We Looked Into Skylarxbit: Scam or Trustworthy? The Verdict

Recently, Skylarxbit.com website popped up, promoting itself as a platform where you can safely keep cryptocurrency and other assets. I managed to gather credible evidence that clearly indicates it is, in fact, a scam service.

Despite what Skylarxbit site states, they won’t ever refund your money. Despite the numbers displayed in the “member area”, there is no possibility to retrieve even a coin. All pledges regarding crypto rewards are baseless as well.

Skylarxbit Scam Overview

The primary feature that Skylarxbit aims to provide is a safe and user-friendly cryptocurrency wallet service. The website promises exchange solutions, tools for controlling wallets, transfers, dashboards, and the like. In fact, they endeavor to emulate the functionality of a crypto exchange, akin to Binance or Coinbase. However, it in actuality exclusively serves as a cover intended to deceive the cautious.

Skylarxbit Scam

Initially, Skylarxbit imitates the layout of multiple equivalent pages. There are quite a few examples, like Skeplex, Shoulex or Seaspacex. They are completely identical in terms of graphic elements, with slight discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are identical. Presumably, all these fraudulent sites are managed by a single group of scoundrels.

Cryptocurrency Scam Summary

How the Skylarxbit Scam Works?

Skylarxbit is yet another webpage within a wide-ranging network of associated crypto scam platforms. The administrators utilize different brand titles and websites, like Skylarxbit.com, to trap victims. However, these deceptive sites share the same designs, terms of service, and About information. This reveals their origins as components of the identical scam network, which endorses the identical type of fraud under various covers. The deceivers just copy the same deceptive site under various names to mislead users into thinking they are enrolling a new platform. However, in actuality, it’s the same group of fraudsters orchestrating the deceptive pledges and undertakings to grab deposited money. The managers cleverly make use of psychological maneuvers and captivating offers to carry out their deceitful plans.

Step 1: Spreading

To initiate the deceptive scheme, criminals set up and fill accounts on well-liked social media platforms. They generally target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Employing bots and sponsored advertisements (when achievable), fraud actors intensify the presence of their scam activities to possible victims. This tactic allows them to create a wide net and connect with their focused viewers. The latter usually comprises of cryptocurrency enthusiastic individuals searching for opportunities to generate profits.

Users obtain a stimulus to enroll, attracted by the promise of getting crypto prizes valued at thousands of dollars, all without cost. To enhance 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

Individuals who show interest go to Skylarxbit.com via links present in promotions or bot-generated posts. The site employs captivating visuals, design aspects that appear genuine, and assertions of possessing a legitimate license, all designed to project an initial perception of trustworthiness.

Step 3: Data Gathering

To claim their prizes, users must actively set up an account on Skylarxbit and receive instructions to provide sensitive and private information throughout the enrollment process. This comprises linking their cryptocurrency wallets, providing email addresses, giving phone numbers, furnishing identification papers, and the like.

Step 4: Requesting funds

Once signed up, users witness significant amounts of cryptocurrency, valued at hundreds of dollars, within their Skylarxbit wallets. Nonetheless, as is standard with such incentives, you can’t withdraw them before topping up your account. Normally, a funds transfer of $100 is required to access the sign-up bonus. This condition serves as the snare that ultimately results to the money loss.

Step 5: Disappear

The moment the deposit is submitted, the fraudsters terminate all communication. They move forward to block users, erase accounts, and disappear with both the submitted funds and vital individual data. The fictitious rewards continue to be perpetually uncredited, as they lack genuine existence. They act purely as a phishing ploy. This method forms the foundation for the scammers’ capacity to trick victims and embezzle hard-earned money through their deceptive internet-based crypto scheme.

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Skylarxbit 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 duration of the scam, its actors may contact you with particular documents. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your cryptocurrency funds. As we already figured out, these rascals have no plan of returning your money. So, what can these emails and browser extensions represent? Correct – that is another element of the fraudulent scheme designed to throw you into willingly installing malicious applications onto your device.

Both extensions and files included to email messages can serve as a carrier for different malicious software. In this scenario, I foresee the presence of spyware and stealers among all forms of threats. While it is not obligatory for scammers to distribute malware, the chance is always above zero. As stated, their conscience is of little concern, and their dignity is already seriously marred. They have nothing to lose and strive to boost revenues.

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