Is Fatbet Legit or Another Scam? The Truth Revealed

Recently, Fatbet.top service surfaced, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather reliable evidence that clearly indicates it is, actually, a deceptive service.

Despite the promises of the most easy, dependable, and customer-centric service, Fatbet.top does not offer any of them. All this is just a gilded wrap around a clear scam, which takes your funds and never returns them. Any stories about gifts, backing from celebrities etc are non-existent as well.

Fatbet Scam Overview

Originally, Fatbet poses as a crypto trading & cryptowallet platform with exceptionally low commission fees. Another notable marketing point for this platform is partnerships with celebrities that are known as crypto activists. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, frauds employ deepfake videos where those celebrities promote the fraud 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 glaring wrap around an obvious scam.

Fatbet Scam

To begin with, Fatbet shares the appearance of numerous similar pages. There are quite a few examples, like Terenix, Fishka55 or Gambet. They are completely indistinguishable in terms of graphic elements, with slight discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are matching. Most likely, all these scam online platforms are managed by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Fatbet Scam Works?

Fatbet is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use various website designs, which still share the identical 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 complex 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 start the fraud, criminals establish and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Employing bots and paid advertisements (when feasible), fraud actors intensify the presence of their scam activities to potential victims. And as I said, crooks do not disdain using deepfake for creating videos with the aforementioned celebs 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 Fatbet in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

Upon clicking the promos, victims end up on a page filled with attractive offers. “Crypto starts with Fatbet”, “Your crypto savings are secured with Fatbet, “Start earning with Fatbet – they look rather authoritative. To heat up users and make them proceed to step 3, fraudsters say that obtaining the promoted bonus requires registration. And since nothing concerning happens at this point, uninformed users happily keep on – especially as the reward 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, crooks will not 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, frauds bait folks for registration with bonuses. And all the personal information needed for it – email, username, crypto wallet address – are valuable for user identification. Only by gathering this data and selling it further into the Darknet, crooks 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 at least crypto purchases on the platform with it, the user should top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Obviously, any cryptocurrency purchases require having capital on your account. With Fatbet, users are also coerced to top up to get the bonuses. And this is what creates most 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 trading on this website hoping to use all the transferred money and withdraw them.

This, however, is where the problems start to surface. When keeping an eye on the actual cryptocurrency wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that scoundrels have no intentions to return your money. But to make the denial look more realistic, they’ve developed a whole pack of reasons to decline the withdrawal request. Most of them repeat what Know Your Client regulations say, but for the Fatbet.top they are here exclusively to make the withdrawal impossible.

By asking for 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 grand back. And every check will uncover more and more info of yours, 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 Fatbet.top. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Fatbet does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Fatbet like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Fatbet, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Fatbet is a definite scam.

What Should I do as a Victim?

If you had to deal with Fatbet 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further 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 course of the scam, scoundrels may get in touch with you with specific documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we earlier determined, these scammers have no plan of restoring your capital. So, what do these emails and browser add-ons represent? Correct – that is another element of the fraudulent scheme designed to entice you into willingly running malicious applications onto your system.

Both extensions and files added to emails can serve as a shell for diverse malicious software. In this scenario, I foresee the presence of spyware and stealers among all kinds of malicious programs. While it is not obligatory for scammers to distribute malware, the chance is always significant. As stated, their morality is of no concern, and their reputation is already neck deep in mud. They have nothing to give up and aim to boost revenues.

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