Investigating Dexbit: Legit or Scam? The Truth Exposed

Recently, Dexbit.exchange service surfaced, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather credible evidence that unmistakably reveals it is, actually, a scam service.

Regardless of the promises of the most convenient, reliable, and client-friendly service, Dexbit.exchange does not offer any of them. In fact, all this is just a shiny wrap around a dirty scam, which takes your money and never gives them back. Any tales about bonuses, endorsement from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Dexbit Scam Overview

Originally, Dexbit poses as a crypto trading & cryptowallet platform with outstandingly low commission fees. Another highlighted marketing point for this site is backing from celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look real, con actors employ AI-generated videos with those celebs 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 mentioned above, all this is just a glaring wrap around an obvious scam.

Dexbit Scam

First and foremost, Dexbit shares the layout of multiple similar online platforms. There are quite a few examples, like Bosladex, Bitroboto or Crypton. They are totally indistinguishable in terms of visual elements, with minor discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are identical. Probably, all these deceptive sites are led by a single group of scammers.

Cryptocurrency Scam Summary

How the Dexbit Scam Works?

Dexbit is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use various website designs, which still share the similar 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 sophisticated 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 create and fill accounts on well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Using bots and paid promotions (when possible), fraud actors intensify the visibility of their deceptive activities to possible victims. And as I said, scammers 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 joins the service immediately.

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

Users obtain an encouragement to enroll, enticed by the commitment of obtaining crypto benefits valued at hundreds of dollars, all free of charge. To augment the attractiveness of the offer, fake claims of cooperation with a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, victims end up on a page filled with attractive offers. “Crypto starts with Dexbit”, “Your crypto savings are secured with Dexbit, “Start earning with Dexbit – they look rather credible. To heat up the interest and make the users proceed to step 3, fraudsters say that retrieving the promoted bonus requires registration. And since nothing suspicious happens at this point, unexperienced 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 register using your personal data, frauds will not be able to 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 registration for bonuses. And all the personal data 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, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the claimed bonus 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

Eventually, any crypto purchases require you to have funds on your account. In the case of Dexbit, users are also forced to top up to claim the bonuses. And this is what creates the majority of the money flow to this fraudulent site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the deposited funds and withdraw them.

This is where the issues start to surface. When comparing the real crypto wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters have zero intentions to return your money. But to make the denial look more realistic, they’ve crafted a whole bunch of reasons to decline the withdrawal request. Most of them repeat what Know Your Client regulations say, but for the Dexbit.exchange they are here only to make the withdrawal impossible.

By requesting your personal info, frauds 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 should go through before getting your funds back. And each of these checks will uncover more and more information, which – you guessed it right – will be then marketed 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 Dexbit.exchange. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Dexbit 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%, Dexbit exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Dexbit as a scam.
• Dubious Corporate Information. Dexbit 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. Dexbit.exchange 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. Dexbit 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 Dexbit 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 the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

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 scam, its actors may reach out to you with specific files. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we already figured out, these scammers have no intent of giving back your capital. So, what can these messages and browser extensions represent? You guessed – that is another component of the deceptive plan designed to throw you into deliberately running destructive software onto your device.

Both extensions and attachments included to email messages can serve as a carrier for various malware. In this situation, I anticipate the presence of spyware and stealers among other kinds of malware. While it is not obligatory for scammers to distribute malware, the probability is always existent. As stated, their conscience is of little concern, and their reputation is already neck deep in mud. They have nothing to lose and aim to maximize gains.

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