Greenbit Review: Legit or Scam? Read This First

Recently, Greenbit.vip site surfaced, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather credible proof that unmistakably indicates it is, in fact, a deceptive service.

Despite the promises of the most user-friendly, trustworthy, and client-friendly service, Greenbit.vip does not fulfill any of them. In fact, all this is just a gilded wrap around a dirty scam, which steals your money and never returns them. Any tales about bonuses, endorsement from celebrities etc are absent as well.

Greenbit Scam Overview

Originally, Greenbit poses as a cryptocurrency trading & cryptowallet service with exceptionally low commission fees. Another notable marketing 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 claims having significant support from them. To make these claims look more realistic, frauds employ deepfake videos where those celebrities advertise the fraud as the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

Greenbit Scam

First and foremost, Greenbit repeats the layout of many equivalent pages. There are quite a few examples, like Depnul, Bitsaind or Wocrex. They are totally identical in terms of visual elements, with slight discrepancies in the webpage header. Other specific elements, and sometimes even crypto wallet addresses, are identical. Most likely, all these fraudulent websites are operated by a single gang of fraudsters.

Cryptocurrency Scam Summary

How the Greenbit Scam Works?

Greenbit is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous website designs, which still share the identical 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To begin the fraud, criminals set up and fill accounts on well-liked social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Utilizing bots and paid promotions (when feasible), fraud actors intensify the visibility of their scam activities to possible victims. And as I said, crooks do not disdain using deepfake for creating videos with the mentioned celebs that advertise 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 Greenbit in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

Upon clicking the promotions, targets end up on a page filled with attractive offers. “Crypto starts with Greenbit”, “Your crypto savings are secured with Greenbit, “Start earning with Greenbit – they look rather reliable. To heat up the interest and make the users proceed to step 3, fraudsters say that obtaining the promoted bonus requires registration. And as nothing suspicious happens at this point, unaware users happily keep on – especially since the reward appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you sign up 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 where the main fraud action begins. As I just said, deceivers bait folks into signing up for bonuses. And all the personal data needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Only by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make at least cryptocurrency purchases on the platform with it, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Obviously, any crypto purchases require having funds on your account. In the case of Greenbit, users are also coerced to top up to use the bonuses. And this is what creates the majority of the cash flow to this scam site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the deposited money and withdraw them.

This is where the victim notices the issues. When keeping an eye on the actual cryptocurrency wallet vs what the site says, you can observe 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 are naught on intentions to give your money back. Though to make the denial look more realistic, they’ve made up a whole pack of reasons to decline the withdrawal request. Most of them repeat what KYC requirements say, but for the Greenbit.vip they are here only to make the withdrawal impossible.

By asking for your personal info, 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 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 Greenbit.vip. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Greenbit 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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 masters may reach out to you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency assets. As we already determined, these scammers have no plan of restoring your money. So, what can these emails and browser extensions represent? You guessed it right – this is another component of the scam designed to entice you into willingly running harmful programs onto your device.

Both plugins and files included to emails can function as a shell for different malicious code. In this situation, I expect the presence of spyware and stealers among all forms of malicious programs. While it is not obligatory for scammers to distribute malware, the probability is always greater than zero. As stated, their ethics is of little concern, and their dignity is already neck deep in mud. They have no scruples to lose and aim to boost gains.

Frequently asked questions