Is Whalebits Legit or Another Scam? The Truth Revealed

Recently, Whalebits.com website appeared, promoting itself as a place where you can securely store cryptocurrency and other assets. I managed to gather reliable proof that unmistakably indicates it is, actually, a fraudulent site.

Despite what Whalebits site states, they won’t ever refund your money. Despite the numbers displayed in the “member area”, there is absolutely no possibility to take out even a single penny. All commitments regarding crypto rewards are baseless as well.

Whalebits Scam Overview

The primary service that Whalebits aims to provide is a safe and user-friendly crypto wallet service. The site promises crypto exchange solutions, tools for managing wallets, transfers, dashboards, and similar functions. In fact, they endeavor to emulate the functionality of a crypto marketplace, like Binance or Coinbase. However, it in actuality only serves as a cover needed to lull the vigilance.

Whalebits Scam

Initially, Whalebits mimics the appearance of multiple equivalent online platforms. There are quite a few examples, like Vuxbit, Sumdexa or Spacedotrade. They are entirely indistinguishable in terms of graphic elements, with minor discrepancies in the site header. Other details, and at times even crypto wallet addresses, are unchanged. Most likely, all these scam online platforms are managed by a single gang of scoundrels.

Cryptocurrency Scam Summary

How the Whalebits Scam Works?

Whalebits is yet another website within a wide-ranging network of associated crypto fraudulent webpages. The managers employ diverse brand identities and websites, like Whalebits.com, to ensnare victims. However, these deceptive websites possess matching designs, terms of service, and About Us content. This unveils their sources as components of the equal fraudulent network, which promotes the similar form of deception under diverse covers. The scammers just copy the identical deceptive website under various names to fool users into believing they are enrolling a fresh opportunity. However, in actuality, it’s the equal group of scammers orchestrating the fraudulent promises and undertakings to seize deposited money. The operators skillfully employ psychological strategies and captivating invitations to execute their unscrupulous plots.

Step 1: Spreading

To initiate the fraud, criminals set up and fill accounts on popular social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Utilizing bots and sponsored ads (when achievable), fraud actors boost the exposure of their fraudulent activities to possible victims. This tactic enables them to create a broad net and interact with their focused viewers. The latter usually comprises of cryptocurrency enthusiastic individuals seeking chances to earn profits.

Users obtain an incentive to sign up, enticed by the promise of getting crypto rewards valued at hundreds of dollars, all free of charge. To augment the appeal of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

Individuals who express interest check out Whalebits.com via links present in ads or robotic posts. The site uses captivating visuals, design aspects that appear legitimate, and assertions of holding a official license, all aimed to project an initial image of trustworthiness.

Step 3: Data Gathering

To claim their prizes, users must actively sign up on Whalebits and get instructions to provide sensitive and private information throughout the sign-up process. This includes linking their cryptocurrency wallets, revealing email addresses, specifying phone numbers, sending in identification papers, and more.

Step 4: Requesting funds

Once enrolled, users observe significant amounts of cryptocurrency, valued at hundreds of dollars, within their Whalebits wallets. Nevertheless, as it usually happens with such rewards, you cannot withdraw them ahead of making a deposit. Normally, a payment of $100 is required to access the sign-up bonus. This condition serves as the trap that ultimately results to the money loss.

Step 5: Disappear

The instant the payment is sent, the fraudsters halt all contact. They move forward to restrict users, erase accounts, and vanish with both the submitted money and essential individual information. The fictitious rewards continue to be perpetually uncredited, as they lack genuine existence. They act solely as a fraudulent strategy. This method forms the foundation for the deceivers’ capacity to deceive victims and misappropriate hard-earned funds through their double-dealing internet-based crypto scam.

Signs of Scam

I gathered several facts that point at the scammy nature of the Whalebits.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Whalebits 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 fraud, its masters may contact you with particular documents. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we already determined, these rascals have no intent of giving back your funds. So, what do these email messages and browser plugins represent? You guessed it right – this is another element of the fraudulent scheme designed to entice you into willingly running malicious programs onto your device.

Both plugins and files included to email messages can act as a carrier for diverse malware. In this case, I anticipate the presence of spyware and stealers among all types of threats. While it is not obligatory for scammers to distribute malware, the chance is always greater than zero. As previously mentioned, their conscience is of little concern, and their dignity is already neck deep in mud. They have nothing to give up and aim to boost gains.

Frequently asked questions