The Videxbit Scam – Don’t Become the Next Victim

Recently, Videxbit.com service popped up, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather credible supporting information that clearly confirms it is, in fact, a fraudulent site.

Despite the promises of the most user-friendly, dependable, and client-friendly service, Videxbit.com does not offer any of them. In fact, all this is just a gilded wrap around a clear scam, which takes your money and never gives them back. Any tales about bonuses, endorsement from celebrities etc are non-existent as well.

Videxbit Scam Overview

Originally, Videxbit poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another highlighted marketing point for this platform is backing from celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look real, con actors employ AI-generated videos where those celebrities advertise the fake crypto service 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 mentioned above, all this is just a glaring wrap around a transparent scam.

Videxbit Scam

Initially, Videxbit repeats the design of numerous similar websites. There are quite a few examples, like Larkbit, Koledex or Coinxcove. They are completely indistinguishable in terms of graphic elements, with small discrepancies in the website header. Other specific elements, and sometimes even crypto wallet addresses, are matching. Probably, all these fraudulent websites are operated by a single team of frauds.

Cryptocurrency Scam Summary

How the Videxbit Scam Works?

Videxbit is a part of a significant cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use several website designs, which still share the similar overall layout. Another common 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To start the fraud, criminals establish and fill accounts on well-liked social media platforms. They primarily focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Using bots and sponsored advertisements (when feasible), scam actors intensify the visibility of their scam activities to possible victims. And as I said, fraudsters do not shy away using deepfake for creating clips with the aforementioned celebs that promote 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 Videxbit in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

After clicking the promos, users end up on a page filled with attractive offers. “Crypto starts with Videxbit”, “Your crypto savings are secured with Videxbit, “Start earning with Videxbit – they look rather reliable. To heat up the interest and make the users proceed to step 3, scammers say that getting the promised bonus requires registration. And as nothing concerning 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 register using your personal info, swindrels 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 mentioned, deceivers bait folks into registration for bonuses. And all the personal data needed for it – username, email, crypto wallet address – are valuable for user identification. Only 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, you cannot use the promised bonus right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Obviously, any crypto operations require having funds on your account. In the case of Videxbit, users are also forced to top up to get the bonuses. And this is what creates most of the money flow to this scam website. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the deposited funds and withdraw them.

This is where the first obvious issues start to surface. When comparing the real cryptocurrency wallet vs what the website says, you can spot 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

There’s no need to explain that fraudsters have zero intentions to return your money. But to make the denial look more realistic, they’ve elaborated a whole bunch of reasons to decline the transfer-out request. Most of them repeat what Know Your Client requirements say, but in this case they are here only to make the wireout impossible.

By asking for your personal info, scammers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your grand back. And every check will share more and more info of yours, 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 Videxbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Unsubstantiated Credibility. Videxbit 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%, Videxbit exploits the longing for quick profits. However, such gains are unrealistic within the volatile cryptocurrency landscape, unequivocally identifying Videxbit as a scam.
• Dubious Corporate Information. Videxbit 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. Videxbit.com 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. Videxbit 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 Videxbit 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.

• Secure Your Actions. Begin by promptly reporting the scam to appropriate local authorities tasked with handling financial fraud. Notify wallet providers and engage with social networks’ technical support teams. By taking these measures, you contribute to making the scammers’ operations significantly more difficult.
• Expand Awareness. Extend your efforts by sharing the scam information with your close friends. This action has a parallel effect to reporting to the authorities, as disseminating details about fraudulent crypto services reduces the potential victims they can deceive.
• Gather Evidence. Preserve comprehensive evidence by capturing screenshots and saving all pertinent data linked to the deceptive website. Collect the URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials could prove invaluable for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments generally fall outside the scope of refund policies within most banks, it’s worth investigating the potential for a refund in specific circumstances. Maintain optimism until you definitively confirm the loss.
• Convert Mistake into Wisdom. Transform your financial setback into a valuable learning experience. Treat your loss as an investment in understanding the tactics of crypto scam sites. Familiarize yourself with their key characteristics, how they lure individuals, and the grandiose promises they make. Armed with this knowledge, you’ll be well-equipped to recognize and avoid falling into future traps without incurring further losses.

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 scam, rascals may contact you with particular files. Alternatively, they may suggest you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto funds. As we previously figured out, these rascals have no plan of giving back your capital. So, what can these messages and browser plugins represent? Correct – that is another side of the fraudulent scheme designed to throw you into deliberately running malicious applications onto your system.

Both extensions and files included to emails can act as a shell for various malicious software. In this case, I anticipate the presence of spyware and stealers among other forms of threats. While it is not obligatory for scammers to distribute malware, the chance is always above zero. As noted, their ethics is of no concern, and their reputation is already neck deep in mud. They have nothing to give up and intend to maximize gains.

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