We Looked at the Evidence: Is Galaxybitex Legit or Scam?

Recently, Galaxybitex.com service surfaced, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather reliable supporting information that clearly indicates it is, actually, a deceptive site.

Despite the promises of the most user-friendly, trustworthy, and client-friendly service, Galaxybitex.com does not fulfill any of them. All this is just a shiny wrap around a clear scam, which steals your funds and never gives them back. Any tales about bonuses, endorsement from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Galaxybitex Scam Overview

Originally, Galaxybitex poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another highlighted selling point for this site is partnerships with celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look real, frauds use deepfake videos where those celebrities promote the fake crypto service 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 blatant wrap around an obvious scam.

Galaxybitex Scam

First and foremost, Galaxybitex repeats the design of many equivalent websites. There are quite a few examples, like Fowbix, Dexdabit or Denuvex. They are completely identical in terms of graphic elements, with slight discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are the same. Most likely, all these deceptive online platforms are operated by the same group of scammers.

Cryptocurrency Scam Summary

How the Galaxybitex Scam Works?

Galaxybitex is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use several 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 sophisticated psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.

Step 1: Promotion

To start the deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Using bots and paid promotions (when feasible), fraud actors boost the visibility of their scam activities to possible victims. And as I said, scammers do not shy away using deepfake for creating clips with the aforementioned celebrities that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who joins the service immediately.

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

Users obtain a stimulus to register, drawn by the assurance of obtaining cryptocurrency rewards valued at hundreds of dollars, all without cost. To augment the attractiveness of the offer, fake claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, users end up on a page filled with enticing offers. “Crypto starts with Galaxybitex”, “Your crypto savings are secured with Galaxybitex, “Start earning with Galaxybitex – they look rather authoritative. To heat up users and make them proceed to step 3, scammers say that getting the promised bonus requires registration. And since nothing concerning happens at this point, uninformed users happily move on – especially since the bonus appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you register using your personal info, crooks will not be able to earn even a penny 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 – username, email, crypto wallet address – are valuable for user identification. Only by gathering this information and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the promised bonus is not available to use right away. To make at least cryptocurrency purchases on the platform with it, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Eventually, any cryptocurrency operations require having funds on your account. With Galaxybitex, users are also coerced 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 promised gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the deposited money and withdraw them.

This, however, is where the victim notices the problems. When keeping an eye on the real 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 fraudsters have zero intentions to send you money. But to make the fraud look more legitimate, they’ve elaborated a whole pack of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client requirements say, but in this case they are here exclusively to make the withdrawal impossible.

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

• Unsubstantiated Credibility. Galaxybitex 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%, Galaxybitex exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Galaxybitex as a scam.
• Dubious Corporate Information. Galaxybitex 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. Galaxybitex.com 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. Galaxybitex 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 Galaxybitex 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 duration of the fraud, its actors may get in touch with you with particular files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto assets. As we earlier determined, these deceivers have no plan of returning your capital. So, what do these emails and browser plugins represent? You guessed it right – this is another element of the scam designed to throw you into willingly running harmful applications onto your computer.

Both add-ons and attachments attached to emails can act as a carrier for various malicious software. In this scenario, I foresee 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 greater than zero. As stated, their ethics is of no concern, and their dignity is already severely tarnished. They have nothing to give up and aim to boost profits.

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Frequently asked questions

The truth about Galaxybitex

Name: Galaxybitex

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