Recently, Reelsbit.com service appeared, promoting itself as a platform where you can securely store cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably reveals it is, in fact, a scam service.
Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Reelsbit.com does not offer any of them. In fact, all this is just a golden wrap around a clear scam, which steals your funds and never gives them back. Any tales about gifts, backing from celebrities etc are nowhere to be found as well.
Reelsbit Scam Overview
Originally, Reelsbit poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another highlighted selling 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 says about being supported by them. To make these claims look real, rascals use 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.
To begin with, Reelsbit copies the layout of many equivalent websites. There are quite a few examples, like Fulenix, Decadeoptiontrades or Ledzo. They are totally identical in terms of graphic elements, with minor discrepancies in the website header. Other specific elements, and at times even crypto wallet addresses, are matching. Presumably, all these scam sites are led by the same group of frauds.
Cryptocurrency Scam Summary
|AS13335 Cloudflare, Inc.
United States, San Francisco
|Fraudulent offers of cryptocurrency services
How the Reelsbit Scam Works?
Reelsbit is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use several website designs, which still share the same overall layout. Another common 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 initiate the scam, criminals create and fill accounts on well-liked social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign commences. Using bots and paid promotions (when possible), fraud actors increase the visibility of their deceptive activities to potential victims. And as I said, fraudsters do not disdain using generative AI for creating clips with the mentioned celebs that advertise their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who joins the service immediately.
Users receive a stimulus to sign up, enticed by the commitment of getting crypto prizes valued at hundreds of dollars, all free of charge. To augment the attractiveness of the offer, fake claims of cooperation with a celebrity are added. As you may guess, these claims are completely baseless.
Step 2: Gaining Traffic
Upon following the promotions, users end up on a page filled with enticing offers. “Crypto starts with Reelsbit”, “Your crypto savings are secured with Reelsbit, “Start earning with Reelsbit – they look rather credible. To heat up users and make them proceed to step 3, scammers say that retrieving the pledged bonus requires registration. And since nothing questionable happens at this point, unaware users happily proceed – 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 sign up using your personal info, crooks will not be able to earn even a penny from your presence on the website.
Step 3: Data Gathering
This is where the main fraud action begins. As I just mentioned, frauds bait folks into signing up for bonuses. And all the personal info needed for it – username, email, 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 promised bonus right away. To make at least crypto purchases on the platform with it, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam kicks in.
Step 4: Requesting funds
It is obvious that any cryptocurrency purchases require you to have money on your account. In the case of Reelsbit, users are also forced to top up to get the bonuses. And these top ups is what creates most of the money flow to this scam site. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the credited money and withdraw them.
This, however, is where the problems start to surface. When keeping an eye on the actual crypto wallet vs what the website 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
There’s no need to explain that fraudsters have zero intentions to give your money back. Though to make the denial look more legitimate, they’ve elaborated a whole bunch of reasons to decline the wireout request. Most of them repeat what KYC guidelines say, but for the Reelsbit.com they are here exclusively to make the wireout impossible.
By asking for your personal data, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen other checks you would desperately need to undergo before getting your money back. And every check will uncover more and more information, 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 Reelsbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.
- False Celebrity Sponsorship. Reelsbit often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
- Cryptocurrency-Only Payments. Reelsbit.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
- Dubious Company Information. Reelsbit raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
- Unsubstantiated Hype. Reelsbit.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
- Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
- Implausible Claims. Promising returns of 50-100-200%, Reelsbit preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Reelsbit as a scam.
What Should I do as a Victim?
If you had to deal with Reelsbit 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 timeline of the scam, its actors may reach out to you with particular documents. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto assets. As we already determined, these rascals have no intent of giving back your money. So, what can these email messages and browser add-ons represent? Correct – that is another side of the fraudulent scheme designed to entice you into deliberately running harmful software onto your system.
Both extensions and files attached to emails can act as a carrier for diverse malicious code. 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 likelihood is always significant. As noted, their conscience is of no concern, and their dignity is already deeply compromised. They have nothing to lose and aim to boost gains.
