Recently, Kanbyxbit.com service popped up, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather reliable proof that unmistakably reveals it is, in fact, a fraudulent service.
Regardless of the promises of the most easy, dependable, and client-friendly service, Kanbyxbit.com does not fulfill any of them. In fact, 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.
Kanbyxbit Scam Overview
Originally, Kanbyxbit poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another bright marketing point for this platform is partnerships with celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look real, rascals use deepfake videos with those celebs advertise the fake crypto service as if it was the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.
First and foremost, Kanbyxbit shares the layout of multiple equivalent online platforms. There are quite a few examples, like Eurokrypto, Kerdyfx or Rexorex. They are completely undistinguishable in terms of graphic elements, with small discrepancies in the webpage header. Other particulars, and sometimes even crypto wallet addresses, are unchanged. Most likely, all these deceptive online platforms are operated by the same gang of scoundrels.
Cryptocurrency Scam Summary
|AS13335 Cloudflare, Inc.
United States, San Francisco
|Fraudulent offers of cryptocurrency services
How the Kanbyxbit Scam Works?
Kanbyxbit is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use several website designs, which still share the identical overall layout. Another mutual 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 advanced 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 fraud, criminals create and fill accounts on well-liked social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Utilizing bots and sponsored promotions (when possible), fraud actors boost the presence of their deceptive activities to potential victims. And as I said, fraudsters do not shy away using generative AI for creating clips with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who registers the service immediately.
Users obtain an encouragement to enroll, drawn by the assurance of obtaining crypto prizes valued at thousands of dollars, all for free. To increase the appeal of the offer, false suggestions of cooperation with a celebrity are added. As you may guess, these claims are completely baseless.
Step 2: Gaining Traffic
After following the promos, users end up on a page filled with attractive offers. “Crypto starts with Kanbyxbit”, “Your crypto savings are secured with Kanbyxbit, “Start earning with Kanbyxbit – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that unlocking the promised bonus requires registration. And as nothing questionable 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 skip the scam without any losses. Before you register using your personal info, rascals will not earn even a nickel from your presence on the website.
Step 3: Data Gathering
This is where the main fraud action begins. As I just mentioned, frauds bait folks for registration with bonuses. And all the personal information needed for it – email, username, crypto wallet address – is valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.
As it turns out, the claimed bonus is not available for withdrawal right away. To make at least crypto purchases on the platform with it, the user should top up the account with the equivalent sum. And this is what initiates the final step of the scam.
Step 4: Requesting funds
Eventually, any cryptocurrency operations require having capital on your account. In the case of Kanbyxbit, users are also forced to top up to claim the bonuses. And this is what creates most of the cash flow to this scam site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the credited capital and withdraw them.
This is where the victim notices the issues. When keeping an eye on the actual crypto wallet vs what the site says, you can observe that no transactions are done whatsoever. And then, when you’d try to retrieve the money from your account, the scam is finally uncovered to the user.
Step 5: Escaping from Funds Withdrawal
Needless to say that scoundrels have zero intentions to send you money. But to make it look more realistic, they’ve crafted a whole bunch of reasons to decline the withdrawal request. Most of them repeat what KYC regulations say, but for the Kanbyxbit.com they are here only to make the wireout impossible.
By requesting your personal info, scammers 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 each of these checks will uncover more and more information, 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 Kanbyxbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- Absent company details. Kanbyxbit 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 Kanbyxbit 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 Kanbyxbit, 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 Kanbyxbit is a definite scam.
What Should I do as a Victim?
If you had to deal with Kanbyxbit 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 course of the fraud, its masters may reach out to you with specific documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we already figured out, these deceivers have no intention of restoring your funds. So, what can these emails and browser plugins represent? Correct – that is another component of the fraudulent scheme designed to throw you into willingly installing harmful applications onto your device.
Both extensions and files added to emails can function as a shell for various malicious code. In this scenario, I anticipate the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the chance is always above zero. As noted, their morality is of negligible importance, and their reputation is already seriously marred. They have no principles to lose and aim to maximize revenues.
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Frequently asked questions
The vast majority of information posted on the Kanbyxbit site is false. It is either fabricated, or a manipulation that misses the context of mentioned events. However, things like quotes or other interactive elements related to current prices may be trustworthy. But I would rather avoid using them as a primary source of information.
No, there is no legitimate information on the Kanbyxbit site. The operators of this site use fabricated details and deceptive tactics to create an appearance of credibility, such as appealing visuals and claims of being a licensed company. However, these claims are false, and the site is part of a larger network of interconnected crypto scam sites designed to defraud victims. The scammers manipulate users into providing sensitive personal information and making deposits, ultimately leading to the loss of funds.
Unfortunately, recovering funds lost to a scam like Kanbyxbit can be extremely challenging, if not impossible. Scammers often operate from obscure locations and use various tactics to cover their tracks, making it difficult to trace or retrieve the stolen funds. In many cases, these scams are designed to exploit victims and disappear once they have obtained the money.
Spotting crypto trading scams requires vigilance and a critical eye. Here are some tips to help you identify potential crypto trading scams in the future:
- Too Good to Be True Promises. Be cautious of offers that promise unrealistically high returns or guaranteed profits. If an investment opportunity sounds too good to be true, it likely is.
- Pressure to Act Quickly. Scammers often use tactics like creating a sense of urgency to pressure you into making quick decisions. Legitimate investments allow you time to research and consider your options.
- Lack of Regulation or Licensing. Check if the platform or service is regulated and licensed by relevant authorities. Scammers often operate without proper authorization.
- Social Proof and Celebrity Endorsements: Be skeptical of endorsements from celebrities or public figures. Scammers often fabricate endorsements to gain credibility.
- Check for Reviews and Feedback: Look for independent reviews and feedback from other traders. Scammers may fabricate positive reviews, but negative reviews can provide valuable insights.
If you have become a victim of a Kanbyxbit or similar crypto trading scam, it’s important to take immediate action to minimize further damage and increase the chances of recovering your losses. Here’s what you should do:
- Notify Cryptocurrency Exchanges. Should you have employed a cryptocurrency exchange for transactions linked to the scam, inform the exchange about the fraudulent activity. In certain cases, they could extend their assistance.
- Contact Financial Institutions. If you conducted any payments or deposits through your credit card or bank account, promptly notify your financial institution. They might offer assistance in contesting transactions or initiating chargebacks.
- Thoroughly Document. Gather and safeguard all pertinent information, including emails, screenshots, transaction records, and any correspondence with the scammers. This documentation holds utmost importance for reporting the scam and seeking assistance.
- Immediately Halt Communication. Once you recognize that you have fallen victim to a scam, cease all communication with the scammers. Refrain from responding to their emails, messages, or phone calls.
- Seek Legal Advice. Consult with a legal professional who specializes in fraud or financial matters. They can provide advice on potential legal actions you can take to recover your funds.
- Consult Legal Counsel. Seek counsel from a legal expert specialized in fraud or financial matters. They can provide guidance on potential legal avenues for recovering your funds.
- Inform the Authorities. Lodge an official report with your local law enforcement agency and relevant regulatory bodies within your country. Present them with the amassed evidence. This step instigates investigations and enhances awareness about the scam.
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