StolBit Reviewed: Real Deal or Total Ripoff? Read This First

Recently, Stolbit.net service appeared, promoting itself as a platform to store cryptocurrency and other assets safely. I managed to gather reliable evidence that unmistakably indicates it is, actually, a fraudulent site.

Despite the promises of the most easy, trustworthy, and customer-centric service, Stolbit.net does not fulfill any of them. In fact, all this is just a shiny wrap around a clear scam, which steals your money and never returns them. Any tales about bonuses, backing from celebrities etc are non-existent as well.

StolBit Scam Overview

Originally, StolBit poses as a cryptocurrency trading & cryptowallet platform with outstandingly low commission fees. Another highlighted marketing point for this site is backing from celebrities that are known as crypto activists. 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, con actors use deepfake videos where those celebrities advertise the scam as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a vivid wrap around a transparent scam.

StolBit Scam

Initially, StolBit copies the design of numerous equivalent websites. There are quite a few examples, like Amondex, Mejag or Pendlebit. They are completely indistinguishable in terms of visual elements, with minor discrepancies in the webpage header. Other details, and sometimes even crypto wallet addresses, are matching. Probably, all these fraudulent online platforms are operated by a single gang of fraudsters.

Cryptocurrency Scam Summary

How the StolBit Scam Works?

StolBit is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Scammers 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 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 begin the scam, criminals create and fill accounts on well-liked social media platforms. They mainly focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Utilizing bots and paid ads (when feasible), fraud actors increase the visibility of their fraudulent activities to potential victims. And as I said, crooks do not disdain using deepfake for creating clips with the mentioned celebs that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who enrolls the service immediately.

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

Users obtain a stimulus to sign up, attracted by the assurance of receiving crypto prizes valued at hundreds of dollars, all for free. To augment 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

Upon clicking the promos, users end up on a page filled with enticing offers. “Crypto starts with StolBit”, “Your crypto savings are secured with StolBit, “Start earning with StolBit – 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 since nothing questionable happens at this point, uninformed users happily move on – especially as 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 data, crooks will not earn even a penny from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, scammers bait folks into signing up for bonuses. And all the personal data needed for it – username, email, crypto wallet address – are valuable for user identification. Solely by gathering this info and selling it further into the Darknet, crooks can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make at least cryptocurrency purchases on the platform with it, the user should top up the account with the equivalent sum. At this point, the final stage of the scam kicks in.

Step 4: Requesting funds

Obviously, any cryptocurrency purchases require you to have capital on your account. In the case of StolBit, users are also coerced to top up to use the bonuses. And this is what creates the majority of the cash flow to this fraudulent 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 funds 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 website says, you can observe that no transactions are done whatsoever. And then, when you’d try to retrieve the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that swindlers are naught on intentions to send you money. But to make the denial look more legitimate, they’ve elaborated a whole bunch of reasons to decline the withdrawal request. Usually, they repeat what Know Your Client requirements say, but in this case they are here exclusively to make the withdrawal impossible.

By requesting your personal information, deceivers 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 would desperately need to undergo before getting your funds back. And every check will reveal more and more information, 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 Stolbit.net. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with StolBit 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 reach out to you with particular files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we earlier determined, these scammers have no intention of giving back your money. So, what can these email messages and browser add-ons represent? Correct – that is another component of the deceptive plan designed to entice you into deliberately running malicious applications onto your device.

Both extensions and attachments attached to emails can serve as a shell for diverse malware. In this scenario, I expect the presence of spyware and stealers among all types of malware. While it is not mandatory for scammers to distribute malware, the likelihood is always above zero. As noted, their morality is of no concern, and their reputation is already severely tarnished. They have nothing to give up and aim to boost gains.

Frequently asked questions