Remove spyware with Gridinsoft Anti-Malware
We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.
To use Gridinsoft for remove malicious threats, follow the steps below:
1. Begin by downloading Gridinsoft Anti-Malware, accessible via the blue button below or directly from the official website gridinsoft.com.
2.Once the Gridinsoft setup file (setup-gridinsoft-fix.exe) is downloaded, execute it by clicking on the file.
3.Follow the installation setup wizard's instructions diligently.
4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.
Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.
5. Upon completion, Anti-Malware will present a detailed report containing all the detected malicious items and threats on your PC.
6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.
8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.
Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.
Frequently asked questions
The vast majority of information posted on the Reelsbit site is false. It is either fabricated, or a manipulation that misses the context of mentioned events. However, things like quotes or other interactive elements related to current prices may be trustworthy. But I would rather avoid using them as a primary source of information.
No, there is no legitimate information on the Reelsbit site. The operators of this site use fabricated details and deceptive tactics to create an appearance of credibility, such as appealing visuals and claims of being a licensed company. However, these claims are false, and the site is part of a larger network of interconnected crypto scam sites designed to defraud victims. The scammers manipulate users into providing sensitive personal information and making deposits, ultimately leading to the loss of funds.
Unfortunately, recovering funds lost to a scam like Reelsbit can be extremely challenging, if not impossible. Scammers often operate from obscure locations and use various tactics to cover their tracks, making it difficult to trace or retrieve the stolen funds. In many cases, these scams are designed to exploit victims and disappear once they have obtained the money.
Spotting crypto trading scams requires vigilance and a critical eye. Here are some tips to help you identify potential crypto trading scams in the future:
- Verify Regulation and Licensing. Before proceeding, ensure that the platform or service is regulated and possesses the necessary licenses from relevant authorities. Scammers often operate without proper authorization.
- Resist Urgency. Be cautious of tactics that create a false sense of urgency to pressure you into quick decisions. Legitimate investments provide ample time for research and consideration.
- Consult Reviews and Feedback. Seek independent reviews and feedback from other traders. While positive reviews can be fabricated, negative reviews often reveal valuable insights.
- Question Unrealistic Promises. Approach offers with unrealistically high returns or guaranteed profits skeptically. If an investment opportunity seems too good to be true, it probably is.
- Scrutinize Celebrity Endorsements. Exercise skepticism when faced with endorsements from celebrities or public figures. Scammers frequently create fake endorsements to enhance credibility.
If you have become a victim of a Reelsbit or similar crypto trading scam, it’s important to take immediate action to minimize further damage and increase the chances of recovering your losses. Here’s what you should do:
- Notify Cryptocurrency Exchanges. Should you have employed a cryptocurrency exchange for transactions linked to the scam, inform the exchange about the fraudulent activity. In certain cases, they could extend their assistance.
- Contact Financial Institutions. If you conducted any payments or deposits through your credit card or bank account, promptly notify your financial institution. They might offer assistance in contesting transactions or initiating chargebacks.
- Thoroughly Document. Gather and safeguard all pertinent information, including emails, screenshots, transaction records, and any correspondence with the scammers. This documentation holds utmost importance for reporting the scam and seeking assistance.
- Immediately Halt Communication. Once you recognize that you have fallen victim to a scam, cease all communication with the scammers. Refrain from responding to their emails, messages, or phone calls.
- Seek Legal Advice. Consult with a legal professional who specializes in fraud or financial matters. They can provide advice on potential legal actions you can take to recover your funds.
- Consult Legal Counsel. Seek counsel from a legal expert specialized in fraud or financial matters. They can provide guidance on potential legal avenues for recovering your funds.
- Inform the Authorities. Lodge an official report with your local law enforcement agency and relevant regulatory bodies within your country. Present them with the amassed evidence. This step instigates investigations and enhances awareness about the scam.
User Review( votes)