The Dewixbit Scam – What You Need To Know

Recently, Dewixbit.com service appeared, promoting itself as a platform where you can safely keep cryptocurrency and other assets. I managed to gather reliable supporting information that clearly confirms it is, actually, a deceptive service.

Despite the promises of the most convenient, reliable, and client-friendly service, Dewixbit.com does not fulfill any of them. All this is just a shiny wrap around a clear scam, which steals your money and never gives them back. Any stories about bonuses, backing from celebrities etc are non-existent as well.

Dewixbit Scam Overview

Originally, Dewixbit poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another notable selling point for this platform is backing from celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look real, con actors employ deepfake videos where those celebrities advertise the scam as if it was the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a blatant wrap around an obvious scam.

Dewixbit Scam

Initially, Dewixbit shares the appearance of many equivalent online platforms. There are quite a few examples, like Xraybit, Vertuxbit or Getchange. They are entirely undistinguishable in terms of visual elements, with minor discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are identical. Presumably, all these scam online platforms are managed by a single team of swindrels.

Cryptocurrency Scam Summary

How the Dewixbit Scam Works?

Dewixbit is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use numerous 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 advanced psychological tricks that make the user believe in the validity 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 focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Employing bots and sponsored ads (when possible), fraud actors boost the exposure of their fraudulent activities to potential victims. And as I said, fraudsters do not shy away using deepfake for creating videos with the mentioned 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 Dewixbit in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

After clicking the ads, users end up on a page filled with attractive offers. “Crypto starts with Dewixbit”, “Your crypto savings are secured with Dewixbit, “Start earning with Dewixbit – they look rather reliable. To heat up the interest and make the users proceed to step 3, scammers say that retrieving the promoted bonus requires registration. And as nothing suspicious happens at this point, unaware users happily proceed – especially since the bonus appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you sign up using your personal info, rascals 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 for registration with bonuses. And all the personal information needed for it – username, email, crypto wallet address – is valuable for user identification. Only by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, the claimed bonus is not available to use right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the equivalent sum. And this is what starts the final stage of the scam.

Step 4: Requesting funds

It is obvious that any cryptocurrency purchases require having funds on your account. With Dewixbit, users are also coerced to top up to get the bonuses. And this is what creates the majority of the money flow to this scam site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the deposited money and withdraw them.

This, however, is where the problems start to surface. When keeping an eye on the real 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 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 no intentions to return your money. Though to make the denial look more legitimate, they’ve made up a whole bunch of reasons to decline the wireout request. Usually, they repeat what Know Your Client requirements say, but in this case they are here only to make the withdrawal impossible.

By requesting 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 a dozen other checks you would desperately need to undergo before getting your grand back. And every check 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 Dewixbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Dewixbit 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 timeline of the scam, scoundrels may reach out to you with particular files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto funds. As we already figured out, these deceivers have no intention of returning your funds. So, what do these messages and browser plugins represent? You guessed – this is another side of the scam designed to throw you into deliberately installing malicious applications onto your computer.

Both add-ons and attachments attached to email messages can act as a carrier for various malware. In this situation, I expect the presence of spyware and stealers among other types of malicious programs. While it is not mandatory for scammers to distribute malware, the probability is always significant. As previously mentioned, their morality is of little concern, and their reputation is already seriously marred. They have nothing to give up and strive to maximize profits.

Frequently asked questions