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.
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
|Hosting||AS13335 Cloudflare, Inc.
United States, San Francisco
|Scam Type||Fraudulent offers of cryptocurrency services|
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.
Remove spyware with Gridinsoft Anti-Malware
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3.Follow the installation setup wizard's instructions diligently.
4. Access the "Scan Tab" on the application's start screen and launch a comprehensive "Full Scan" to examine your entire computer. This inclusive scan encompasses the memory, startup items, the registry, services, drivers, and all files, ensuring that it detects malware hidden in all possible locations.
Be patient, as the scan duration depends on the number of files and your computer's hardware capabilities. Use this time to relax or attend to other tasks.
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6. Select all the identified items from the report and confidently click the "Clean Now" button. This action will safely remove the malicious files from your computer, transferring them to the secure quarantine zone of the anti-malware program to prevent any further harmful actions.
8. If prompted, restart your computer to finalize the full system scan procedure. This step is crucial to ensure thorough removal of any remaining threats. After the restart, Gridinsoft Anti-Malware will open and display a message confirming the completion of the scan.
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Trojan Killer for “spyware” removal on locked PC
In situations where it becomes impossible to download antivirus applications directly onto the infected computer due to malware blocking access to websites, an alternative solution is to utilize the Trojan Killer application.
There is a really little number of security tools that are able to be set up on the USB drives, and antiviruses that can do so in most cases require to obtain quite an expensive license. For this instance, I can recommend you to use another solution of GridinSoft - Trojan Killer Portable. It has a 14-days cost-free trial mode that offers the entire features of the paid version. This term will definitely be 100% enough to wipe malware out.
Trojan Killer is a valuable tool in your cybersecurity arsenal, helping you to effectively remove malware from infected computers. Now, we will walk you through the process of using Trojan Killer from a USB flash drive to scan and remove malware on an infected PC. Remember, always obtain permission to scan and remove malware from a computer that you do not own.
Step 1: Download & Install Trojan Killer on a Clean Computer:
1. Go to the official GridinSoft website (gridinsoft.com) and download Trojan Killer to a computer that is not infected.
2. Insert a USB flash drive into this computer.
3. Install Trojan Killer to the "removable drive" following the on-screen instructions.
4. Once the installation is complete, launch Trojan Killer.
Step 2: Update Signature Databases:
5. After launching Trojan Killer, ensure that your computer is connected to the Internet.
6. Click "Update" icon to download the latest signature databases, which will ensure the tool can detect the most recent threats.
Step 3: Scan the Infected PC:
7. Safely eject the USB flash drive from the clean computer.
8. Boot the infected computer to the Safe Mode.
9. Insert the USB flash drive.
10. Run tk.exe
11. Once the program is open, click on "Full Scan" to begin the malware scanning process.
Step 4: Remove Found Threats:
12. After the scan is complete, Trojan Killer will display a list of detected threats.
13. Click on "Cure PC!" to remove the identified malware from the infected PC.
14. Follow any additional on-screen prompts to complete the removal process.
Step 5: Restart Your Computer:
15. Once the threats are removed, click on "Restart PC" to reboot your computer.
16. Remove the USB flash drive from the infected computer.
Congratulations on effectively removing spyware and the concealed threats from your computer! You can now have peace of mind, knowing that they won't resurface again. Thanks to Gridinsoft's capabilities and commitment to cybersecurity, your system is now protected.
Frequently asked questions
The vast majority of information posted on the Yaobitc site is false. It is either fabricated, or a manipulation that misses the context of mentioned events. However, things like quotes or other interactive elements related to current prices may be trustworthy. But I would rather avoid using them as a primary source of information.
No, there is no legitimate information on the Yaobitc site. The operators of this site use fabricated details and deceptive tactics to create an appearance of credibility, such as appealing visuals and claims of being a licensed company. However, these claims are false, and the site is part of a larger network of interconnected crypto scam sites designed to defraud victims. The scammers manipulate users into providing sensitive personal information and making deposits, ultimately leading to the loss of funds.
Unfortunately, recovering funds lost to a scam like Yaobitc can be extremely challenging, if not impossible. Scammers often operate from obscure locations and use various tactics to cover their tracks, making it difficult to trace or retrieve the stolen funds. In many cases, these scams are designed to exploit victims and disappear once they have obtained the money.
Spotting crypto trading scams requires vigilance and a critical eye. Here are some tips to help you identify potential crypto trading scams in the future:
- Question Unrealistic Promises. Approach offers that promise unrealistically high returns or guaranteed profits with caution. If an investment opportunity sounds too good to be true, it probably is.
- Scrutinize Celebrity Endorsements. Exercise skepticism when encountering endorsements from celebrities or public figures. Scammers often create fabricated endorsements to enhance their credibility.
- Verify Regulation and Licensing. Investigate whether the platform or service holds proper regulation and licenses from relevant authorities. Scammers frequently operate without legitimate authorization.
- Consult Reviews and Feedback. Seek out independent reviews and feedback from other traders. Positive reviews can be falsified, but negative reviews may offer valuable insights.
- Resist Urgency. Be wary of tactics that use a false sense of urgency to rush your decisions. Legitimate investments provide the necessary time for thorough research and contemplation.
If you have become a victim of a Yaobitc or similar crypto trading scam, it’s important to take immediate action to minimize further damage and increase the chances of recovering your losses. Here’s what you should do:
- Cease Communication. If you realize that you’ve been scammed, stop all communication with the scammers. Do not respond to their emails, messages, or calls.
- Document Everything. Gather and preserve all relevant information, including emails, screenshots, transaction records, and any communication you had with the scammers. This documentation will be crucial for reporting the scam and seeking assistance.
- Report to Authorities. File a report with your local law enforcement agency and any relevant regulatory authorities in your country. Provide them with all the evidence you have gathered. This helps initiate investigations and raises awareness about the scam.
- Contact Financial Institutions. If you made any payments or deposits using your credit card or bank account, contact your financial institution immediately. They may be able to help you with disputing transactions or initiating a chargeback.
- Seek Legal Advice. Consult with a legal professional who specializes in fraud or financial matters. They can provide advice on potential legal actions you can take to recover your funds.
- Notify Cryptocurrency Exchanges. If you used a cryptocurrency exchange to make transactions related to the scam, notify the exchange about the fraudulent activity. They may be able to assist you in some cases.
- Monitor Your Accounts. Keep a close eye on your financial and online accounts for any suspicious activity. Change passwords and enable two-factor authentication wherever possible.
The truth about Yaobitc
Description: Cryptocurrency scams continue to increase as digital assets achieve mainstream adoption. A recent example of such a scam involves Yaobitc, a fraudulent crypto exchange that entices victims with promises of free crypto giveaways. This detailed article will extensively examine the operations of the Yaobitc 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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