Investigating Wulbit: Legit or Scam? The Truth Exposed

Recently, Wulbit.com website popped up, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather reliable evidence that unmistakably confirms it is, actually, a scam platform.

Regardless of the promises of the most easy, dependable, and client-friendly service, Wulbit.com does not offer any of them. All this is just a shiny wrap around a blatant scam, which steals your funds and never gives them back. Any tales about gifts, backing from celebrities etc are absent as well.

Wulbit Scam Overview

Originally, Wulbit poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another bright marketing point for this service is backing from celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look more realistic, con actors use deepfake videos with those celebs advertise the scam as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around an obvious scam.

Wulbit Scam

Initially, Wulbit copies the layout of multiple similar websites. There are quite a few examples, like Osweu, Mbfeast or Zilmex. They are completely indistinguishable in terms of graphic elements, with slight discrepancies in the webpage header. Other specific elements, and at times even crypto wallet addresses, are identical. Probably, all these fraudulent websites are managed by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Wulbit Scam Works?

Wulbit is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use several website designs, which still share the similar 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To start the scam, criminals set up and fill accounts on well-liked social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Using bots and paid promotions (when achievable), scam actors increase the visibility of their scam activities to possible victims. And as I said, scammers do not disdain using deepfake for creating videos with the aforementioned celebrities that advertise their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

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

Users obtain a stimulus to register, enticed by the assurance of obtaining crypto prizes valued at thousands of dollars, all free of charge. To enhance the appeal of the offer, fake suggestions of sponsorship by a celebrity are incorporated. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

Upon clicking the promotions, users end up on a page filled with enticing offers. “Crypto starts with Wulbit”, “Your crypto savings are secured with Wulbit, “Start earning with Wulbit – they look rather authoritative. To heat up users and make them proceed to step 3, crooks say that obtaining the pledged bonus requires registration. And as nothing questionable happens at this point, unaware users happily keep on – especially as the reward appears to be right behind the corner.

This is the last stage when it is possible to skip the scam without any losses. Before you register using your personal information, frauds will not 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, frauds bait folks for registration with bonuses. And all the personal data needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, swindlers 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 crypto purchases on the platform with it, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Eventually, any cryptocurrency purchases require you to have funds on your account. With Wulbit, users are also forced to top up to get the bonuses. And these top ups is what creates most of the cash flow to this fraudulent website. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start engaging on this website hoping to use all the deposited capital and withdraw them.

This is where the issues start to surface. When keeping an eye on the actual cryptocurrency wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to retrieve the money from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters are naught on intentions to send you money. But to make it look more realistic, they’ve crafted a whole bunch of reasons to decline the withdrawal request. Usually, they repeat what Know Your Client guidelines say, but for the Wulbit.com they are here exclusively to make the withdrawal impossible.

By asking for your personal information, frauds just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you would desperately need to undergo before getting your grand back. And each of these checks will uncover 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 Wulbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Wulbit 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 contact you with specific documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency savings. As we previously figured out, these rascals have no intent of restoring your money. So, what can these messages and browser add-ons represent? Correct – this is another component of the scam designed to entice you into deliberately installing malicious programs onto your device.

Both extensions and attachments attached to email messages can function as a shell for various malicious code. In this scenario, I expect the presence of spyware and stealers among all forms of malware. While it is not mandatory for scammers to distribute malware, the likelihood is always significant. As previously mentioned, their conscience is of no concern, and their dignity is already deeply compromised. They have no scruples to lose and aim to maximize revenues.

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