Recently, Miubits.com website popped up, promoting itself as a platform to keep cryptocurrency and other assets safely. I managed to gather reliable proof that unmistakably confirms it is, in fact, a scam platform.
Despite the promises of the most easy, dependable, and customer-centric service, Miubits.com does not follow any of them. All this is just a shiny wrap around a dirty scam, which takes your money and data and never gives them back. Any tales about bonuses, backing from celebrities etc are absent as well.
Miubits Scam Overview
Originally, Miubits poses as a cryptocurrency trading & cryptowallet platform with remarkably low commission fees. Another highlighted selling point for this platform is backing from celebrities that are known in 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 more realistic, rascals use deepfake videos with those celebs advertise the fake crypto service as if it was the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.
Miubits Scam
Initially, Miubits copies the appearance of many equivalent websites. There are quite a few examples, like Kiyoex, Cryptoexclub or Cashespel. They are completely indistinguishable in terms of graphic elements, with slight discrepancies in the webpage header. Other specific elements, and at times even crypto wallet addresses, are identical. Presumably, all these scam sites are led by the same team of frauds.
Cryptocurrency Scam Summary
| Website | Miubits.com |
| Hosting | AS13335 Cloudflare, Inc. United States, San Francisco |
| IP Address | 188.114.97.3 |
| Threat Type | Scam/Fraud |
| Scam Type | Fraudulent offers of cryptocurrency services |
How the Miubits Scam Works?
Miubits is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Swindlers who stand behind it use various website designs, which still share the identical 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 sophisticated 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 initiate the scam, criminals establish and fill accounts on well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Utilizing bots and sponsored promotions (when feasible), fraud actors intensify the visibility of their deceptive activities to possible victims. And as I said, fraudsters do not shy away using generative AI for creating videos 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 registers the service immediately.
Promotions of cryptoscams like Miubits in TikTok. Most of these videos are AI-generated deepfakes
Users obtain an encouragement to enroll, enticed by the assurance of receiving cryptocurrency prizes valued at hundreds of dollars, all without cost. To augment the attractiveness of the offer, fake claims of cooperation with a celebrity are added. As you may guess, these assertions are entirely baseless.
Step 2: Gaining Traffic
Upon clicking the ads, users end up on a page filled with enticing offers. “Crypto starts with Miubits”, “Your crypto savings are secured with Miubits, “Start earning with Miubits – they look rather reliable. To heat up the interest and make the users proceed to step 3, crooks say that unlocking the promoted bonus requires registration. And since nothing suspicious happens at this point, unaware users happily keep on – especially since the bonus 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 sign up using your personal info, crooks will not earn even a penny from your presence on the website.
Step 3: Data Gathering
This is where the main fraud action begins. As I just said, deceivers bait folks into registration to get bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Solely 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 claimed bonus is not available for withdrawal right away. To make it at least usable for cryptocurrency 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
Eventually, any cryptocurrency purchases require having money on your account. With Miubits, users are also coerced to top up to get the bonuses. And these top ups is what creates most of the cash flow to this scam website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the credited capital and withdraw them.
This is where the problems start to surface. When keeping an eye on the actual 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 funds from your account, the scam is finally uncovered to the user.
Step 5: Escaping from Funds Withdrawal
Needless to say that scoundrels have no intentions to give your money back. Though to make the denial look more realistic, they’ve crafted a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what KYC guidelines say, but for the Miubits.com they are here exclusively to make the withdrawal impossible.
By asking for your personal data, frauds just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your grand back. And each of these checks will share more and more info of yours, which – you guessed it right – will be then sold 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 Miubits.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- False Celebrity Sponsorship. Miubits 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. Miubits.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. Miubits 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. Miubits.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%, Miubits preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Miubits as a scam.
What Should I do as a Victim?
If you had to deal with Miubits 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 timeline of the fraud, its masters may get in touch with you with particular files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto funds. As we already figured out, these rascals have no plan of giving back your capital. So, what do these emails and browser plugins represent? You guessed – this is another side of the deceptive plan designed to entice you into willingly running destructive software onto your system.
Both add-ons and files included to email messages can act as a carrier for various malicious software. In this scenario, I anticipate the presence of spyware and stealers among all kinds of malware. While it is not obligatory for scammers to distribute malware, the chance is always existent. As previously mentioned, their conscience is of negligible importance, and their reputation is already neck deep in mud. They have no principles to lose and strive to maximize profits.
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Frequently asked questions
The vast majority of information posted on the Miubits site is false. It is either fabricated, or a manipulation that misses the context of mentioned events. However, things like quotes or other interactive elements related to current prices may be trustworthy. But I would rather avoid using them as a primary source of information.
No, there is no legitimate information on the Miubits site. The operators of this site use fabricated details and deceptive tactics to create an appearance of credibility, such as appealing visuals and claims of being a licensed company. However, these claims are false, and the site is part of a larger network of interconnected crypto scam sites designed to defraud victims. The scammers manipulate users into providing sensitive personal information and making deposits, ultimately leading to the loss of funds.
Unfortunately, recovering funds lost to a scam like Miubits can be extremely challenging, if not impossible. Scammers often operate from obscure locations and use various tactics to cover their tracks, making it difficult to trace or retrieve the stolen funds. In many cases, these scams are designed to exploit victims and disappear once they have obtained the money.
Spotting crypto trading scams requires vigilance and a critical eye. Here are some tips to help you identify potential crypto trading scams in the future:
- Too Good to Be True Promises. Be cautious of offers that promise unrealistically high returns or guaranteed profits. If an investment opportunity sounds too good to be true, it likely is.
- Pressure to Act Quickly. Scammers often use tactics like creating a sense of urgency to pressure you into making quick decisions. Legitimate investments allow you time to research and consider your options.
- Lack of Regulation or Licensing. Check if the platform or service is regulated and licensed by relevant authorities. Scammers often operate without proper authorization.
- Social Proof and Celebrity Endorsements: Be skeptical of endorsements from celebrities or public figures. Scammers often fabricate endorsements to gain credibility.
- Check for Reviews and Feedback: Look for independent reviews and feedback from other traders. Scammers may fabricate positive reviews, but negative reviews can provide valuable insights.
If you have become a victim of a Miubits or similar crypto trading scam, it’s important to take immediate action to minimize further damage and increase the chances of recovering your losses. Here’s what you should do:
- Document the Events. Gather and safeguard all pertinent information, including emails, screenshots, transaction records, and any correspondence with the scammers. This documentation holds utmost importance for reporting the scam and seeking assistance.
- Contact Financial Institutions. If you conducted any payments or deposits through your credit card or bank account, promptly notify your financial institution. They might offer assistance in contesting transactions or initiating chargebacks.
- Seek Legal Advice. Consult with a legal professional who specializes in fraud or financial matters. They can provide advice on potential legal actions you can take to recover your funds.
- Inform the Authorities. Lodge an official report with your local law enforcement agency and relevant regulatory bodies within your country. Present them with the amassed evidence. This step instigates investigations and enhances awareness about the scam.
- Notify Cryptocurrency Exchanges. Should you have employed a cryptocurrency exchange for transactions linked to the scam, inform the exchange about the fraudulent activity. In certain cases, they could extend their assistance.
- Consult Legal Counsel. Seek counsel from a legal expert specialized in fraud or financial matters. They can provide guidance on potential legal avenues for recovering your funds.
- Immediately Halt Communication. Once you recognize that you have fallen victim to a scam, cease all communication with the scammers. Refrain from responding to their emails, messages, or phone calls.
The truth about Miubits
Name: Miubits
Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Miubits, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Miubits scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.
Operating System: All
Application Category: Crypto Scams
