Xbited Reviewed: Real Deal or Total Ripoff? Read This First

Recently, Xbited.com website surfaced, promoting itself as a place where you can securely keep cryptocurrency and other assets. I managed to gather credible evidence that clearly indicates it is, actually, a scam service.

Despite the promises of the most user-friendly, reliable, and customer-centric service, Xbited.com does not fulfill any of them. All this is just a gilded wrap around a dirty scam, which steals your money and never gives them back. Any stories about gifts, backing from celebrities etc are non-existent as well.

It is better to prevent, than repair and repent!

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Xbited Scam Overview

Originally, Xbited poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another notable selling point for this platform is backing from celebrities that are known in the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site says about being supported by them. To make these claims look more realistic, con actors use deepfake videos where those celebrities advertise the scam as if it was 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 a transparent scam.

Xbited Scam

To begin with, Xbited repeats the design of many equivalent pages. There are quite a few examples, like Grandibit, Koyndex or Kelenex. They are completely indistinguishable in terms of visual elements, with small discrepancies in the site header. Other details, and at times even crypto wallet addresses, are the same. Presumably, all these deceptive online platforms are managed by the same team of scammers.

Cryptocurrency Scam Summary

How the Xbited Scam Works?

Xbited is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Rascals who stand behind it use numerous website designs, which still share the identical 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 establish and fill accounts on popular social media platforms. They primarily aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Utilizing bots and sponsored advertisements (when achievable), scam actors boost the presence of their fraudulent activities to potential victims. And as I said, crooks 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, swindlers claim the bonus for every user who enrolls the service immediately.

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

Users receive a stimulus to sign up, drawn by the promise of receiving crypto benefits valued at thousands of dollars, all for free. To increase the appeal of the offer, false suggestions of cooperation with a celebrity are added. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After following the promos, victims end up on a page filled with appealing offers. “Crypto starts with Xbited”, “Your crypto savings are secured with Xbited, “Start earning with Xbited – they look rather authoritative. To heat up the interest and make the users proceed to step 3, crooks say that claiming the promised bonus requires registration. And since nothing suspicious happens at this point, uninformed users happily move on – especially as the reward appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you register using your personal information, frauds will not be able to earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, deceivers bait folks for registration with bonuses. And all the personal info needed for it – username, email, crypto wallet address – is valuable for user identification. Only by gathering this data and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make at least crypto purchases on the platform with it, you need to top up the account with the equivalent sum. And this is what initiates the final stage of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency purchases require having capital on your account. In the case of Xbited, users are also compelled to top up to use the bonuses. And this is what creates most of the money flow to this fraudulent website. By topping up the account, users hope to get the committed gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the transferred money and withdraw them.

This is where the victim notices the issues. When keeping an eye on the real 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 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 swindlers have zero intentions to return your money. But to make the fraud look more legitimate, they’ve elaborated a whole pack of reasons to decline the wireout request. Most of them repeat what Know Your Client regulations say, but for the Xbited.com they are here only to make the withdrawal impossible.

By asking for your personal data, scammers just stall hoping for you to accept the loss 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 Xbited.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

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

What Should I do as a Victim?

If you had to deal with Xbited 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 duration of the fraud, fraudsters may reach out to you with specific files. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we earlier determined, these scammers have no intention of restoring your money. So, what do these emails and browser extensions represent? You guessed – this is another component of the scam designed to throw you into willingly running destructive software onto your computer.

Both plugins and files attached to emails can serve as a carrier for diverse malicious code. In this case, I anticipate the presence of spyware and stealers among other kinds of malicious programs. While it is not obligatory for scammers to distribute malware, the chance is always significant. As stated, their conscience is of no concern, and their dignity is already seriously marred. They have no principles to give up and strive to boost profits.

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Frequently asked questions

The truth about Xbited

Name: Xbited

Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Xbited, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Xbited scam, techniques for recognizing it, and, most crucially, ways to evade becoming a victim.

Operating System: All

Application Category: Crypto Scams

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