We Investigated Lerexbit: Legit or Scam? The Facts

Recently, Lerexbit.com service appeared, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather credible proof that clearly confirms it is, actually, a deceptive site.

Despite what Lerexbit site says, they won’t refund your funds. Regardless of the numbers displayed in the “member area”, there is zero way to retrieve even a single cent. All commitments regarding crypto bonuses are hollow as well.

Lerexbit Scam Overview

The primary offering that Lerexbit aims to provide is a protected and convenient crypto wallet service. The site pledges exchange solutions, tools for managing wallets, transfers, dashboards, and similar stuff. In reality, they aim to emulate the functionality of a crypto exchange, akin to Binance or Coinbase. However, it actually solely serves as a cover intended to deceive the cautious.

Lerexbit Scam

To begin with, Lerexbit mimics the design of multiple similar websites. There are quite a few examples, like Roydex, Muskxbuy or Musbex. They are completely indistinguishable in terms of visual elements, with minor discrepancies in the website header. Other specific elements, and at times even crypto wallet addresses, are matching. Probably, all these fraudulent sites are operated by the same gang of swindrels.

Cryptocurrency Scam Summary

How the Lerexbit Scam Works?

Lerexbit is yet another webpage within a vast network of linked crypto scam platforms. The administrators employ various brand titles and websites, like Lerexbit.com, to ensnare victims. However, these deceptive sites have in common the same website designs, terms of service, and About Us content. This exposes their sources as components of the identical fraudulent network, which advocates the same type of scam under different appearances. The deceivers simply replicate the same deceptive site under various names to mislead users into believing they are enrolling a fresh platform. However, in reality, it’s the equal system of swindlers orchestrating the deceptive pledges and efforts to take deposited funds. The operators skillfully make use of psychological strategies and captivating offers to execute their dishonest schemes.

Step 1: Spreading

To start the fraud, criminals set up and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Using bots and sponsored advertisements (when achievable), fraud actors boost the exposure of their scam activities to potential victims. This tactic enables them to cast a broad net and interact with their targeted spectators. The latter typically comprises of cryptocurrency enthusiasts seeking chances to earn profits.

Users get an encouragement to sign up, enticed by the promise of receiving crypto benefits valued at hundreds of dollars, all for free. To augment the attractiveness of the offer, fake claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Users who show interest check out Lerexbit.com via links featured in promotions or robotic posts. The website employs captivating visuals, design elements that appear genuine, and assertions of possessing a valid license, all aimed to convey an initial image of reliability.

Step 3: Data Gathering

To redeem their prizes, users must actively create an account on Lerexbit and get prompts to submit sensitive and private information throughout the registration procedure. This comprises linking their cryptocurrency wallets, revealing email addresses, supplying phone numbers, submitting identification papers, and more.

Step 4: Requesting funds

Once signed up, users notice significant amounts of cryptocurrency, valued at thousands of dollars, within their Lerexbit wallets. Nevertheless, as is common with such bonuses, you are unable to withdraw them ahead of making a deposit. Typically, a deposit of $100 is required to access the sign-up bonus. This condition serves as the snare that ultimately results to the money loss.

Step 5: Disappear

Signs of Scam

I gathered several facts that point at the scammy nature of the Lerexbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Lerexbit 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 Lerexbit 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 Lerexbit, 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 Lerexbit is a definite scam.

What Should I do as a Victim?

If you had to deal with Lerexbit 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 the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

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 get in touch with you with specific files. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we already figured out, these rascals have no intent of giving back your funds. So, what do these emails and browser add-ons represent? Correct – this is another component of the fraudulent scheme designed to throw you into deliberately running malicious applications onto your system.

Both plugins and files attached to email messages can function as a shell for diverse malicious software. In this situation, I anticipate the presence of spyware and stealers among other types of malicious programs. While it is not mandatory for scammers to distribute malware, the probability is always significant. As previously mentioned, their conscience is of little concern, and their dignity is already severely tarnished. They have nothing to give up and intend to maximize gains.

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