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

Recently, Showxbit.space website popped up, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather credible evidence that unmistakably reveals it is, in fact, a fraudulent platform.

Regardless of the promises of the most convenient, reliable, and client-friendly service, Showxbit.space does not follow any of them. In fact, all this is just a golden wrap around a blatant scam, which takes your money and data and never gives them back. Any stories about bonuses, endorsement from celebrities etc are nowhere to be found as well.

ShowXBit Scam Overview

Originally, ShowXBit poses as a crypto trading & cryptowallet service with exceptionally low commission fees. Another notable marketing point for this platform is backing from celebrities that are known in the crypto world. Vitalii Buterin (Ethereum creator), Elon Musk, Jeff Bezos, Bill Gates, Warren Buffet – the site claims having significant support from them. To make these claims look more realistic, con actors employ deepfake videos with those celebs promote the scam as if it was the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

ShowXBit Scam

To begin with, ShowXBit copies the design of multiple equivalent websites. There are quite a few examples, like Fx, Fincullt or Jetixswap. They are completely identical in terms of visual elements, with minor discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are matching. Presumably, all these fraudulent sites are managed by a single group of fraudsters.

Cryptocurrency Scam Summary

How the ShowXBit Scam Works?

ShowXBit is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use various website designs, which still share the same overall layout. Another mutual 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 scam, criminals create and fill accounts on well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign starts. Utilizing bots and sponsored promotions (when feasible), fraud actors increase the presence of their deceptive activities to possible victims. And as I said, fraudsters 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, swindlers claim the bonus for every user who joins the service immediately.

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

Users receive an encouragement to sign up, enticed by the assurance of obtaining cryptocurrency rewards valued at hundreds of dollars, all without cost. To augment the attractiveness of the offer, false suggestions of cooperation with a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, targets end up on a page filled with appealing offers. “Crypto starts with ShowXBit”, “Your crypto savings are secured with ShowXBit, “Start earning with ShowXBit – they look rather reliable. To heat up the interest and make the users proceed to step 3, scammers say that obtaining the promised bonus requires registration. And since nothing suspicious happens at this point, unexperienced users happily proceed – especially since 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 information, crooks will not 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 said, frauds bait folks into registration to get bonuses. And all the personal information needed for it – email, username, crypto wallet address – is valuable for user identification. Solely by gathering this data 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 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

It is obvious that any crypto operations require having money on your account. With ShowXBit, users are also forced to top up to get 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 website hoping to use all the transferred capital and withdraw them.

This is where the victim notices the issues. When comparing the real crypto 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 fraudsters have no intentions to send you money. But to make the fraud look more legitimate, they’ve elaborated a whole bunch of reasons to decline the withdrawal request. Usually, they repeat what KYC regulations say, but for the Showxbit.space they are here only to make the wireout 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 grand back. And each of these checks will uncover more and more info of yours, which – you guessed it right – will be then marketed 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 Showxbit.space. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. ShowXBit employs fraudulent celebrity endorsements, often featuring names like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. These false claims extend to fictitious partnerships with reputable entities like Coinbase, Binance, or MetaMask, despite the absence of genuine connections.
• Implausible Earnings Claims. Promising remarkable returns of 50-100-200%, ShowXBit exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying ShowXBit as a scam.
• Dubious Corporate Information. ShowXBit arouses suspicion by providing inadequate documentation about ownership, location, and registration. Furthermore, the lack of legitimate contact information and the recent registration of domain and social media profiles deepen skepticism.
• Exclusive Cryptocurrency Payments. Showxbit.space solely accepts payments in cryptocurrencies, refraining from traditional bank transfers and other payment methods. This approach not only shrouds the company’s identity but also prevents the possibility of requesting refunds.
• Potential Pyramid Scheme. The scam relies on a Ponzi-like referral structure disseminated through social media. Nevertheless, only initial participants profit, often at the expense of funds brought in by subsequent members.
• Groundless Hype Tactics. ShowXBit utilizes fabricated claims about non-existent events, such as securing contracts with Coinbase or receiving endorsements from Elon Musk. This manipulative strategy aims to foster belief in money returns and encourages individuals to top up their accounts again.

What Should I do as a Victim?

If you had to deal with ShowXBit 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 masters may contact you with specific documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto funds. As we already determined, these scammers have no intention of returning your capital. So, what can these email messages and browser plugins represent? You guessed – this is another component of the scam designed to throw you into willingly running harmful programs onto your device.

Both plugins and files added to emails can function as a carrier for various malware. In this situation, I expect the presence of spyware and stealers among other types of threats. While it is not obligatory for scammers to distribute malware, the chance is always above zero. As stated, their ethics is of negligible importance, and their dignity is already neck deep in mud. They have no principles to lose and aim to maximize revenues.

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