Investigating Dexdabit: Legit or Scam? The Truth Revealed

Recently, Dexdabit.com website popped up, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather reliable evidence that unmistakably confirms it is, actually, a fraudulent site.

Regardless of the promises of the most user-friendly, reliable, and client-friendly service, Dexdabit.com does not fulfill any of them. In fact, all this is just a shiny wrap around a blatant scam, which takes your money and never gives them back. Any tales about gifts, backing from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Dexdabit Scam Overview

Originally, Dexdabit poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another bright selling point for this platform is backing from celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, frauds employ deepfake videos where those celebrities advertise the scam as the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a vivid wrap around a transparent scam.

Dexdabit Scam

First and foremost, Dexdabit copies the layout of multiple equivalent pages. There are quite a few examples, like Denuvex, Bitdegix or Besarex. They are completely undistinguishable in terms of visual elements, with slight discrepancies in the webpage header. Other particulars, and sometimes even crypto wallet addresses, are identical. Presumably, all these scam websites are operated by a single gang of scammers.

Cryptocurrency Scam Summary

How the Dexdabit Scam Works?

Dexdabit is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous website designs, which still share the similar overall layout. Another common 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 create and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Utilizing bots and paid promotions (when feasible), fraud actors boost the visibility of their fraudulent activities to potential victims. And as I said, crooks do not shy away using generative AI for creating clips with the mentioned celebs that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users receive an encouragement to sign up, drawn by the promise of getting crypto rewards valued at hundreds of dollars, all free of charge. To enhance the attractiveness of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon following the promotions, users end up on a page filled with attractive offers. “Crypto starts with Dexdabit”, “Your crypto savings are secured with Dexdabit, “Start earning with Dexdabit – they look rather reliable. To heat up the interest and make the users proceed to step 3, fraudsters say that claiming the promoted bonus requires registration. And since nothing concerning happens at this point, uninformed users happily keep on – especially since the gift appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you register using your personal info, 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 mentioned, scammers 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 info and selling it further into the Darknet, crooks 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 crypto purchases, 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

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

This is where the victim notices the issues. When comparing the actual cryptocurrency wallet vs what the site says, you can notice 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

Needless to say that swindlers have no intentions to return your money. Though to make the denial look more realistic, they’ve elaborated a whole pack of reasons to decline the transfer-out request. Most of them repeat what Know Your Client guidelines say, but for the Dexdabit.com they are here only to make the wireout impossible.

By requesting your personal data, 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 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 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 Dexdabit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Dexdabit 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 fraud, its actors may get in touch with you with particular files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto assets. As we already determined, these rascals have no intent of giving back your capital. So, what do these email messages and browser add-ons represent? Correct – that is another side of the deceptive plan designed to entice you into willingly running destructive software onto your system.

Both extensions and files attached to email messages can act as a carrier for different malware. In this situation, I foresee the presence of spyware and stealers among all forms of malware. While it is not mandatory for scammers to distribute malware, the likelihood is always existent. As stated, their morality is of no concern, and their dignity is already deeply compromised. They have no scruples to give up and intend to maximize gains.

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Frequently asked questions

The truth about Dexdabit

Name: Dexdabit

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Dexdabit, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Dexdabit scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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