Is EASYBITEX Legit or Another Scam? The Truth Revealed

Recently, Easybitex.com website popped up, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather reliable supporting information that clearly confirms it is, in fact, a fraudulent platform.

Regardless of the promises of the most convenient, dependable, and client-friendly service, Easybitex.com does not offer any of them. All this is just a golden wrap around a clear scam, which steals your funds and never gives them back. Any stories about gifts, endorsement from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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EASYBITEX Scam Overview

Originally, EASYBITEX poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another highlighted selling point for this site 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 real, rascals use AI-generated videos where those celebrities advertise the fake crypto service 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 vivid wrap around an obvious scam.

EASYBITEX Scam

First and foremost, EASYBITEX repeats the design of many similar pages. There are quite a few examples, like Doruvex, Dexmi or Dasoxs. They are totally undistinguishable in terms of graphic elements, with minor discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are identical. Presumably, all these fraudulent online platforms are managed by the same gang of swindrels.

Cryptocurrency Scam Summary

How the EASYBITEX Scam Works?

EASYBITEX is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use several 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the fraud, criminals establish and fill accounts on popular social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and sponsored promotions (when achievable), fraud actors intensify the visibility of their fraudulent activities to potential victims. And as I said, crooks do not shy away using generative AI for creating videos with the aforementioned celebs that promote 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 EASYBITEX in TikTok. Most of these videos are AI-generated deepfakes

Users obtain an incentive to register, enticed by the assurance of obtaining cryptocurrency prizes valued at hundreds of dollars, all for free. To enhance the attractiveness of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon following the promos, victims end up on a page filled with attractive offers. “Crypto starts with EASYBITEX”, “Your crypto savings are secured with EASYBITEX, “Start earning with EASYBITEX – they look rather reliable. To heat up users and make them proceed to step 3, crooks say that retrieving the promised bonus requires registration. And as nothing suspicious happens at this point, unaware users happily keep on – especially as the bonus appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you sign up using your personal info, swindrels will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just said, scammers bait folks for registration with bonuses. And all the personal information needed for it – email, username, crypto wallet address – are valuable for user identification. Solely 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 alleged bonus right away. To make it at least usable for crypto purchases, the user should top up the account with the equivalent sum. And this is what starts the final step of the scam.

Step 4: Requesting funds

Eventually, any crypto operations require having money on your account. With EASYBITEX, users are also forced to top up to use the bonuses. And these top ups is what creates most of the money flow to this scam website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the transferred money and withdraw them.

This, however, is where the first obvious problems start to surface. When keeping an eye on the actual cryptocurrency wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to retrieve 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 scoundrels have no intentions to send you money. Though to make the denial look more legitimate, they’ve developed a whole bunch of reasons to decline the transfer-out request. Most of them repeat what Know Your Client regulations say, but in this case they are here exclusively 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 numerous 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 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 Easybitex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with EASYBITEX 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 duration of the scam, fraudsters may contact you with specific files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency savings. As we already determined, these scoundrels have no intent of returning your capital. So, what can these emails and browser extensions represent? Correct – that is another element of the deceptive plan designed to throw you into willingly running malicious programs onto your computer.

Both add-ons and files attached to email messages can act 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 mandatory for scammers to distribute malware, the likelihood is always above zero. As noted, their morality is of no concern, and their reputation is already seriously marred. They have no scruples to lose and intend to boost profits.

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