The Truth About Spacexbit: Legit or Scam? Our Review

Recently, Spacexbit.tech website surfaced, promoting itself as a place to store cryptocurrency and other assets securely. I managed to gather reliable evidence that clearly confirms it is, in fact, a fraudulent site.

Regardless of the promises of the most easy, trustworthy, and customer-centric service, Spacexbit.tech does not follow any of them. All this is just a golden wrap around a clear scam, which steals your money and never gives them back. Any stories about bonuses, endorsement from celebrities etc are non-existent as well.

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Spacexbit Scam Overview

Originally, Spacexbit poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another notable marketing point for this site is partnerships with 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 real, frauds use deepfake videos with those celebs promote the fraud as if it was 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 blatant wrap around an obvious scam.

Spacexbit Scam

To begin with, Spacexbit repeats the appearance of multiple similar pages. There are quite a few examples, like Starxtesla, Tezowex or Yxspacex. They are totally indistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other details, and sometimes even crypto wallet addresses, are the same. Most likely, all these deceptive sites are operated by a single group of scoundrels.

Cryptocurrency Scam Summary

How the Spacexbit Scam Works?

Spacexbit is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use various website designs, which still share the identical 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the scam, criminals set up and fill accounts on well-liked social media platforms. They generally aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign begins. Employing bots and sponsored advertisements (when possible), fraud actors increase the visibility of their scam activities to potential victims. And as I said, scammers 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, deceivers claim the bonus for every user who joins the service immediately.

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

Users receive an incentive to sign up, attracted by the assurance of obtaining crypto benefits valued at hundreds of dollars, all without cost. To augment the appeal of the offer, false suggestions of sponsorship by a celebrity are added. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

After clicking the promos, users end up on a page filled with appealing offers. “Crypto starts with Spacexbit”, “Your crypto savings are secured with Spacexbit, “Start earning with Spacexbit – they look rather credible. To heat up the interest and make the users proceed to step 3, scammers say that getting the promised bonus requires registration. And since nothing questionable happens at this point, unaware users happily move on – especially since the reward 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 information, rascals will not be able to 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 said, frauds bait folks for registration with bonuses. And all the personal data needed for it – username, email, crypto wallet address – is valuable for user identification. Only by gathering this information and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the alleged bonus is not available to use right away. To make at least cryptocurrency purchases on the platform with it, the user should top up the account with the sum of a bonus. And this is what starts the final stage of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency purchases require you to have funds on your account. With Spacexbit, users are also coerced to top up to claim 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 engaging on this website hoping to use all the deposited capital and withdraw them.

This is where the first obvious problems start to surface. When keeping an eye on the actual cryptocurrency wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to retrieve the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters are naught on intentions to return your money. But to make the fraud look more realistic, they’ve made up a whole bunch of reasons to decline the withdrawal request. Most of them repeat what KYC requirements say, but for the Spacexbit.tech they are here exclusively to make the withdrawal impossible.

By requesting your personal data, 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 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 Spacexbit.tech. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Spacexbit 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%, Spacexbit exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Spacexbit as a scam.
• Dubious Corporate Information. Spacexbit 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. Spacexbit.tech 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. Spacexbit 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 Spacexbit 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, scoundrels may contact you with particular documents. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we previously figured out, these scoundrels have no plan of returning your capital. So, what do these messages and browser plugins represent? You guessed – that is another component of the fraudulent scheme designed to entice you into willingly running harmful applications onto your device.

Both extensions and files attached to email messages can act as a carrier for different malicious code. In this situation, I anticipate the presence of spyware and stealers among other kinds of malicious programs. While it is not mandatory for scammers to distribute malware, the likelihood is always significant. As previously mentioned, their morality is of no concern, and their dignity is already severely tarnished. They have no principles to give up and intend to boost gains.

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Frequently asked questions

The truth about Spacexbit

Name: Spacexbit

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Spacexbit, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Spacexbit scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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