EXFINBIT Reviewed: Legit or Total Ripoff? Read This First

Recently, Exfinbit.live service popped up, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather reliable supporting information that clearly reveals it is, in fact, a fraudulent platform.

Despite the promises of the most easy, trustworthy, and client-friendly service, Exfinbit.live does not offer any of them. All this is just a shiny wrap around a blatant scam, which steals your money and never gives them back. Any stories about gifts, backing from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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EXFINBIT Scam Overview

Originally, EXFINBIT poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another bright marketing point for this site is backing from celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, rascals employ AI-generated videos where those celebrities promote the fake crypto service as the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around an obvious scam.

EXFINBIT Scam

Initially, EXFINBIT copies the layout of multiple equivalent websites. There are quite a few examples, like Digitalcoin, Xmuskex or Xbaywex. They are totally identical in terms of graphic elements, with slight discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are the same. Most likely, all these scam sites are operated by the same team of frauds.

Cryptocurrency Scam Summary

How the EXFINBIT Scam Works?

EXFINBIT is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous 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 sophisticated 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 scam, criminals establish and fill accounts on popular social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Utilizing bots and paid promotions (when possible), scam actors increase the presence of their fraudulent activities to potential victims. And as I said, fraudsters do not shy away using generative AI for creating clips with the aforementioned celebrities 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 EXFINBIT in TikTok. Most of these videos are AI-generated deepfakes

Users receive a stimulus to register, attracted by the assurance of obtaining crypto prizes valued at hundreds of dollars, all without cost. To increase the appeal of the offer, false suggestions of cooperation with a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

After clicking the ads, users end up on a page filled with enticing offers. “Crypto starts with EXFINBIT”, “Your crypto savings are secured with EXFINBIT, “Start earning with EXFINBIT – they look rather authoritative. To heat up users and make them proceed to step 3, scammers say that retrieving the promised bonus requires registration. And as nothing suspicious happens at this point, unexperienced users happily proceed – especially since the gift 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 register using your personal info, rascals 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 mentioned, deceivers bait folks for registration with bonuses. And all the personal data needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this data and selling it further into the Darknet, crooks 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 at least crypto purchases on the platform with it, 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

Obviously, any crypto operations require having money on your account. With EXFINBIT, users are also compelled to top up to claim the bonuses. And these top ups is what creates most of the cash flow to this fraudulent site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the deposited capital and withdraw them.

This, however, is where the problems start to surface. When keeping an eye on the actual crypto wallet vs what the website says, you can notice that no transactions are done whatsoever. And then, when you’d try to withdraw the capital 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 have 0 intentions to give your money back. But to make the denial look more legitimate, they’ve elaborated a whole pack of reasons to decline the wireout request. Usually, they repeat what Know Your Client regulations say, but for the Exfinbit.live they are here only to make the wireout impossible.

By asking for your personal info, deceivers 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 money back. And each of these checks will share 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 Exfinbit.live. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. EXFINBIT 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%, EXFINBIT exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying EXFINBIT as a scam.
• Dubious Corporate Information. EXFINBIT 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. Exfinbit.live 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. EXFINBIT 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 EXFINBIT 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 course of the scam, its actors may reach out to you with specific files. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we previously determined, these scammers have no intention of giving back your money. So, what do these messages and browser plugins represent? Correct – that is another element of the scam designed to throw you into deliberately installing harmful programs onto your computer.

Both plugins and files attached to email messages can act as a shell for various malicious code. In this situation, I anticipate the presence of spyware and stealers among all forms of malware. While it is not obligatory for scammers to distribute malware, the probability is always greater than zero. As noted, their ethics is of little concern, and their reputation is already severely tarnished. They have no scruples to give up and intend to boost profits.

Remove spyware with Gridinsoft Anti-Malware

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