We Investigated Yotsbit: Legit or Scam? The Facts

Recently, Yotsbit.com service appeared, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather credible evidence that unmistakably confirms it is, in truth, a scam service.

Regardless of the promises of the most easy, dependable, and client-friendly service, Yotsbit.com does not fulfill any of them. In fact, all this is just a shiny wrap around a dirty scam, which steals your money and never returns them. Any tales about bonuses, sponsorship from celebrities etc are nowhere to be found as well.

It is better to prevent, than repair and repent!

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Yotsbit Scam Overview

Originally, Yotsbit poses as a crypto trading & cryptowallet platform with exceptionally low commission fees. Another bright selling point for this service is partnerships with celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look real, frauds use AI-generated videos with those celebs promote the fake crypto service as the best thing in the world. For obvious reasons, Elon Musk is the most common choise for that. But, as I mentioned above, all this is just a blatant wrap around a transparent scam.

Yotsbit Scam

To begin with, Yotsbit shares the appearance of multiple similar online platforms. There are quite a few examples, like Xeflora, Beastchange or Digitalcrpt. They are completely undistinguishable in terms of graphic elements, with small discrepancies in the site header. Other particulars, and at times even crypto wallet addresses, are the same. Presumably, all these scam websites are operated by the same group of fraudsters.

Cryptocurrency Scam Summary

How the Yotsbit Scam Works?

Yotsbit 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 identical 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 sophisticated psychological tricks that make the user believe in the legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To begin the fraud, criminals set up and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the marketing campaign begins. Utilizing bots and paid advertisements (when feasible), scam actors intensify the exposure of their fraudulent activities to possible victims. And as I said, crooks do not shy away using deepfake for creating videos with the mentioned celebrities that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

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

Users obtain an incentive to enroll, drawn by the promise of obtaining cryptocurrency benefits valued at thousands of dollars, all without cost. To augment the attractiveness of the offer, fake suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are entirely baseless.

Step 2: Gaining Traffic

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

At this point, it is possible to skip the scam without any losses. Before you sign up using your personal info, 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, scammers bait folks for registration with bonuses. And all the personal data needed for it – username, email, crypto wallet address – is valuable for user identification. Only by gathering this info and selling it further into the Darknet, crooks can earn quite a penny. Still, their plans go much further.

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

Step 4: Requesting funds

Obviously, any cryptocurrency operations require you to have capital on your account. In the case of Yotsbit, users are also coerced to top up to use the bonuses. And this is what creates most of the cash flow to this scam 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 transferred funds and withdraw them.

This, however, is where the first obvious issues start to surface. When comparing the real crypto wallet vs what the site says, you can notice that no transactions are done whatsoever. And then, when you’d try to pull out the money 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 are naught on intentions to give your money back. Though to make the fraud look more legitimate, 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 Yotsbit.com they are here only to make the withdrawal impossible.

By requesting your personal data, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your funds back. And every check will uncover more and more information, which – you guessed it right – will be then marketed 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 Yotsbit.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Yotsbit often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Yotsbit.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Yotsbit raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Yotsbit.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Yotsbit preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Yotsbit as a scam.

What Should I do as a Victim?

If you had to deal with Yotsbit 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 course of the fraud, its masters may reach out to you with particular files. Alternatively, they may suggest you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your crypto savings. As we earlier figured out, these rascals have no intention of restoring your capital. So, what do these messages and browser plugins represent? You guessed – this is another component of the fraudulent scheme designed to throw you into willingly running destructive programs onto your system.

Both add-ons and files included to email messages can act as a carrier for different malicious code. In this situation, I anticipate the presence of spyware and stealers among other forms of malicious programs. While it is not mandatory for scammers to distribute malware, the probability is always significant. As previously mentioned, their conscience is of no concern, and their dignity is already severely tarnished. They have no scruples to lose and aim to boost revenues.

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