BY1XBIT Reviewed: Real Deal or Total Ripoff? Read This First

Recently, By1xbit.com service popped up, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather credible supporting information that clearly indicates it is, in truth, a scam platform.

Despite the promises of the most easy, dependable, and customer-centric service, By1xbit.com does not fulfill any of them. All this is just a golden wrap around a dirty scam, which takes your funds and never gives them back. Any stories about bonuses, backing from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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BY1XBIT Scam Overview

Originally, BY1XBIT poses as a cryptocurrency trading & cryptowallet service with exceptionally 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 claims having significant support from them. To make these claims look real, con actors use AI-generated videos with those celebs advertise the fraud as 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 an obvious scam.

BY1XBIT Scam

First and foremost, BY1XBIT shares the design of many similar pages. There are quite a few examples, like Whitecoinex, Solenexs or Fetherx. They are entirely indistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other details, and at times even crypto wallet addresses, are matching. Probably, all these deceptive websites are managed by the same group of scoundrels.

Cryptocurrency Scam Summary

How the BY1XBIT Scam Works?

BY1XBIT is a part of a large 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 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 advanced 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 begin the deceptive scheme, criminals set up and fill accounts on popular social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Employing bots and sponsored ads (when possible), fraud actors intensify the visibility of their deceptive activities to potential victims. And as I said, crooks do not disdain using deepfake for creating videos with the aforementioned celebs that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

Promotions of cryptoscams like BY1XBIT in TikTok. Most of these videos are AI-generated deepfakes

Users get an encouragement to enroll, drawn by the commitment of obtaining crypto benefits valued at hundreds of dollars, all without cost. To augment the appeal of the offer, fake claims of sponsorship by a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Upon clicking the promotions, users end up on a page filled with appealing offers. “Crypto starts with BY1XBIT”, “Your crypto savings are secured with BY1XBIT, “Start earning with BY1XBIT – they look rather credible. To heat up the interest and make the users proceed to step 3, scammers say that unlocking the promoted bonus requires registration. And as nothing suspicious happens at this point, unaware users happily keep on – especially since the bonus 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 sign up 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 mentioned, scammers bait folks into signing up to get bonuses. And all the personal data needed for it – username, email, crypto 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, the promised bonus is not available for withdrawal right away. To make it at least usable for crypto purchases, the user should top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any crypto operations require you to have capital on your account. In the case of BY1XBIT, users are also coerced to top up to get the bonuses. And these top ups is what creates the majority of the cash flow to this fraudulent website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the transferred funds and withdraw them.

This is where the victim notices the problems. When comparing the actual crypto wallet vs what the website says, you can spot 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 fraudsters have 0 intentions to send you money. But to make it look more legitimate, they’ve elaborated a whole pack of reasons to decline the withdrawal request. Most of them repeat what KYC regulations say, but for the By1xbit.com they are here only to make the withdrawal impossible.

By requesting your personal information, frauds just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your money back. And every check 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 By1xbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. By1xbit.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. BY1XBIT 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. BY1XBIT 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. BY1XBIT 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%, BY1XBIT capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying By1xbit.com as a definite scam.

What Should I do as a Victim?

If you had to deal with BY1XBIT 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, scoundrels may contact you with specific documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we earlier determined, these scammers have no plan of restoring your money. So, what do these emails and browser extensions represent? You guessed it right – this is another component of the fraudulent scheme designed to throw you into willingly installing destructive software onto your system.

Both extensions and attachments attached to email messages can serve as a shell for different malicious software. In this scenario, I anticipate the presence of spyware and stealers among other kinds of malware. While it is not obligatory for scammers to distribute malware, the chance is always greater than zero. As previously mentioned, their conscience is of little concern, and their reputation is already severely tarnished. They have no principles to give up and intend to maximize revenues.

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