The PENDLEBIT Scam – Don’t Become the Next Victim

Recently, Pendlebit.com service appeared, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather credible evidence that unmistakably confirms it is, actually, a fraudulent service.

Despite the promises of the most easy, dependable, and customer-centric service, Pendlebit.com does not offer any of them. In fact, all this is just a shiny wrap around a clear scam, which takes your money and data and never returns them. Any stories about gifts, endorsement from celebrities etc are absent as well.

It is better to prevent, than repair and repent!

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PENDLEBIT Scam Overview

Originally, PENDLEBIT poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another bright marketing point for this service is partnerships with celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look real, con actors employ deepfake videos where those celebrities advertise the scam as the best thing in the world. Obviously, 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.

PENDLEBIT Scam

Initially, PENDLEBIT copies the design of many equivalent websites. There are quite a few examples, like Zoxecoin, Xodexy or Bloombergwex. They are entirely identical in terms of visual elements, with small discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are unchanged. Presumably, all these fraudulent online platforms are led by the same gang of fraudsters.

Cryptocurrency Scam Summary

How the PENDLEBIT Scam Works?

PENDLEBIT is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous website designs, which still share the similar 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 advanced 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 popular social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Utilizing bots and paid ads (when possible), scam actors increase the exposure of their scam activities to potential victims. And as I said, crooks do not shy away using deepfake for creating clips with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users receive an incentive to register, drawn by the assurance of receiving crypto prizes valued at hundreds of dollars, all without cost. To augment the appeal of the offer, false claims of sponsorship by a celebrity are added. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

After following the ads, targets end up on a page filled with enticing offers. “Crypto starts with PENDLEBIT”, “Your crypto savings are secured with PENDLEBIT, “Start earning with PENDLEBIT – they look rather credible. To heat up the interest and make the users proceed to step 3, scammers say that getting the pledged bonus requires registration. And since nothing questionable happens at this point, uninformed users happily move on – especially since the bonus appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you sign up using your personal data, rascals will not be able to 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 for registration with bonuses. And all the personal data needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Only by gathering this data 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 to use right away. To make at least crypto purchases on the platform with it, the user should top up the account with the equivalent sum. And this is what starts the final stage of the scam.

Step 4: Requesting funds

Eventually, any cryptocurrency purchases require you to have funds on your account. In the case of PENDLEBIT, users are also compelled to top up to use the bonuses. And this is what creates the majority of the cash 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 engaging on this website hoping to use all the transferred capital and withdraw them.

This, however, is where the first obvious issues 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 pull out the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters are naught on intentions to send you money. But to make the fraud look more legitimate, they’ve elaborated a whole pack of reasons to decline the transfer-out request. Most of them repeat what KYC guidelines say, but for the Pendlebit.com they are here only to make the wireout impossible.

By asking for your personal info, 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 should go through before getting your funds back. And each of these checks will uncover more and more information, 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 Pendlebit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. PENDLEBIT employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, PENDLEBIT exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying PENDLEBIT as a scam.
• Dubious Corporate Information. PENDLEBIT arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Pendlebit.com solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. PENDLEBIT utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with PENDLEBIT 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 course of the scam, its actors may contact you with specific files. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency assets. As we earlier determined, these deceivers have no intent of returning your capital. So, what do these messages and browser plugins represent? Correct – this is another component of the fraudulent scheme designed to entice you into deliberately installing harmful applications onto your device.

Both add-ons and files included to emails can function as a carrier for various malicious code. In this scenario, I anticipate the presence of spyware and stealers among all forms of malware. While it is not mandatory for scammers to distribute malware, the likelihood is always significant. As noted, their ethics is of little concern, and their reputation is already seriously marred. They have no principles to lose and aim to boost profits.

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