The Truth About Rakexbit: Legit or Scam? Our Review

Recently, Rakexbit.com service surfaced, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather credible proof that clearly confirms it is, actually, a deceptive site.

Despite what Rakexbit site states, they will never give back your funds. Even though the numbers displayed in the “member area”, there is zero means to take out even a single penny. All commitments regarding crypto rewards are baseless as well.

Rakexbit Scam Overview

The main service that Rakexbit strives to provide is a protected and convenient crypto wallet service. The website promises exchange facilities, tools for handling wallets, transfers, dashboards, and similar stuff. In fact, they aim to emulate the functionality of a crypto exchange, like Binance or Coinbase. However, it in fact exclusively serves as a cover intended to lull the vigilance.

Rakexbit Scam

To begin with, Rakexbit reproduces the design of multiple equivalent online platforms. There are quite a few examples, like Biosunex, Biarux or Ploidex. They are entirely undistinguishable in terms of visual elements, with minor discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are identical. Probably, all these scam online platforms are led by a single team of fraudsters.

Cryptocurrency Scam Summary

How the Rakexbit Scam Works?

Rakexbit is yet another website within a vast network of interconnected crypto fraudulent webpages. The managers utilize diverse brand identities and websites, like Rakexbit.com, to capture victims. Nonetheless, these deceptive websites have in common the same designs, terms of service, and About Us information. This unveils their sources as parts of the identical fraudulent network, which advocates the similar mode of fraud under different covers. The scammers simply duplicate the equal scam site under different names to fool users into thinking they are participating in a new platform. However, in actuality, it’s the identical group of fraudsters orchestrating the misleading pledges and attempts to take deposited funds. The operators shrewdly utilize psychological strategies and enticing invitations to implement their dishonest schemes.

Step 1: Spreading

To begin the scam, criminals create and fill accounts on popular social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Utilizing bots and sponsored ads (when possible), scam actors intensify the presence of their deceptive activities to possible victims. This strategy enables them to create an extensive net and interact with their focused viewers. The latter commonly consists of cryptocurrency fans searching for prospects to earn profits.

Users get an incentive to sign up, enticed by the assurance of obtaining crypto prizes valued at hundreds of dollars, all without cost. To enhance the appeal of the offer, fake suggestions of sponsorship by a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

Individuals who express interest go to Rakexbit.com via links included in ads or robotic posts. The website utilizes captivating visuals, design aspects that appear legitimate, and claims of holding a legitimate license, all designed to project an initial impression of trustworthiness.

Step 3: Data Gathering

To claim their benefits, users need to deliberately create an account on Rakexbit and get instructions to provide sensitive and private information throughout the registration process. This includes linking their cryptocurrency wallets, sharing email addresses, supplying phone numbers, submitting identification documents, and the like.

Step 4: Requesting funds

Once enrolled, users observe considerable amounts of cryptocurrency, valued at thousands of dollars, within their Rakexbit wallets. Nonetheless, as it usually happens with such bonuses, you are unable to withdraw them before making a deposit. Typically, a payment of $100 is asked to get the sign-up bonus. This condition serves as the snare that ultimately culminates to the money loss.

Step 5: Disappear

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Rakexbit 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 actors may reach out to you with specific documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we already figured out, these scammers have no intention of giving back your funds. So, what can these messages and browser plugins represent? You guessed – this is another component of the scam designed to throw you into willingly installing destructive programs onto your system.

Both add-ons and attachments added to email messages can function as a carrier for different malware. In this scenario, I foresee the presence of spyware and stealers among other kinds of malware. While it is not mandatory for scammers to distribute malware, the chance is always existent. As previously mentioned, their ethics is of no concern, and their dignity is already deeply compromised. They have nothing to give up and aim to boost revenues.

Frequently asked questions