The Truth About Okbits: Legit or Scam? Our Review

Recently, Okbits.com website popped up, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather reliable proof that unmistakably reveals it is, actually, a deceptive platform.

Despite the promises of the most convenient, trustworthy, and client-friendly service, Okbits.com does not offer any of them. All this is just a gilded wrap around a blatant scam, which steals your funds and never returns them. Any tales about bonuses, sponsorship from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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Okbits Scam Overview

Originally, Okbits poses as a crypto trading & cryptowallet service with exceptionally low commission fees. Another bright marketing point for this service is partnerships with 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, frauds use deepfake videos with those celebs promote the fake crypto service as if it was the best thing in the world. For obvious reasons, 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.

Okbits Scam

To begin with, Okbits repeats the design of numerous equivalent online platforms. There are quite a few examples, like Hipmine, Getfit or Chadwex. They are entirely identical in terms of visual elements, with small discrepancies in the site header. Other details, and sometimes even crypto wallet addresses, are unchanged. Probably, all these scam websites are led by the same gang of swindrels.

Cryptocurrency Scam Summary

How the Okbits Scam Works?

Okbits is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use several 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 sophisticated psychological tricks that make the user believe in the validity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the fraud, criminals establish and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Using bots and sponsored advertisements (when achievable), fraud actors intensify the visibility of their deceptive activities to potential victims. And as I said, scammers do not shy away using deepfake for creating clips with the mentioned celebs that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who registers the service immediately.

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

Users obtain a stimulus to sign up, attracted by the assurance of obtaining crypto benefits valued at thousands of dollars, all without cost. To augment the appeal of the offer, fake suggestions of sponsorship by a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon following the promotions, users end up on a page filled with appealing offers. “Crypto starts with Okbits”, “Your crypto savings are secured with Okbits, “Start earning with Okbits – they look rather credible. To heat up users and make them proceed to step 3, fraudsters say that unlocking the promoted bonus requires registration. And as nothing concerning happens at this point, unaware users happily keep on – especially as the bonus 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 information, swindrels will not 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 mentioned, scammers bait folks into registration for bonuses. And all the personal data needed for it – username, email, crypto wallet address – are valuable for user identification. Solely by gathering this information and selling it further into the Darknet, crooks 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, the user should top up the account with the equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

It is obvious that any cryptocurrency purchases require you to have funds on your account. In the case of Okbits, users are also coerced to top up to use the bonuses. And this is what creates the majority of the money flow to this fraudulent website. By topping up the account, users hope to get the promised 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 first obvious issues start to surface. When keeping an eye on the actual crypto wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to withdraw the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers have no intentions to return your money. Though to make the denial look more realistic, they’ve elaborated a whole pack of reasons to decline the wireout request. Most of them repeat what Know Your Client regulations say, but in this case 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 multiple other checks you would desperately need to undergo before getting your funds 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 Okbits.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Okbits 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. Okbits.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. Okbits 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. Okbits.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%, Okbits preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Okbits as a scam.

What Should I do as a Victim?

If you had to deal with Okbits 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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 scam, its masters may get in touch with you with specific files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we earlier determined, these scammers have no intention of returning your money. So, what can these messages and browser extensions represent? You guessed it right – this is another element of the scam designed to throw you into deliberately running harmful applications onto your device.

Both add-ons and attachments included to emails can act as a shell for various malware. In this case, I anticipate the presence of spyware and stealers among all forms of malware. While it is not mandatory for scammers to distribute malware, the chance is always existent. As noted, their ethics is of no concern, and their reputation is already neck deep in mud. They have nothing to give up and intend to boost gains.

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