Is Bybince Legit or Another Scam? The Truth Revealed

Recently, Bybince.com website appeared, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather reliable evidence that unmistakably confirms it is, in fact, a deceptive site.

Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Bybince.com does not follow any of them. All this is just a gilded wrap around a clear scam, which takes your funds and never returns them. Any stories about bonuses, backing from celebrities etc are absent as well.

Bybince Scam Overview

Originally, Bybince poses as a crypto trading & cryptowallet service with remarkably low commission fees. Another bright selling point for this service is backing from celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, frauds employ AI-generated videos where those celebrities promote the fraud as if it was the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a blatant wrap around a transparent scam.

Bybince Scam

To begin with, Bybince copies the layout of many equivalent websites. There are quite a few examples, like Cludom, Coinrushbet or Corexom. They are totally indistinguishable in terms of visual elements, with minor discrepancies in the website header. Other details, and at times even crypto wallet addresses, are unchanged. Probably, all these fraudulent online platforms are led by the same team of swindrels.

Cryptocurrency Scam Summary

How the Bybince Scam Works?

Bybince is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use various website designs, which still share the similar 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 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 fraud, 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 starts. Employing bots and paid ads (when achievable), scam actors boost the exposure of their scam activities to possible victims. And as I said, crooks do not disdain using deepfake for creating videos 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 enrolls the service immediately.

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

Users get an encouragement to register, attracted by the commitment of receiving crypto rewards valued at thousands of dollars, all without cost. To increase the appeal of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After clicking the ads, victims end up on a page filled with enticing offers. “Crypto starts with Bybince”, “Your crypto savings are secured with Bybince, “Start earning with Bybince – they look rather credible. To heat up users and make them proceed to step 3, scammers say that getting the promoted bonus requires registration. And as nothing questionable happens at this point, unaware users happily proceed – especially since the gift 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 information, frauds will not be able to 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, frauds bait folks into registration for bonuses. And all the personal information needed for it – username, email, crypto wallet address – is valuable for user identification. Only by gathering this info 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 promised 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

Eventually, any crypto operations require you to have money on your account. In the case of Bybince, users are also compelled to top up to use the bonuses. And these top ups is what creates most of the money 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 site hoping to use all the deposited capital and withdraw them.

This is where the problems start to surface. When comparing the actual cryptocurrency wallet vs what the website says, you can observe 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

There’s no need to explain that swindlers have no intentions to send you money. But to make the fraud look more realistic, they’ve developed a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what KYC requirements say, but in this case they are here exclusively to make the withdrawal impossible.

By asking for your personal info, frauds 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 money back. And every check will share more and more information, 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 Bybince.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Bybince 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%, Bybince exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Bybince as a scam.
• Dubious Corporate Information. Bybince 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. Bybince.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. Bybince 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 Bybince 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 course of the fraud, fraudsters may reach out to you with specific files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we earlier figured out, these scammers have no plan of restoring your money. So, what can these email messages and browser extensions represent? You guessed it right – that is another element of the scam designed to entice you into deliberately installing malicious programs onto your device.

Both plugins and files included to emails can serve as a shell for different malicious software. In this situation, I foresee the presence of spyware and stealers among other types of threats. While it is not mandatory for scammers to distribute malware, the chance is always existent. As noted, their conscience is of little concern, and their reputation is already neck deep in mud. They have no principles to lose and intend to maximize profits.

Frequently asked questions