We Investigated Xbirex: Legit or Scam? The Facts

Recently, Xbirex.com service surfaced, promoting itself as a platform to keep cryptocurrency and other assets securely. I managed to gather reliable proof that clearly reveals it is, actually, a fraudulent platform.

Regardless of the promises of the most easy, reliable, and customer-centric service, Xbirex.com does not fulfill any of them. All this is just a golden wrap around a clear scam, which takes your money and never returns them. Any stories about bonuses, endorsement from celebrities etc are non-existent as well.

Xbirex Scam Overview

Originally, Xbirex poses as a cryptocurrency trading & cryptowallet service with outstandingly low commission fees. Another bright selling point for this site is backing from celebrities that are known as crypto activists. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, frauds use AI-generated videos where those celebrities advertise the fraud as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

Xbirex Scam

To begin with, Xbirex copies the design of many similar online platforms. There are quite a few examples, like Bitmepex, Boldoversize or Crystalexchangefx. 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. Presumably, all these fraudulent sites are led by a single group of fraudsters.

Cryptocurrency Scam Summary

How the Xbirex Scam Works?

Xbirex is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Swindlers who stand behind it use numerous 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 authenticity 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 well-liked social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign begins. Employing bots and sponsored advertisements (when feasible), scam actors boost the presence of their deceptive activities to possible victims. And as I said, crooks do not disdain using generative AI for creating clips with the mentioned celebs that promote their scam to the public. To boost the folks even more, swindlers claim the bonus for every user who registers the service immediately.

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

Step 2: Gaining Traffic

Upon clicking the ads, users end up on a page filled with enticing offers. “Crypto starts with Xbirex”, “Your crypto savings are secured with Xbirex, “Start earning with Xbirex – they look rather reliable. To heat up the interest and make the users proceed to step 3, scammers say that retrieving the promoted bonus requires registration. And as nothing suspicious happens at this point, unaware users happily proceed – 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 info, swindrels 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 mentioned, scammers bait folks for registration with bonuses. And all the personal data needed for it – email, username, cryptocurrency wallet address – is valuable for user identification. Exclusively by gathering this data 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 equivalent sum. At this point, the final stage of the scam begins.

Step 4: Requesting funds

Eventually, any crypto operations require you to have funds on your account. In the case of Xbirex, users are also coerced to top up to use the bonuses. And these top ups is what creates most of the cash flow to this scam site. By topping up the account, users hope to get the pledged gift (usually $500-1000 in USDT), and may start trading on this site hoping to use all the credited money and withdraw them.

This is where the problems start to surface. When comparing the real crypto wallet vs what the site says, you can spot that no transactions are done whatsoever. And then, when you’d try to retrieve the capital 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 are naught on intentions to send you money. But to make it look more realistic, they’ve developed a whole bunch of reasons to decline the wireout request. Usually, they repeat what KYC guidelines say, but for the Xbirex.com they are here only to make the wireout impossible.

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

• Cryptocurrency-Only Transactions. Xbirex.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Xbirex arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Xbirex resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Xbirex employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Xbirex capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Xbirex.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Xbirex 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 scam, rascals may get in touch with you with specific files. Alternatively, they may offer you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency funds. As we previously figured out, these deceivers have no intention of restoring your funds. So, what can these messages and browser add-ons represent? You guessed it right – that is another element of the fraudulent scheme designed to throw you into willingly running malicious applications onto your computer.

Both extensions and files added to emails can function as a shell for diverse malware. In this scenario, I foresee the presence of spyware and stealers among other kinds of threats. While it is not obligatory for scammers to distribute malware, the likelihood is always significant. As noted, their conscience is of little concern, and their reputation is already neck deep in mud. They have no scruples to lose and intend to maximize profits.

Frequently asked questions