Is Yaobitc Legit or Another Scam? The Truth Revealed

Recently, Yaobitc.com website popped up, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably indicates it is, actually, a fraudulent site.

Despite what Yaobitc site says, they will never pay off your money. Even though the figures displayed in the “member area”, there is absolutely no possibility to withdraw even a single coin. All pledges regarding crypto incentives are empty as well.

Yaobitc Scam Overview

The main service that Yaobitc attempts to provide is a secure and user-friendly cryptocurrency wallet service. The website promises crypto exchange services, tools for managing wallets, transfers, dashboards, and the like. In truth, they endeavor to emulate the functionality of a crypto trading platform, akin to Binance or Coinbase. However, it actually only serves as a cover intended to lull the vigilance.

Yaobitc Scam

Initially, Yaobitc reproduces the layout of multiple similar websites. There are quite a few examples, like Wetarex, Ternbit or Spacevil. They are entirely indistinguishable in terms of graphic elements, with minor discrepancies in the website header. Other particulars, and sometimes even crypto wallet addresses, are unchanged. Probably, all these fraudulent sites are operated by the same gang of scammers.

Cryptocurrency Scam Summary

How the Yaobitc Scam Works?

Yaobitc is yet another website within a vast network of interconnected crypto deceptive webpages. The operators employ different brand titles and sites, like Yaobitc.com, to capture victims. Nonetheless, these fraudulent sites share matching designs, terms of service, and About Us content. This exposes their beginnings as parts of the same fraudulent network, which promotes the identical type of deception under various covers. The scammers just copy the equal scam website under different names to fool users into thinking they are participating in a new venture. However, in reality, it’s the identical system of fraudsters orchestrating the misleading commitments and undertakings to grab deposited funds. The managers shrewdly employ psychological maneuvers and appealing offers to carry out their unscrupulous plans.

Step 1: Spreading

To begin the fraud, criminals establish and fill accounts on well-liked social media platforms. They primarily target Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Employing bots and sponsored advertisements (when possible), fraud actors increase the presence of their fraudulent activities to possible victims. This tactic allows them to cast a wide net and engage with their focused viewers. The public usually consists of cryptocurrency enthusiasts searching for prospects to make profits.

Users obtain a stimulus to sign up, attracted by the commitment of obtaining crypto rewards valued at hundreds of dollars, all free of charge. To augment the appeal of the offer, fake suggestions of sponsorship by a celebrity are incorporated. As you may guess, these claims are completely baseless.

Step 2: Gaining Traffic

People who show interest visit Yaobitc.com via links featured in ads or bot-generated posts. The webpage uses captivating visuals, design elements that appear genuine, and claims of holding a legitimate license, all intended to project an initial perception of trustworthiness.

Step 3: Data Gathering

To redeem their rewards, users must proactively sign up on Yaobitc and get instructions to submit sensitive and personal information during the sign-up process. This includes linking their cryptocurrency wallets, sharing email addresses, supplying phone numbers, furnishing identification papers, and more.

Step 4: Requesting funds

Once signed up, users notice considerable amounts of cryptocurrency, valued at hundreds of dollars, within their Yaobitc wallets. Nonetheless, as is common with such rewards, you cannot withdraw them ahead of making a deposit. Usually, a deposit of $100 is asked to get the sign-up bonus. This condition serves as the enticement that eventually results to the money loss.

Step 5: Disappear

The instant the deposit is made, the scammers terminate all communication. They move forward to block users, erase accounts, and vanish with both the transferred capital and essential personal information. The fictitious rewards continue to be perpetually uncredited, as they lack actual existence. They act purely as a deceptive maneuver. This method forms the foundation for the deceivers’ capability to trick victims and misappropriate hard-earned funds through their duplicative web crypto scam.

Signs of Scam

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

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

What Should I do as a Victim?

If you had to deal with Yaobitc 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.

• Immediate Reporting. Your initial step should involve promptly notifying local authorities specializing in financial fraud. Extend your reach by reaching out to wallet providers and engaging with social networks’ technical support teams. These actions serve to raise the bar for the scammers’ operations.
• Share among Friends. Amplify your efforts by informing your close friends about the scam. Similar to informing authorities, this dissemination of information restricts the scammers’ potential victim pool.
• Preserve Crucial Information. Compile a comprehensive evidence archive by capturing screenshots and archiving all relevant website-related data. Collect the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These records could provide vital clues for authorities in their pursuit of the scammers.
• Exploring Refund Options. While most banks’ refund policies may exclude cryptocurrency payments, it’s advisable to explore potential refund avenues under specific circumstances. Maintain hope until you obtain confirmation of the loss.
• Transform Loss into Knowledge. Turn your financial setback into an opportunity for growth. View your loss as an investment in understanding the strategies employed by crypto scam sites. Familiarize yourself with their telltale characteristics, the methods they employ to entice individuals, and the extravagant promises they make. Equipped with this insight, you’ll be well-prepared to spot and evade future traps without suffering additional 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 fraud, fraudsters may reach out to you with specific documents. Alternatively, they may offer you to install “cryptocurrency wallet applications” or “browser extensions” to streamline access to your crypto funds. As we previously figured out, these scoundrels have no plan of returning your capital. So, what do these emails and browser extensions represent? You guessed it right – that is another side of the deceptive plan designed to throw you into deliberately running destructive programs onto your computer.

Both extensions and files attached to emails can act as a shell for diverse malware. In this scenario, I anticipate the presence of spyware and stealers among all types of malware. While it is not obligatory for scammers to distribute malware, the probability is always existent. As noted, their morality is of negligible importance, and their dignity is already neck deep in mud. They have nothing to give up and strive to maximize gains.

Frequently asked questions