.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Blazebitx 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 course of the fraud, fraudsters may contact you with particular files. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we already figured out, these scammers have no intention of giving back your money. So, what can these email messages and browser plugins represent? Correct – that is another component of the fraudulent scheme designed to entice you into willingly running destructive applications onto your computer.

Both add-ons and files added to emails can serve as a carrier for various malware. In this situation, I expect the presence of spyware and stealers among all types of malware. While it is not obligatory for scammers to distribute malware, the chance is always significant. As stated, their morality is of negligible importance, and their reputation is already deeply compromised. They have no scruples to lose and strive to maximize gains.

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