We Investigated LUXERYBIT: Legit or Scam? The Facts

Recently, Luxerybit.com site popped up, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably indicates it is, in truth, a deceptive site.

Despite the promises of the most user-friendly, reliable, and customer-centric service, Luxerybit.com does not follow any of them. In fact, all this is just a gilded wrap around a dirty scam, which takes your money 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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LUXERYBIT Scam Overview

Originally, LUXERYBIT poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another bright selling point for this service is partnerships with celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, frauds employ deepfake videos where those celebrities promote the fraud as if it was the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a glaring wrap around an obvious scam.

LUXERYBIT Scam

Initially, LUXERYBIT repeats the design of numerous equivalent online platforms. There are quite a few examples, like Venasy, Vucrex or Wayxbe. They are totally identical in terms of graphic elements, with slight discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are matching. Probably, all these deceptive sites are operated by a single group of swindrels.

Cryptocurrency Scam Summary

How the LUXERYBIT Scam Works?

LUXERYBIT is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use numerous website designs, which still share the same 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 complex psychological tricks that make the user believe in the legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To begin the scam, criminals set up and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Utilizing bots and sponsored advertisements (when achievable), fraud actors increase the exposure of their fraudulent activities to potential victims. And as I said, fraudsters do not disdain using deepfake for creating clips 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 enrolls the service immediately.

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

Users receive an encouragement to enroll, drawn by the assurance of obtaining crypto prizes valued at hundreds of dollars, all for free. To augment the attractiveness of the offer, false suggestions of sponsorship by a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After clicking the promotions, victims end up on a page filled with enticing offers. “Crypto starts with LUXERYBIT”, “Your crypto savings are secured with LUXERYBIT, “Start earning with LUXERYBIT – they look rather credible. To heat up the interest and make the users proceed to step 3, scammers say that retrieving the promised bonus requires registration. And since nothing suspicious happens at this point, unexperienced users happily move on – especially since the gift appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you register using your personal info, swindrels will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, frauds bait folks for registration with bonuses. And all the personal info needed for it – username, email, crypto wallet address – are valuable for user identification. Only by gathering this info and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.

As it turns out, the alleged bonus is not available to use right away. To make at least cryptocurrency purchases on the platform with it, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Eventually, any cryptocurrency operations require having capital on your account. In the case of LUXERYBIT, users are also forced to top up to get the bonuses. And this is what creates most of the cash 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 trading on this site hoping to use all the deposited capital and withdraw them.

This, however, is where the problems start to surface. When comparing 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 pull out the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that scoundrels are naught on intentions to give your money back. Though to make the denial look more realistic, they’ve developed a whole pack of reasons to decline the withdrawal request. Usually, they repeat what KYC guidelines say, but for the Luxerybit.com 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 multiple other checks you would desperately need to undergo before getting your money back. And each of these checks will reveal 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 Luxerybit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. LUXERYBIT often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Luxerybit.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. LUXERYBIT raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Luxerybit.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, LUXERYBIT preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling LUXERYBIT as a scam.

What Should I do as a Victim?

If you had to deal with LUXERYBIT 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 duration of the scam, its actors may reach out to you with particular documents. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we earlier figured out, these deceivers have no intention of restoring your capital. So, what do these email messages and browser add-ons represent? You guessed it right – this is another component of the scam designed to throw you into willingly running harmful software onto your system.

Both add-ons and attachments included to email messages can serve as a carrier for different malicious software. In this case, I anticipate the presence of spyware and stealers among other kinds of threats. While it is not obligatory for scammers to distribute malware, the chance is always significant. As stated, their ethics is of no concern, and their dignity is already neck deep in mud. They have no scruples to give up and intend to boost profits.

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