Is Selobit Legit or Another Scam? The Truth Revealed

Recently, Selobit.com service surfaced, promoting itself as a place to keep cryptocurrency and other assets securely. I managed to gather reliable supporting information that clearly reveals it is, in truth, a fraudulent platform.

Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Selobit.com does not offer any of them. All this is just a shiny wrap around a blatant scam, which steals your money and data and never returns them. Any stories about bonuses, backing from celebrities etc are absent as well.

Selobit Scam Overview

Originally, Selobit poses as a crypto trading & cryptowallet platform with outstandingly low commission fees. Another notable selling point for this site is backing from celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look real, rascals use deepfake 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 mentioned above, all this is just a vivid wrap around a transparent scam.

Selobit Scam

To begin with, Selobit copies the design of numerous similar pages. There are quite a few examples, like Greynex, Fenulax or Exolac. They are totally identical in terms of visual elements, with minor discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are matching. Presumably, all these scam websites are operated by the same gang of swindrels.

Cryptocurrency Scam Summary

How the Selobit Scam Works?

Selobit is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use numerous website designs, which still share the identical 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 complex 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 scam, criminals create and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Using bots and sponsored ads (when possible), fraud actors increase the exposure of their scam activities to potential victims. And as I said, crooks do not shy away using generative AI for creating videos with the mentioned celebs that promote their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who registers the service immediately.

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

Users obtain an incentive to enroll, attracted by the promise of obtaining crypto prizes valued at hundreds of dollars, all without cost. To enhance the appeal of the offer, fake claims of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon following the promotions, users end up on a page filled with appealing offers. “Crypto starts with Selobit”, “Your crypto savings are secured with Selobit, “Start earning with Selobit – they look rather credible. To heat up the interest and make the users proceed to step 3, fraudsters say that unlocking the promised bonus requires registration. And as nothing questionable happens at this point, unaware users happily keep on – especially since the reward appears to be right behind the corner.

At this point, it is possible to steer 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 where the main fraud action begins. As I just mentioned, frauds bait folks into signing up to get bonuses. And all the personal info needed for it – email, username, cryptocurrency wallet address – are valuable for user identification. Solely by gathering this data and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the claimed 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

Eventually, any crypto purchases require you to have funds on your account. With Selobit, users are also coerced to top up to use the bonuses. And this is what creates the majority of the cash flow to this scam website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start engaging on this site hoping to use all the deposited money and withdraw them.

This is where the victim notices the issues. When keeping an eye on the real cryptocurrency wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to pull out the capital 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 send you money. But to make the fraud look more legitimate, they’ve made up a whole bunch of reasons to decline the withdrawal request. Most of them repeat what KYC guidelines say, but in this case they are here exclusively to make the wireout impossible.

By asking for your personal info, frauds 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 should go through before getting your money back. And every check will reveal 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 Selobit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Selobit.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. Selobit 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. Selobit 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. Selobit 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%, Selobit capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Selobit.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Selobit 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 scam, its actors may get in touch with you with specific documents. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we earlier determined, these rascals have no plan of restoring your capital. So, what can these messages and browser plugins represent? You guessed it right – this is another component of the fraudulent scheme designed to entice you into deliberately running harmful applications onto your device.

Both extensions and attachments attached to email messages can act as a shell for different malicious software. In this scenario, I anticipate the presence of spyware and stealers among all forms of malicious programs. While it is not mandatory for scammers to distribute malware, the probability is always above zero. As stated, their morality is of no concern, and their reputation is already seriously marred. They have no principles to lose and aim to maximize gains.

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