We Investigated Frosbit: Legit or Scam? The Facts

Recently, Frosbit.com service surfaced, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather credible supporting information that clearly indicates it is, in truth, a deceptive site.

Despite what Frosbit site states, they won’t ever pay off your funds. Regardless of the numbers displayed in the “member area”, there is no possibility to take out even a single coin. All pledges regarding crypto incentives are hollow as well.

It is better to prevent, than repair and repent!

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Frosbit Scam Overview

The primary service that Frosbit aims to provide is a protected and convenient crypto wallet service. The site promises crypto exchange solutions, tools for controlling wallets, transfers, dashboards, and similar stuff. In fact, they aim to emulate the functionality of a crypto trading platform, like Binance or Coinbase. However, it in fact exclusively serves as a shell intended to lull the vigilance.

Frosbit Scam

First and foremost, Frosbit reproduces the appearance of many similar online platforms. There are quite a few examples, like Fevtex, Elonforex or Desanez. They are totally identical in terms of graphic elements, with minor discrepancies in the website header. Other specific elements, and at times even crypto wallet addresses, are the same. Presumably, all these fraudulent websites are operated by the same group of frauds.

Cryptocurrency Scam Summary

How the Frosbit Scam Works?

Frosbit is yet another website within a extensive network of interconnected crypto fraudulent platforms. The operators utilize diverse brand identities and sites, like Frosbit.com, to ensnare victims. Nonetheless, these deceptive sites have in common matching designs, terms of service, and About information. This reveals their origins as parts of the identical criminal network, which promotes the similar form of fraud under various disguises. The fraudsters just replicate the same scam site under different names to fool users into believing they are joining a fresh venture. However, in reality, it’s the equal group of scammers orchestrating the fraudulent promises and undertakings to take deposited funds. The managers shrewdly utilize psychological maneuvers and appealing offers to carry out their dishonest plots.

Step 1: Spreading

To initiate the scam, criminals set up and fill accounts on popular social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Utilizing bots and paid promotions (when possible), fraud actors boost the visibility of their fraudulent activities to potential victims. This strategy permits them to cast a wide net and engage with their aimed audience. The latter commonly comprises of cryptocurrency enthusiastic individuals looking for opportunities to generate profits.

Users get an encouragement to register, drawn by the promise of getting crypto rewards valued at thousands of dollars, all free of charge. To augment the attractiveness of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Users who express interest check out Frosbit.com via links included in promotions or bot-generated posts. The website employs captivating visuals, design elements that appear authentic, and claims of possessing a valid license, all intended to present an initial impression of credibility.

Step 3: Data Gathering

To collect their prizes, users must actively set up an account on Frosbit and receive guidance to provide sensitive and private data during the registration process. This includes linking their cryptocurrency wallets, sharing email addresses, giving phone numbers, furnishing identification papers, and the like.

Step 4: Requesting funds

Once registered, users witness substantial amounts of cryptocurrency, valued at hundreds of dollars, within their Frosbit wallets. However, as is common with such incentives, you cannot withdraw them prior to topping up your account. Normally, a payment of $100 is required to get the sign-up bonus. This prerequisite serves as the trap that ultimately leads to the money loss.

Step 5: Disappear

The instant the payment is sent, the scammers halt all interaction. They move forward to restrict users, remove accounts, and vanish with both the transferred capital and essential personal information. The fictitious benefits persist perpetually uncredited, as they lack genuine existence. They function solely as a fraudulent strategy. This method forms the foundation for the scammers’ capability to deceive victims and embezzle hard-earned funds through their deceptive online crypto scheme.

Signs of Scam

I gathered several facts that point at the scammy nature of the Frosbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Frosbit 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 Frosbit 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 Frosbit, 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 Frosbit is a definite scam.

What Should I do as a Victim?

If you had to deal with Frosbit 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 fraud, scoundrels may get in touch with you with particular files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we earlier determined, these scammers have no plan of giving back your funds. So, what can these email messages and browser add-ons represent? Correct – this is another component of the deceptive plan designed to entice you into willingly running malicious programs onto your device.

Both extensions and attachments included to email messages can act as a carrier for various malicious code. In this scenario, I expect the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the probability is always significant. As stated, their ethics is of negligible importance, and their reputation is already deeply compromised. They have no principles to lose and intend to maximize profits.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

To use Gridinsoft for remove malicious threats, follow the steps below:

1. Begin by downloading Gridinsoft Anti-Malware, accessible via the blue button below or directly from the official website gridinsoft.com.

2.Once the Gridinsoft setup file (setup-gridinsoft-fix.exe) is downloaded, execute it by clicking on the file.

3.Follow the installation setup wizard's instructions diligently.

4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.

Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.

5. Upon completion, Anti-Malware will present a detailed report containing all the detected malicious items and threats on your PC.

6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.

8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.

Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.

Trojan Killer for “spyware” removal on locked PC

In situations where it becomes impossible to download antivirus applications directly onto the infected computer due to malware blocking access to websites, an alternative solution is to utilize the Trojan Killer application.

There is a really little number of security tools that are able to be set up on the USB drives, and antiviruses that can do so in most cases require to obtain quite an expensive license. For this instance, I can recommend you to use another solution of GridinSoft - Trojan Killer Portable. It has a 14-days cost-free trial mode that offers the entire features of the paid version. This term will definitely be 100% enough to wipe malware out.

Trojan Killer is a valuable tool in your cybersecurity arsenal, helping you to effectively remove malware from infected computers. Now, we will walk you through the process of using Trojan Killer from a USB flash drive to scan and remove malware on an infected PC. Remember, always obtain permission to scan and remove malware from a computer that you do not own.

Step 1: Download & Install Trojan Killer on a Clean Computer:

1. Go to the official GridinSoft website (gridinsoft.com) and download Trojan Killer to a computer that is not infected.

2. Insert a USB flash drive into this computer.

3. Install Trojan Killer to the "removable drive" following the on-screen instructions.

4. Once the installation is complete, launch Trojan Killer.

Step 2: Update Signature Databases:

5. After launching Trojan Killer, ensure that your computer is connected to the Internet.

6. Click "Update" icon to download the latest signature databases, which will ensure the tool can detect the most recent threats.

Step 3: Scan the Infected PC:

7. Safely eject the USB flash drive from the clean computer.

8. Boot the infected computer to the Safe Mode.

9. Insert the USB flash drive.

10. Run tk.exe

11. Once the program is open, click on "Full Scan" to begin the malware scanning process.

Step 4: Remove Found Threats:

12. After the scan is complete, Trojan Killer will display a list of detected threats.

13. Click on "Cure PC!" to remove the identified malware from the infected PC.

14. Follow any additional on-screen prompts to complete the removal process.

Step 5: Restart Your Computer:

15. Once the threats are removed, click on "Restart PC" to reboot your computer.

16. Remove the USB flash drive from the infected computer.

Congratulations on effectively removing spyware and the concealed threats from your computer! You can now have peace of mind, knowing that they won't resurface again. Thanks to Gridinsoft's capabilities and commitment to cybersecurity, your system is now protected.

Frequently asked questions

The truth about Frosbit

Name: Frosbit

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