The Wavebitex Scam – What You Need To Know

Recently, Wavebitex.com service appeared, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably confirms it is, in fact, a deceptive service.

Despite the promises of the most easy, dependable, and client-friendly service, Wavebitex.com does not fulfill any of them. In fact, all this is just a shiny wrap around a dirty scam, which steals your money and never returns them. Any tales about bonuses, sponsorship from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

When we talk about the intrusion of unfamiliar programs into your computer’s work, the proverb “Forewarned is forearmed” describes the situation as accurately as possible. Gridinsoft Anti-Malware is exactly the tool that is always useful to have in your armory: fast, efficient, up-to-date. It is appropriate to use it as an emergency help at the slightest suspicion of infection.

DOWNLOAD NOW

Gridinsoft Anti-Malware 6-day trial available.
EULA | Privacy Policy | 10% Off Coupon

Subscribe to our Telegram channel to be the first to know about news and our exclusive materials on information security.

Wavebitex Scam Overview

Originally, Wavebitex poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another notable selling point for this platform is partnerships with celebrities that are known in the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look real, frauds employ AI-generated videos with those celebs promote the scam as the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a blatant wrap around an obvious scam.

Wavebitex Scam

To begin with, Wavebitex shares the layout of many similar pages. There are quite a few examples, like Mefnad, Magakey or Catomy. They are entirely undistinguishable in terms of graphic elements, with slight discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are identical. Presumably, all these fraudulent sites are operated by a single gang of fraudsters.

Cryptocurrency Scam Summary

How the Wavebitex Scam Works?

Wavebitex is a part of a significant cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous 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 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 initiate the deceptive scheme, criminals create and fill accounts on popular social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign commences. Employing bots and paid promotions (when achievable), fraud actors boost the visibility of their scam activities to potential victims. And as I said, scammers 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, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users receive an encouragement to enroll, enticed by the commitment of getting cryptocurrency rewards valued at thousands of dollars, all free of charge. To enhance the attractiveness of the offer, false suggestions of cooperation with a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the promotions, targets end up on a page filled with enticing offers. “Crypto starts with Wavebitex”, “Your crypto savings are secured with Wavebitex, “Start earning with Wavebitex – they look rather reliable. To heat up the interest and make the users proceed to step 3, fraudsters say that retrieving the promoted bonus requires registration. And since nothing concerning happens at this point, uninformed users happily keep on – especially as 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 information, frauds 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, frauds bait folks into registration to get bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this data 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 claimed bonus right away. To make it at least usable for crypto purchases, you need to top up the account with the sum of a bonus. And this is what starts the final step of the scam.

Step 4: Requesting funds

Obviously, any crypto operations require having capital on your account. In the case of Wavebitex, users are also compelled to top up to claim the bonuses. And this is what creates the majority of the cash flow to this scam website. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating 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 observe that no transactions are done whatsoever. And then, when you’d try to pull out the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that scoundrels have 0 intentions to give your money back. Though to make it look more legitimate, they’ve elaborated a whole pack of reasons to decline the withdrawal request. Most of them repeat what Know Your Client guidelines say, but for the Wavebitex.com they are here only to make the wireout impossible.

By asking for your personal data, frauds just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple other checks you should go through before getting your grand 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 Wavebitex.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Wavebitex 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 course of the fraud, its masters may contact you with particular files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto assets. As we already determined, these rascals have no plan of restoring your funds. So, what can these messages and browser add-ons represent? You guessed – that is another component of the deceptive plan designed to entice you into deliberately running destructive programs onto your system.

Both extensions and attachments included to emails can serve as a shell for diverse malicious code. In this situation, I expect the presence of spyware and stealers among all types of malware. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As stated, their conscience is of little concern, and their reputation is already seriously marred. They have nothing to lose and strive to boost revenues.

Remove spyware with Gridinsoft Anti-Malware

We have also been using this software on our systems ever since, and it has always been successful in detecting viruses. It has blocked the most common malicious programs as shown from our tests with the software, and we assure you that it can remove spyware as well as other malware hiding on your computer.

To use Gridinsoft for remove malicious threats, follow the steps below:

1. Begin by downloading Gridinsoft Anti-Malware, accessible via the blue button below or directly from the official website gridinsoft.com.

2.Once the Gridinsoft setup file (setup-gridinsoft-fix.exe) is downloaded, execute it by clicking on the file.

3.Follow the installation setup wizard's instructions diligently.

4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.

Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.

5. Upon completion, Anti-Malware will present a detailed report containing all the detected malicious items and threats on your PC.

6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.

8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.

Remember Gridinsoft offers a 6-day free trial. This means you can take advantage of the trial period at no cost to experience the full benefits of the software and prevent any future malware infections on your system. Embrace this opportunity to fortify your computer's security without any financial commitment.

Frequently asked questions