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.

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.

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

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.

Frequently asked questions