We Looked at the Evidence: Is Relsbit Legit or Scam?

Recently, Relsbit.com service surfaced, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather credible supporting information that clearly indicates it is, actually, a fraudulent service.

Despite the promises of the most convenient, trustworthy, and client-friendly service, Relsbit.com does not follow any of them. All this is just a golden wrap around a blatant scam, which takes your funds and never returns them. Any tales about bonuses, backing from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Relsbit Scam Overview

Originally, Relsbit poses as a cryptocurrency trading & cryptowallet platform with exceptionally low commission fees. Another bright selling point for this site is partnerships with celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look real, frauds use AI-generated videos where those celebrities advertise the scam as the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a vivid wrap around a transparent scam.

Relsbit Scam

To begin with, Relsbit repeats the design of numerous similar pages. There are quite a few examples, like Bitvips, Nexatradex or Astral. They are entirely identical in terms of visual elements, with small discrepancies in the webpage header. Other particulars, and at times even crypto wallet addresses, are unchanged. Presumably, all these fraudulent sites are led by a single group of scammers.

Cryptocurrency Scam Summary

How the Relsbit Scam Works?

Relsbit is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use various 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 begin the deceptive scheme, criminals create and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Utilizing bots and paid promotions (when possible), scam actors intensify the visibility of their fraudulent activities to potential victims. And as I said, fraudsters do not disdain using deepfake for creating clips with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

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

Users receive an encouragement to register, drawn by the assurance of getting cryptocurrency prizes valued at thousands of dollars, all free of charge. To increase the attractiveness of the offer, false claims of sponsorship by a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After following the promos, victims end up on a page filled with appealing offers. “Crypto starts with Relsbit”, “Your crypto savings are secured with Relsbit, “Start earning with Relsbit – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that claiming the pledged bonus requires registration. And since nothing concerning 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 get away from the scam without any losses. Before you sign up using your personal info, 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 mentioned, scammers bait folks into registration to get bonuses. And all the personal info needed for it – email, username, crypto wallet address – is valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.

As it turns out, the promised bonus is not available for withdrawal right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the sum of a bonus. And this is what initiates the final step of the scam.

Step 4: Requesting funds

It is obvious that any crypto operations require having capital on your account. With Relsbit, users are also compelled to top up to use the bonuses. And this 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 is where the first obvious issues start to surface. When comparing the real cryptocurrency wallet vs what the site says, you can notice 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 scoundrels have zero intentions to give your money back. But to make it look more legitimate, they’ve elaborated a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client requirements say, but for the Relsbit.com they are here only to make the withdrawal impossible.

By asking for your personal info, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your funds back. And every check will share 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 Relsbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Relsbit 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. Relsbit.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. Relsbit 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. Relsbit.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%, Relsbit preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Relsbit as a scam.

What Should I do as a Victim?

If you had to deal with Relsbit 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 fraud, its masters may reach out to you with particular files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we already determined, these scoundrels have no plan of restoring your capital. So, what do these messages and browser extensions represent? You guessed – that is another side of the deceptive plan designed to throw you into deliberately installing destructive software onto your computer.

Both add-ons and attachments attached to emails can function as a shell for diverse malicious code. In this situation, I foresee the presence of spyware and stealers among other types of malware. While it is not mandatory for scammers to distribute malware, the likelihood is always existent. As noted, their conscience is of negligible importance, and their reputation is already deeply compromised. They have nothing to give up and strive to maximize gains.

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