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

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

Contrary to the statements of Marxbit.com, they will never pay off your funds. Despite the money displayed in the “member area”, there is zero possibility to withdraw even a single cent. All pledges regarding crypto rewards are baseless as well.

It is better to prevent, than repair and repent!

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Marxbit Scam Overview

The main feature that Marxbit aims to provide is a protected and user-friendly crypto wallet service. The site promises crypto exchange facilities, tools for handling wallets, transfers, dashboards, and the like. 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 needed to mislead the cautious.

Marxbit Scam

First and foremost, Marxbit reproduces the layout of many similar online platforms. There are quite a few examples, like Auroexs, Xelofex or Teslaxhub. They are completely identical in terms of graphic elements, with slight discrepancies in the site header. Other particulars, and at times even crypto wallet addresses, are the same. Probably, all these scam websites are operated by a single gang of fraudsters.

Cryptocurrency Scam Summary

How the Marxbit Scam Works?

Marxbit is yet another online platform within a wide-ranging network of linked crypto deceptive webpages. The operators employ diverse brand titles and sites, like Marxbit.com, to trap victims. Nevertheless, these fraudulent websites have in common the same designs, terms of service, and About content. This exposes their sources as parts of the equal fraudulent network, which endorses the similar type of scam under diverse appearances. The fraudsters just replicate the same scam site under various names to deceive users into thinking they are participating in a fresh opportunity. However, in actuality, it’s the same group of scammers orchestrating the misleading pledges and attempts to take deposited funds. The administrators cleverly employ psychological maneuvers and captivating propositions to carry out their dishonest plans.

Step 1: Spreading

To start the fraud, criminals establish and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Using bots and paid advertisements (when feasible), fraud actors intensify the presence of their deceptive activities to possible victims. This approach allows them to create an extensive net and interact with their focused viewers. The latter usually comprises of cryptocurrency fans searching for chances to generate profits.

Users get an encouragement to enroll, attracted by the assurance of getting crypto prizes valued at thousands of dollars, all without cost. To enhance the appeal of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Individuals who demonstrate interest check out Marxbit.com via links present in promotions or robotic posts. The site uses captivating visuals, design elements that appear authentic, and assertions of having a official license, all designed to convey an initial image of reliability.

Step 3: Data Gathering

To claim their prizes, users need to deliberately sign up on Marxbit and get guidance to submit sensitive and personal data throughout the registration process. This includes linking their cryptocurrency wallets, revealing email addresses, giving phone numbers, furnishing identification papers, and more.

Step 4: Requesting funds

Once enrolled, users witness substantial amounts of cryptocurrency, valued at thousands of dollars, within their Marxbit wallets. However, as it usually happens with such incentives, you cannot withdraw them before topping up your account. Usually, a funds transfer of $100 is required to withdraw the sign-up bonus. This condition serves as the trap that eventually leads to the money loss.

Step 5: Disappear

The instant the deposit is sent, the deceivers terminate all interaction. They move forward to restrict users, remove accounts, and disappear with both the submitted funds and critical personal information. The fictitious rewards persist perpetually uncredited, as they lack real existence. They function solely as a deceptive ploy. This approach forms the foundation for the deceivers’ capability to mislead victims and steal hard-earned money through their deceptive online crypto fraud.

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Marxbit 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 fraud, fraudsters may contact you with specific documents. Alternatively, they may propose you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency savings. As we previously figured out, these scoundrels have no plan of returning your capital. So, what can these email messages and browser add-ons represent? Correct – this is another side of the fraudulent scheme designed to entice you into deliberately installing malicious applications onto your computer.

Both add-ons and files attached to emails can function as a carrier for different malware. In this scenario, I expect the presence of spyware and stealers among all forms of malware. While it is not obligatory for scammers to distribute malware, the chance is always significant. As stated, their morality is of no concern, and their reputation is already neck deep in mud. They have nothing to lose and strive to boost profits.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

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Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.

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8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.

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Trojan Killer for “spyware” removal on locked PC

In situations where it becomes impossible to download antivirus applications directly onto the infected computer due to malware blocking access to websites, an alternative solution is to utilize the Trojan Killer application.

There is a really little number of security tools that are able to be set up on the USB drives, and antiviruses that can do so in most cases require to obtain quite an expensive license. For this instance, I can recommend you to use another solution of GridinSoft - Trojan Killer Portable. It has a 14-days cost-free trial mode that offers the entire features of the paid version. This term will definitely be 100% enough to wipe malware out.

Trojan Killer is a valuable tool in your cybersecurity arsenal, helping you to effectively remove malware from infected computers. Now, we will walk you through the process of using Trojan Killer from a USB flash drive to scan and remove malware on an infected PC. Remember, always obtain permission to scan and remove malware from a computer that you do not own.

Step 1: Download & Install Trojan Killer on a Clean Computer:

1. Go to the official GridinSoft website (gridinsoft.com) and download Trojan Killer to a computer that is not infected.

2. Insert a USB flash drive into this computer.

3. Install Trojan Killer to the "removable drive" following the on-screen instructions.

4. Once the installation is complete, launch Trojan Killer.

Step 2: Update Signature Databases:

5. After launching Trojan Killer, ensure that your computer is connected to the Internet.

6. Click "Update" icon to download the latest signature databases, which will ensure the tool can detect the most recent threats.

Step 3: Scan the Infected PC:

7. Safely eject the USB flash drive from the clean computer.

8. Boot the infected computer to the Safe Mode.

9. Insert the USB flash drive.

10. Run tk.exe

11. Once the program is open, click on "Full Scan" to begin the malware scanning process.

Step 4: Remove Found Threats:

12. After the scan is complete, Trojan Killer will display a list of detected threats.

13. Click on "Cure PC!" to remove the identified malware from the infected PC.

14. Follow any additional on-screen prompts to complete the removal process.

Step 5: Restart Your Computer:

15. Once the threats are removed, click on "Restart PC" to reboot your computer.

16. Remove the USB flash drive from the infected computer.

Congratulations on effectively removing spyware and the concealed threats from your computer! You can now have peace of mind, knowing that they won't resurface again. Thanks to Gridinsoft's capabilities and commitment to cybersecurity, your system is now protected.

Frequently asked questions

The truth about Marxbit

Name: Marxbit

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