Is Usbitgo Legit or Another Scam? The Truth Revealed

Recently, Usbitgo.com service appeared, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather reliable proof that unmistakably reveals it is, actually, a scam service.

Regardless of the promises of the most easy, dependable, and customer-centric service, Usbitgo.com does not offer any of them. All this is just a golden wrap around a clear scam, which steals your money and never gives them back. Any tales about gifts, backing from celebrities etc are nowhere to be found as well.

Usbitgo Scam Overview

Originally, Usbitgo poses as a crypto trading & cryptowallet platform with outstandingly low commission fees. Another notable selling point for this platform 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 more realistic, rascals use deepfake videos with those celebs promote 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 glaring wrap around a transparent scam.

Usbitgo Scam

Initially, Usbitgo shares the appearance of numerous similar pages. There are quite a few examples, like Stellarswap, Xonade or Aurayawallet. They are entirely identical in terms of graphic elements, with small discrepancies in the site header. Other specific elements, and at times even crypto wallet addresses, are the same. Probably, all these fraudulent online platforms are operated by the same group of scammers.

Cryptocurrency Scam Summary

How the Usbitgo Scam Works?

Usbitgo is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use numerous 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 deceptive scheme, criminals establish and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Employing bots and sponsored promotions (when possible), scam actors boost the visibility of their deceptive activities to possible victims. And as I said, crooks do not disdain using deepfake for creating clips with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who enrolls the service immediately.

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

Users get an encouragement to enroll, enticed by the promise of getting crypto prizes valued at thousands of dollars, all for free. To enhance the attractiveness of the offer, fake suggestions of cooperation with a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the ads, users end up on a page filled with appealing offers. “Crypto starts with Usbitgo”, “Your crypto savings are secured with Usbitgo, “Start earning with Usbitgo – they look rather authoritative. To heat up the interest and make the users proceed to step 3, fraudsters say that obtaining the promoted bonus requires registration. And as nothing suspicious happens at this point, unexperienced users happily keep on – especially as the reward appears to be right behind the corner.

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal data, swindrels will not be able to 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, scammers bait folks into registration for bonuses. And all the personal info needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Solely by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, the promised bonus is not available to use right away. To make it at least usable for crypto purchases, 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 capital on your account. In the case of Usbitgo, users are also compelled to top up to claim the bonuses. And this is what creates the majority of the money flow to this fraudulent website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the credited money and withdraw them.

This is where the victim notices the problems. 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 withdraw 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 0 intentions to give your money back. Though to make the denial look more legitimate, they’ve elaborated a whole bunch of reasons to decline the wireout request. Most of them repeat what Know Your Client requirements say, but for the Usbitgo.com they are here only to make the withdrawal impossible.

By requesting your personal data, 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 would desperately need to undergo before getting your money back. And every check will uncover more and more information, 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 Usbitgo.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Usbitgo often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Usbitgo.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Usbitgo raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Usbitgo.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Usbitgo preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Usbitgo as a scam.

What Should I do as a Victim?

If you had to deal with Usbitgo 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 course of the fraud, its masters may reach out to you with particular files. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we previously figured out, these scoundrels have no intention of giving back your funds. So, what can these email messages and browser extensions represent? Correct – this is another side of the fraudulent scheme designed to entice you into deliberately running destructive software onto your computer.

Both extensions and attachments added to email messages can act as a carrier for various malware. In this case, I foresee the presence of spyware and stealers among all types of threats. While it is not mandatory for scammers to distribute malware, the chance is always significant. As noted, their conscience is of little concern, and their dignity is already severely tarnished. They have nothing to lose and strive to maximize revenues.

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