The Lapsbit Scam – Don’t Become the Next Victim

Recently, Lapsbit.com service surfaced, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather credible supporting information that unmistakably confirms it is, in fact, a scam site.

Regardless of the promises of the most convenient, dependable, and customer-centric service, Lapsbit.com does not offer any of them. All this is just a shiny wrap around a clear scam, which takes your money and data and never returns them. Any tales about bonuses, backing from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Lapsbit Scam Overview

Originally, Lapsbit poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another bright selling point for this site is backing from celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look more realistic, con actors employ AI-generated videos where those celebrities promote the scam as the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around a transparent scam.

Lapsbit Scam

Initially, Lapsbit repeats the appearance of numerous equivalent online platforms. There are quite a few examples, like Fernad, Domager or Devxbit. They are completely undistinguishable in terms of visual elements, with small discrepancies in the site header. Other particulars, and at times even crypto wallet addresses, are matching. Most likely, all these scam online platforms are managed by a single team of fraudsters.

Cryptocurrency Scam Summary

How the Lapsbit Scam Works?

Lapsbit is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use several website designs, which still share the similar 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 advanced 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 initiate the deceptive scheme, criminals establish and fill accounts on well-liked social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Using bots and paid advertisements (when feasible), fraud actors boost the presence of their fraudulent activities to potential victims. And as I said, fraudsters do not shy away using generative AI for creating videos with the mentioned celebs that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

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

Users obtain an encouragement to enroll, drawn by the commitment of getting cryptocurrency rewards valued at thousands of dollars, all for free. To increase the appeal of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Upon following the promotions, targets end up on a page filled with appealing offers. “Crypto starts with Lapsbit”, “Your crypto savings are secured with Lapsbit, “Start earning with Lapsbit – they look rather reliable. To heat up users and make them proceed to step 3, crooks say that retrieving the promised bonus requires registration. And as nothing concerning happens at this point, unaware users happily keep on – especially since the gift appears to be right behind the corner.

This is the last stage when it is possible to steer away from the scam without any losses. Before you sign up using your personal information, 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 mentioned, deceivers bait folks for registration with bonuses. And all the personal info needed for it – username, email, crypto wallet address – is valuable for user identification. Exclusively 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 crypto purchases on the platform with it, the user should top up the account with the sum of a bonus. And this is what starts the final step of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency operations require you to have capital on your account. With Lapsbit, users are also coerced to top up to claim the bonuses. And these top ups is what creates the majority of the cash flow to this fraudulent 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 transferred funds and withdraw them.

This is where the first obvious issues start to surface. When keeping an eye on the real crypto wallet vs what the website 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

There’s no need to explain that swindlers have no intentions to return your money. But to make the fraud look more legitimate, they’ve developed a whole pack of reasons to decline the withdrawal request. Usually, they repeat what KYC requirements say, but in this case they are here only to make the withdrawal impossible.

By requesting your personal data, deceivers 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 grand back. And each of these checks will share more and more info of yours, 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 Lapsbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Lapsbit.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. Lapsbit 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. Lapsbit 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. Lapsbit 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%, Lapsbit capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Lapsbit.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Lapsbit 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 course of the scam, scoundrels may contact you with specific files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency funds. As we previously figured out, these scoundrels have no plan of giving back your funds. So, what do these email messages and browser extensions represent? Correct – that is another element of the scam designed to entice you into willingly installing destructive applications onto your device.

Both add-ons and attachments attached to email messages can function as a shell for various malicious software. In this case, I foresee the presence of spyware and stealers among other types of malicious programs. While it is not obligatory for scammers to distribute malware, the likelihood is always existent. As previously mentioned, their ethics is of negligible importance, and their dignity is already deeply compromised. They have no principles to lose and strive to maximize gains.

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