Investigating Electobit: Legit or Scam? The Truth Revealed

Recently, Electobit.com website popped up, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather credible supporting information that clearly confirms it is, in fact, a fraudulent service.

Regardless of the promises of the most user-friendly, dependable, and client-friendly service, Electobit.com does not fulfill any of them. All this is just a gilded wrap around a dirty scam, which takes your funds and never gives them back. Any tales about bonuses, sponsorship from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Electobit Scam Overview

Originally, Electobit poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another notable selling point for this site is backing from celebrities that have relation to 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, rascals employ deepfake videos with those celebs promote 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 glaring wrap around an obvious scam.

Electobit Scam

Initially, Electobit repeats the appearance of many equivalent online platforms. There are quite a few examples, like Hnjnuug, Mespacex or Sapemoon. They are completely indistinguishable in terms of graphic elements, with small discrepancies in the website header. Other details, and sometimes even crypto wallet addresses, are identical. Most likely, all these fraudulent websites are led by the same gang of scammers.

Cryptocurrency Scam Summary

How the Electobit Scam Works?

Electobit is a part of a large 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 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 complex 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 start the deceptive scheme, criminals establish and fill accounts on popular social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Employing bots and paid ads (when achievable), scam actors increase the exposure of their deceptive activities to possible victims. And as I said, fraudsters do not disdain using deepfake for creating videos with the mentioned celebrities that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who registers the service immediately.

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

Users receive an encouragement to enroll, attracted by the assurance of receiving cryptocurrency rewards valued at hundreds of dollars, all for free. To enhance the appeal of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

After clicking the promos, targets end up on a page filled with enticing offers. “Crypto starts with Electobit”, “Your crypto savings are secured with Electobit, “Start earning with Electobit – 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 questionable happens at this point, uninformed users happily proceed – especially since the bonus 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 information, rascals will not be able to earn even a nickel 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 into registration to get bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.

As it turns out, the promised bonus is not available for withdrawal 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 crypto operations require you to have funds on your account. With Electobit, users are also compelled to top up to use the bonuses. And these top ups is what creates the majority of the money flow to this scam website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the credited capital and withdraw them.

This, however, is where the first obvious problems start to surface. When keeping an eye on the real crypto wallet vs what the website says, you can spot 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 swindlers are naught on intentions to return your money. Though to make the fraud look more realistic, they’ve crafted a whole pack of reasons to decline the wireout request. Most of them repeat what KYC regulations say, but in this case they are here only to make the wireout impossible.

By requesting your personal data, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your funds back. And each of these checks will share more and more information, 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 Electobit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Electobit 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, rascals may contact you with particular files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we earlier determined, these deceivers have no plan of giving back your capital. So, what do these emails and browser plugins represent? Correct – that is another element of the fraudulent scheme designed to throw you into willingly installing harmful applications onto your system.

Both plugins and files attached to email messages can act as a carrier for various malicious software. In this situation, I expect the presence of spyware and stealers among other kinds of malware. While it is not mandatory for scammers to distribute malware, the probability is always above zero. As previously mentioned, their conscience is of little concern, and their reputation is already seriously marred. They have no principles to lose and intend to boost profits.

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Frequently asked questions

The truth about Electobit

Name: Electobit

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Electobit, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Electobit 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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