Qwantbit Reviewed: Real Deal or Total Ripoff? Read This First

Recently, Qwantbit.com service appeared, promoting itself as a place where you can safely store cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably confirms it is, in fact, a scam platform.

Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Qwantbit.com does not offer any of them. All this is just a gilded wrap around a dirty scam, which steals your money and data and never gives them back. Any tales about gifts, backing from celebrities etc are non-existent as well.

Qwantbit Scam Overview

Originally, Qwantbit poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another bright marketing point for this platform is backing from 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, frauds employ AI-generated videos with those celebs promote the fraud as if it was the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

Qwantbit Scam

First and foremost, Qwantbit copies the design of multiple similar online platforms. There are quite a few examples, like Fxsnetwork, Finolu or Crolbit. They are totally indistinguishable in terms of visual elements, with small discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are the same. Most likely, all these scam websites are operated by the same team of frauds.

Cryptocurrency Scam Summary

How the Qwantbit Scam Works?

Qwantbit 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 identical 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 advanced 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 deceptive scheme, criminals establish and fill accounts on well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Employing bots and paid advertisements (when possible), scam actors intensify the exposure of their deceptive activities to potential victims. And as I said, crooks do not disdain using deepfake for creating clips with the aforementioned celebrities that promote 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 Qwantbit in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

After clicking the promotions, targets end up on a page filled with attractive offers. “Crypto starts with Qwantbit”, “Your crypto savings are secured with Qwantbit, “Start earning with Qwantbit – they look rather authoritative. To heat up users and make them proceed to step 3, fraudsters say that retrieving the promised bonus requires registration. And as nothing questionable happens at this point, unaware users happily move on – especially since the gift appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you register using your personal info, crooks will not be able to earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just mentioned, frauds bait folks into registration to get bonuses. And all the personal information needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the equivalent sum. And this is what starts the final step of the scam.

Step 4: Requesting funds

Eventually, any cryptocurrency operations require having money on your account. In the case of Qwantbit, users are also compelled to top up to get 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 pledged gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the transferred funds and withdraw them.

This, however, is where the victim notices the issues. When keeping an eye on the actual crypto wallet vs what the site says, you can observe that no transactions are done whatsoever. And then, when you’d try to withdraw the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers are naught on intentions to send you money. But to make the denial look more realistic, they’ve developed a whole pack of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client regulations say, but for the Qwantbit.com they are here only to make the withdrawal impossible.

By asking for your personal information, 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 money back. And every check will uncover 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 Qwantbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Qwantbit 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%, Qwantbit exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Qwantbit as a scam.
• Dubious Corporate Information. Qwantbit 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. Qwantbit.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. Qwantbit 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 Qwantbit 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 duration of the scam, its masters may reach out to you with particular files. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we previously determined, these deceivers have no plan of restoring your money. So, what do these messages and browser plugins represent? Correct – this is another element of the fraudulent scheme designed to entice you into willingly running harmful applications onto your computer.

Both extensions and files attached to email messages can serve as a carrier for diverse malware. In this scenario, I anticipate the presence of spyware and stealers among all forms of malware. While it is not obligatory for scammers to distribute malware, the chance is always existent. As stated, their conscience is of no concern, and their reputation is already seriously marred. They have nothing to give up and intend to boost profits.

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