The RagnarBit Scam – Don’t Become the Next Victim

Recently, Ragnarbit.com site popped up, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather credible evidence that unmistakably indicates it is, actually, a deceptive site.

Regardless of the promises of the most convenient, trustworthy, and client-friendly service, Ragnarbit.com does not offer any of them. In fact, all this is just a golden wrap around a clear scam, which steals your money and data and never returns them. Any stories about bonuses, endorsement from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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RagnarBit Scam Overview

Originally, RagnarBit poses as a crypto trading & cryptowallet platform with outstandingly low commission fees. Another bright selling point for this platform is partnerships with 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, con actors employ deepfake videos where those celebrities promote the fake crypto service as 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 blatant wrap around a transparent scam.

RagnarBit Scam

First and foremost, RagnarBit repeats the appearance of many similar pages. There are quite a few examples, like Trustwex, Anloko or Xemonex. They are entirely indistinguishable in terms of graphic elements, with minor discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are the same. Probably, all these fraudulent online platforms are operated by the same gang of fraudsters.

Cryptocurrency Scam Summary

How the RagnarBit Scam Works?

RagnarBit is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use various website designs, which still share the identical 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 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 deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Employing bots and sponsored ads (when achievable), scam actors increase the visibility of their fraudulent activities to potential victims. And as I said, scammers do not disdain using deepfake for creating videos with the aforementioned celebs that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

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

Users obtain an incentive to register, drawn by the promise of getting crypto benefits valued at thousands of dollars, all for free. To increase the appeal of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

After clicking the ads, targets end up on a page filled with attractive offers. “Crypto starts with RagnarBit”, “Your crypto savings are secured with RagnarBit, “Start earning with RagnarBit – they look rather credible. To heat up the interest and make the users proceed to step 3, crooks say that obtaining the pledged bonus requires registration. And as nothing concerning happens at this point, unaware users happily proceed – especially as the reward appears to be right behind the corner.

This is the last stage when it is possible to get away from the scam without any losses. Before you sign up using your personal data, rascals will not 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 said, frauds bait folks for registration with bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Still, their plans go much further.

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

Step 4: Requesting funds

It is obvious that any crypto purchases require having funds on your account. In the case of RagnarBit, users are also forced to top up to claim the bonuses. And these top ups is what creates the majority of the cash flow to this scam site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the deposited funds and withdraw them.

This, however, is where the victim notices the problems. When comparing 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 withdraw the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that scoundrels are naught on intentions to send you money. Though to make the denial look more realistic, they’ve crafted a whole bunch of reasons to decline the wireout request. Most of them repeat what Know Your Client requirements say, but for the Ragnarbit.com they are here exclusively to make the withdrawal impossible.

By asking for your personal info, deceivers just stall hoping for you to accept the loss 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 share more and more info of yours, which – you guessed it right – will be then traded 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 Ragnarbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Ragnarbit.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. RagnarBit arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. RagnarBit resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. RagnarBit employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, RagnarBit capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Ragnarbit.com as a definite scam.

What Should I do as a Victim?

If you had to deal with RagnarBit 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 duration of the fraud, rascals may reach out to you with specific files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we already determined, these rascals have no plan of giving back your funds. So, what can these email messages and browser extensions represent? You guessed – that is another component of the fraudulent scheme designed to throw you into willingly running harmful programs onto your system.

Both plugins and files included to emails can function as a carrier for different malicious software. In this situation, I anticipate the presence of spyware and stealers among other kinds of malware. While it is not obligatory for scammers to distribute malware, the likelihood is always existent. As noted, their ethics is of no concern, and their reputation is already severely tarnished. They have no principles to lose and strive to maximize revenues.

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