Is Ibitisi Legit or Another Scam? The Truth Revealed

Recently, Ibitisi.com website appeared, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather reliable evidence that clearly confirms it is, actually, a fraudulent platform.

Despite the promises of the most convenient, dependable, and client-friendly service, Ibitisi.com does not offer any of them. All this is just a golden wrap around a blatant scam, which steals your money and data and never gives them back. Any tales about gifts, sponsorship from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Ibitisi Scam Overview

Originally, Ibitisi poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another notable marketing point for this site 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 more realistic, con actors employ deepfake videos where those celebrities advertise the fraud as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

Ibitisi Scam

First and foremost, Ibitisi copies the appearance of numerous equivalent online platforms. There are quite a few examples, like Noutex, Bitxbyt or Bimacash. They are entirely indistinguishable in terms of visual elements, with minor discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are matching. Presumably, all these deceptive sites are managed by a single team of swindrels.

Cryptocurrency Scam Summary

How the Ibitisi Scam Works?

Ibitisi 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 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To begin the deceptive scheme, criminals establish and fill accounts on popular social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Using bots and sponsored ads (when achievable), fraud actors increase the presence of their scam activities to potential victims. And as I said, crooks do not shy away using generative AI for creating clips with the mentioned celebs that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who registers the service immediately.

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

Users obtain a stimulus to sign up, drawn by the assurance of getting cryptocurrency prizes valued at thousands of dollars, all free of charge. To augment the appeal of the offer, false claims of cooperation with a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After clicking the promos, users end up on a page filled with enticing offers. “Crypto starts with Ibitisi”, “Your crypto savings are secured with Ibitisi, “Start earning with Ibitisi – they look rather reliable. To heat up the interest and make the users proceed to step 3, scammers say that getting the promoted bonus requires registration. And since nothing concerning happens at this point, unexperienced users happily keep on – 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 sign up using your personal info, rascals will not be able to earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, frauds bait folks for registration with bonuses. And all the personal data needed for it – email, username, crypto wallet address – is valuable for user identification. Exclusively 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, you cannot use the promised bonus right away. To make it at least usable for crypto purchases, you need to top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

It is obvious that any crypto operations require you to have capital on your account. In the case of Ibitisi, users are also forced to top up to get the bonuses. And this is what creates most of the cash flow to this scam website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the credited money and withdraw them.

This, however, is where the first obvious problems start to surface. When keeping an eye on the actual 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 are naught on intentions to return your money. But to make the fraud look more realistic, they’ve made up a whole bunch of reasons to decline the wireout request. Most of them repeat what KYC guidelines say, but for the Ibitisi.com they are here exclusively to make the withdrawal impossible.

By requesting your personal info, deceivers 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 funds back. And every check will uncover more and more information, which – you guessed it right – will be then sold 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 Ibitisi.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Ibitisi.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Ibitisi arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Ibitisi resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Ibitisi employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Ibitisi capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Ibitisi.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Ibitisi 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 timeline of the fraud, its actors may contact you with specific files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we already figured out, these deceivers have no intention of returning your money. So, what do these messages and browser plugins represent? Correct – that is another element of the scam designed to entice you into willingly installing harmful software onto your system.

Both extensions and attachments included to emails can serve as a shell for different malicious code. In this situation, I anticipate the presence of spyware and stealers among other kinds of malware. While it is not mandatory for scammers to distribute malware, the chance is always greater than zero. As noted, their morality is of no concern, and their dignity is already deeply compromised. They have no scruples to give up and strive to boost revenues.

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Frequently asked questions

The truth about Ibitisi

Name: Ibitisi

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