We Looked Into Hovexbit: Scam or Trustworthy? The Verdict

Recently, Hovexbit.com website appeared, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather reliable evidence that unmistakably confirms it is, actually, a scam service.

Regardless of the promises of the most convenient, reliable, and client-friendly service, Hovexbit.com does not follow any of them. All this is just a golden wrap around a clear scam, which takes your funds and never returns them. Any tales about bonuses, sponsorship from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Hovexbit Scam Overview

Originally, Hovexbit poses as a crypto trading & cryptowallet platform with outstandingly low commission fees. Another notable marketing point for this platform is partnerships with celebrities that are known in the crypto world. 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 real, frauds use deepfake videos with those celebs promote the scam 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 vivid wrap around an obvious scam.

Hovexbit Scam

Initially, Hovexbit copies the design of many equivalent websites. There are quite a few examples, like Noimex, Vypnex or Usbitgo. They are completely identical in terms of visual elements, with minor discrepancies in the webpage header. Other specific elements, and at times even crypto wallet addresses, are matching. Most likely, all these deceptive online platforms are managed by a single team of fraudsters.

Cryptocurrency Scam Summary

How the Hovexbit Scam Works?

Hovexbit is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use numerous website designs, which still share the same 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 complex 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 initiate the scam, criminals establish and fill accounts on popular social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Using bots and paid promotions (when achievable), fraud actors increase the visibility of their deceptive activities to possible victims. And as I said, crooks do not shy away using generative AI for creating videos with the mentioned celebrities that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who registers the service immediately.

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

Users obtain an incentive to sign up, enticed by the promise of obtaining crypto prizes valued at thousands of dollars, all without cost. To augment the attractiveness of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon following the ads, targets end up on a page filled with attractive offers. “Crypto starts with Hovexbit”, “Your crypto savings are secured with Hovexbit, “Start earning with Hovexbit – they look rather reliable. To heat up users and make them proceed to step 3, crooks say that getting the promoted bonus requires registration. And as nothing suspicious happens at this point, unexperienced users happily proceed – especially as 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 information, swindrels 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 mentioned, deceivers bait folks into signing up for bonuses. And all the personal info needed for it – email, username, crypto wallet address – is valuable for user identification. Only by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the claimed bonus 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. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Eventually, any cryptocurrency operations require you to have funds on your account. In the case of Hovexbit, users are also compelled to top up to use the bonuses. And this is what creates most of the cash flow to this fraudulent site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the credited money and withdraw them.

This, however, is where the victim notices the problems. 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 pull out 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 return your money. But to make the fraud look more realistic, they’ve made up a whole pack of reasons to decline the wireout request. Usually, they repeat what Know Your Client guidelines say, but for the Hovexbit.com they are here only to make the withdrawal impossible.

By requesting your personal data, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your money back. And every check will share more and more information, 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 Hovexbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Hovexbit often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Hovexbit.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Hovexbit raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Hovexbit.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Hovexbit preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Hovexbit as a scam.

What Should I do as a Victim?

If you had to deal with Hovexbit 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 timeline of the scam, its masters may get in touch with you with particular files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we already determined, these scoundrels have no intention of returning your money. So, what do these emails and browser extensions represent? You guessed it right – that is another side of the scam designed to throw you into willingly installing harmful programs onto your device.

Both plugins and files attached to emails can act as a carrier for diverse malware. In this case, I anticipate the presence of spyware and stealers among other kinds of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always existent. As noted, their conscience is of negligible importance, and their dignity is already neck deep in mud. They have nothing to give up and aim to boost gains.

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