Investigating Merybit: Legit or Scam? The Truth Exposed

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

Regardless of the promises of the most easy, trustworthy, and client-friendly service, Merybit.com does not follow any of them. In fact, all this is just a shiny wrap around a blatant scam, which steals your money and never returns them. Any stories about bonuses, sponsorship from celebrities etc are absent as well.

Merybit Scam Overview

Originally, Merybit poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another bright selling point for this service is partnerships with celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look real, rascals employ AI-generated videos where those celebrities promote the fake crypto service as the best thing in the world. For known reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a blatant wrap around an obvious scam.

Merybit Scam

First and foremost, Merybit repeats the appearance of numerous similar websites. There are quite a few examples, like Wedexy, Whitedexx or Xeynex. They are completely undistinguishable in terms of graphic elements, with small discrepancies in the site header. Other details, and sometimes even crypto wallet addresses, are unchanged. Most likely, all these deceptive online platforms are operated by a single gang of scoundrels.

Cryptocurrency Scam Summary

How the Merybit Scam Works?

Merybit is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use various website designs, which still share the same overall layout. Another shared 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 start the scam, criminals create and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Using bots and sponsored ads (when achievable), scam actors boost the exposure of their deceptive activities to possible victims. And as I said, scammers do not disdain using deepfake for creating videos with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who registers the service immediately.

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

Step 2: Gaining Traffic

Upon following the promotions, victims end up on a page filled with enticing offers. “Crypto starts with Merybit”, “Your crypto savings are secured with Merybit, “Start earning with Merybit – they look rather reliable. To heat up users and make them proceed to step 3, fraudsters say that retrieving the promised bonus requires registration. And as nothing suspicious happens at this point, unaware users happily proceed – especially since the reward appears to be right behind the corner.

At this point, it is possible to get away from the scam without any losses. Before you sign up using your personal info, 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, deceivers bait folks into registration for bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Only by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the alleged bonus is not available for withdrawal right away. To make at least crypto purchases on the platform with it, you need to top up the account with the sum of a bonus. And this is what initiates the final step of the scam.

Step 4: Requesting funds

Eventually, any cryptocurrency purchases require having money on your account. In the case of Merybit, users are also compelled to top up to use the bonuses. And this is what creates the majority of the money flow to this fraudulent site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start participating on this website hoping to use all the transferred money and withdraw them.

This is where the victim notices the problems. When comparing the real cryptocurrency wallet vs what the website 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

Needless to say that scoundrels are naught on intentions to return your money. But to make the fraud look more legitimate, they’ve developed a whole pack of reasons to decline the wireout request. Usually, they repeat what Know Your Client regulations say, but for the Merybit.com they are here only to make the wireout impossible.

By asking for your personal information, frauds just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you should go through before getting your money back. And every check will uncover 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 Merybit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Merybit.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Merybit arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Merybit resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Merybit employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Merybit capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Merybit.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Merybit 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 timeline of the fraud, its masters may contact you with specific documents. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto savings. As we earlier figured out, these rascals have no intention of restoring your funds. So, what do these email messages and browser extensions represent? Correct – that is another side of the deceptive plan designed to throw you into willingly running harmful programs onto your computer.

Both add-ons and files attached to emails can serve as a carrier for different malicious software. In this case, I foresee the presence of spyware and stealers among all types of malware. While it is not mandatory for scammers to distribute malware, the probability is always existent. As stated, their morality is of little concern, and their dignity is already deeply compromised. They have no scruples to give up and aim to maximize revenues.

Frequently asked questions