We Investigated Bybitox: Legit or Scam? The Facts

Recently, Bybitox.com site appeared, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather credible evidence that unmistakably confirms it is, in fact, a scam platform.

Regardless of the promises of the most convenient, dependable, and client-friendly service, Bybitox.com does not follow any of them. All this is just a shiny wrap around a clear scam, which takes your funds and never returns them. Any tales about gifts, endorsement from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Bybitox Scam Overview

Originally, Bybitox poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another notable marketing point for this platform is partnerships with 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 use deepfake videos where those celebrities promote the fraud as if it was the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

Bybitox Scam

First and foremost, Bybitox copies the design of numerous equivalent online platforms. There are quite a few examples, like Bnonuk, Raderex or Crystaxbit. They are entirely indistinguishable in terms of graphic elements, with slight discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are the same. Probably, all these deceptive sites are led by a single gang of swindrels.

Cryptocurrency Scam Summary

How the Bybitox Scam Works?

Bybitox 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 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 advanced 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 begin the fraud, criminals establish and fill accounts on popular social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Utilizing bots and sponsored promotions (when achievable), scam actors intensify the exposure of their fraudulent activities to potential victims. And as I said, crooks do not shy away using deepfake for creating clips with the aforementioned celebs that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

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

Users get a stimulus to enroll, attracted by the promise of getting cryptocurrency rewards valued at hundreds of dollars, all free of charge. To increase the attractiveness of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After clicking the ads, targets end up on a page filled with attractive offers. “Crypto starts with Bybitox”, “Your crypto savings are secured with Bybitox, “Start earning with Bybitox – they look rather authoritative. To heat up users and make them proceed to step 3, fraudsters say that unlocking the promised bonus requires registration. And since nothing questionable happens at this point, unaware users happily proceed – especially as the reward appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal info, swindrels will not earn even a penny from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, frauds bait folks into signing up for bonuses. And all the personal info needed for it – username, email, crypto wallet address – is valuable for user identification. Exclusively by gathering this info 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 alleged bonus right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the sum of a bonus. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Obviously, any crypto purchases require having capital on your account. With Bybitox, users are also coerced to top up to use the bonuses. And these top ups is what creates the majority of the money flow to this fraudulent site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the transferred capital and withdraw them.

This is where the victim notices the problems. When keeping an eye on the actual cryptocurrency wallet vs what the site says, you can observe that no transactions are done whatsoever. And then, when you’d try to retrieve the money 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 are naught on intentions to send you money. Though to make the fraud look more legitimate, they’ve made up a whole bunch of reasons to decline the transfer-out 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, deceivers 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 grand back. And every check will reveal 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 Bybitox.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Bybitox 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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 fraud, fraudsters may get in touch with you with specific files. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we already determined, these scoundrels have no intent of giving back your money. So, what do these messages and browser plugins represent? Correct – this is another element of the scam designed to entice you into deliberately installing destructive applications onto your device.

Both extensions and attachments attached to email messages can serve as a shell for different malicious software. In this case, I foresee the presence of spyware and stealers among all forms of threats. While it is not obligatory for scammers to distribute malware, the chance is always above zero. As stated, their morality is of no concern, and their dignity is already deeply compromised. They have no principles to lose and intend to boost revenues.

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