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

Recently, Litefair.com website surfaced, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather credible proof that unmistakably confirms it is, actually, a scam platform.

Despite the promises of the most easy, reliable, and customer-centric service, Litefair.com does not fulfill any of them. In fact, all this is just a shiny wrap around a clear scam, which steals your funds and never returns them. Any stories about bonuses, endorsement from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Litefair Scam Overview

Originally, Litefair poses as a crypto trading & cryptowallet platform with outstandingly low commission fees. Another highlighted selling point for this service is partnerships with celebrities that have relation to 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 real, rascals 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 among them. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

Litefair Scam

Initially, Litefair repeats the design of multiple equivalent pages. There are quite a few examples, like Hytrex, Golores or Gerapay. They are totally undistinguishable in terms of graphic elements, with minor discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are matching. Most likely, all these scam sites are managed by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Litefair Scam Works?

Litefair 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 similar 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 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 scam, criminals create and fill accounts on well-liked social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Employing bots and sponsored promotions (when achievable), scam actors increase the exposure of their scam activities to potential victims. And as I said, fraudsters do not shy away using deepfake for creating videos with the mentioned celebrities that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

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

Users obtain an encouragement to enroll, drawn by the assurance of receiving crypto benefits valued at thousands of dollars, all for free. To augment the attractiveness of the offer, fake claims of cooperation with a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon following the promos, victims end up on a page filled with appealing offers. “Crypto starts with Litefair”, “Your crypto savings are secured with Litefair, “Start earning with Litefair – they look rather credible. To heat up users and make them proceed to step 3, scammers say that claiming the pledged bonus requires registration. And as nothing concerning happens at this point, unaware users happily proceed – especially as the reward 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 register using your personal data, 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, scammers bait folks into signing up to get bonuses. And all the personal info needed for it – username, email, crypto wallet address – are valuable for user identification. Solely by gathering this data and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

As it turns out, the promised bonus is not available to use 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 begins.

Step 4: Requesting funds

Obviously, any cryptocurrency operations require you to have money on your account. With Litefair, users are also forced to top up to claim the bonuses. And these top ups is what creates the majority of the money 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 engaging on this site hoping to use all the transferred funds and withdraw them.

This, however, is where the problems start to surface. When keeping an eye on the real crypto wallet vs what the site says, you can spot 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 zero intentions to send you money. Though to make the fraud look more realistic, they’ve developed a whole bunch of reasons to decline the wireout request. Most of them repeat what Know Your Client guidelines say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal information, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your money back. And every check will share more and more info of yours, 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 Litefair.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Litefair 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, fraudsters may contact you with specific files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency savings. As we earlier determined, these deceivers have no intent of restoring your money. So, what can these emails and browser plugins represent? You guessed – this is another element of the fraudulent scheme designed to entice you into willingly running harmful programs onto your device.

Both add-ons and attachments added to email messages can act as a carrier for various malware. In this scenario, I anticipate the presence of spyware and stealers among all kinds of malware. While it is not mandatory for scammers to distribute malware, the likelihood is always greater than zero. As noted, their morality is of little concern, and their dignity is already deeply compromised. They have no scruples to give up and aim to boost profits.

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