Investigating Owbitc: Legit or Scam? The Truth Exposed

Recently, Owbitc.com website surfaced, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather credible proof that unmistakably confirms it is, actually, a deceptive platform.

Despite what Owbitc site states, they won’t refund your money. Even though the figures displayed in the “member area”, there is zero ability to retrieve even a cent. All promises regarding crypto rewards are empty as well.

Owbitc Scam Overview

The primary feature that Owbitc aims to provide is a safe and user-friendly crypto wallet service. The site pledges exchange services, tools for handling wallets, transfers, dashboards, and alike functions. In fact, they aim to emulate the functionality of a crypto trading platform, akin to Binance or Coinbase. However, it in actuality only serves as a cover intended to mislead the cautious.

Owbitc Scam

Initially, Owbitc reproduces the design of multiple equivalent online platforms. There are quite a few examples, like Onestarbtc, Olewex or Fazebix. They are entirely identical in terms of visual elements, with slight discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are identical. Presumably, all these fraudulent online platforms are managed by a single gang of swindrels.

Cryptocurrency Scam Summary

How the Owbitc Scam Works?

Owbitc is yet another online platform within a extensive network of interconnected crypto fraudulent webpages. The administrators employ different brand names and websites, like Owbitc.com, to ensnare victims. However, these deceptive sites possess identical website designs, terms of service, and About Us information. This reveals their beginnings as components of the equal scam network, which endorses the identical form of fraud under various covers. The fraudsters merely copy the equal scam website under diverse names to mislead users into believing they are participating in a fresh platform. However, in actuality, it’s the same system of fraudsters orchestrating the fraudulent pledges and undertakings to grab deposited cryptocurrency. The administrators skillfully make use of psychological maneuvers and enticing offers to implement their unscrupulous plots.

Step 1: Spreading

To initiate the scam, criminals create and fill accounts on popular social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Employing bots and sponsored promotions (when possible), scam actors increase the visibility of their deceptive activities to possible victims. This approach allows them to create an extensive net and connect with their targeted audience. The latter usually consists of cryptocurrency enthusiasts looking for opportunities to make profits.

Users obtain an encouragement to register, enticed by the assurance of receiving crypto prizes valued at hundreds of dollars, all for free. To increase the attractiveness of the offer, false claims of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Users who demonstrate interest check out Owbitc.com via links featured in promotions or bot-generated posts. The webpage uses captivating visuals, design aspects that appear legitimate, and assertions of holding a valid license, all designed to convey an initial impression of credibility.

Step 3: Data Gathering

To claim their benefits, users need to deliberately sign up on Owbitc and receive instructions to submit sensitive and private data throughout the registration process. This comprises linking their cryptocurrency wallets, sharing email addresses, supplying phone numbers, sending in identification documents, and more.

Step 4: Requesting funds

Once registered, users observe considerable amounts of cryptocurrency, valued at hundreds of dollars, within their Owbitc wallets. However, as it usually happens with such bonuses, you can’t withdraw them prior to making a deposit. Usually, a payment of $100 is asked to withdraw the sign-up bonus. This prerequisite serves as the snare that ultimately results to the money loss.

Step 5: Disappear

The point in time the payment is made, the fraudsters cease all interaction. They proceed to bar users, delete accounts, and vanish with both the transferred funds and vital private details. The fictitious rewards remain perpetually uncredited, as they lack genuine existence. They operate purely as a fraudulent strategy. This technique forms the foundation for the fraudsters’ ability to mislead victims and steal hard-earned funds through their double-dealing online crypto scheme.

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Owbitc 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 course of the fraud, its masters may reach out to you with particular files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto savings. As we previously figured out, these scoundrels have no plan of giving back your capital. So, what do these messages and browser plugins represent? Correct – that is another component of the deceptive plan designed to throw you into deliberately running harmful programs onto your device.

Both extensions and files attached to email messages can serve as a shell for different malware. In this case, I expect the presence of spyware and stealers among other types of threats. While it is not obligatory for scammers to distribute malware, the chance is always greater than zero. As previously mentioned, their ethics is of negligible importance, and their reputation is already seriously marred. They have nothing to lose and strive to maximize revenues.

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