We Looked at the Evidence: Is Larkbit Legit or Scam?

Recently, Larkbit.com website appeared, 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 scam site.

Regardless of the promises of the most easy, reliable, and customer-centric service, Larkbit.com does not follow any of them. All this is just a shiny wrap around a clear scam, which takes your funds and never gives them back. Any tales about gifts, endorsement from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Larkbit Scam Overview

Originally, Larkbit poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another bright selling point for this service is backing from celebrities that are known in the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, frauds employ AI-generated videos where those celebrities promote the fraud as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around an obvious scam.

Larkbit Scam

First and foremost, Larkbit repeats the appearance of multiple similar online platforms. There are quite a few examples, like Koledex, Coinxcove or Bitspasex. They are completely indistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other details, and at times even crypto wallet addresses, are the same. Presumably, all these scam sites are operated by a single team of scammers.

Cryptocurrency Scam Summary

How the Larkbit Scam Works?

Larkbit is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use various website designs, which still share the same overall layout. Another common 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To begin the deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Employing bots and sponsored ads (when possible), fraud actors boost the presence of their deceptive activities to possible victims. And as I said, scammers do not shy away using generative AI 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 enrolls the service immediately.

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

Users receive a stimulus to enroll, drawn by the promise of obtaining crypto rewards valued at hundreds of dollars, all without cost. To increase the attractiveness of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon following the promotions, targets end up on a page filled with attractive offers. “Crypto starts with Larkbit”, “Your crypto savings are secured with Larkbit, “Start earning with Larkbit – they look rather reliable. To heat up the interest and make the users proceed to step 3, fraudsters say that unlocking the promised bonus requires registration. And as nothing suspicious happens at this point, uninformed users happily move on – especially as the bonus 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 data, frauds will not be able to 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 info needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Solely 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 it at least usable for cryptocurrency purchases, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

It is obvious that any crypto purchases require having capital on your account. In the case of Larkbit, users are also coerced to top up to get the bonuses. And this is what creates most of the money flow to this fraudulent website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the deposited capital and withdraw them.

This is where the problems start to surface. When keeping an eye on the real crypto wallet vs what the website says, you can spot 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

Needless to say that swindlers are naught on intentions to send you money. Though to make the fraud look more realistic, they’ve crafted a whole pack of reasons to decline the withdrawal request. Most of them repeat what KYC guidelines say, but in this case they are here only to make the wireout impossible.

By asking for your personal information, 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 grand back. And each of these checks will reveal 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 Larkbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Larkbit employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, Larkbit exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Larkbit as a scam.
• Dubious Corporate Information. Larkbit arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Larkbit.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. Larkbit utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with Larkbit 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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, its masters may reach out to you with particular files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto assets. As we already determined, these scoundrels have no plan of returning your funds. So, what do these messages and browser extensions represent? Correct – that is another component of the fraudulent scheme designed to entice you into deliberately installing destructive software onto your computer.

Both add-ons and attachments added to emails can function as a shell for diverse malicious software. In this scenario, I expect the presence of spyware and stealers among all kinds of malicious programs. While it is not mandatory for scammers to distribute malware, the likelihood is always above zero. As stated, their ethics is of negligible importance, and their reputation is already seriously marred. They have no principles to lose and intend to boost revenues.

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Frequently asked questions

The truth about Larkbit

Name: Larkbit

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