What kind of scam is BitWaxe.com?
While investigating dubious online platforms, our research team uncovered the BitWaxe.com scam. This website masquerades as a legitimate cryptocurrency exchange, enticing users with promises of free Bitcoin when they sign up using specific promo codes like “Bezos02” or “ELON5”.
However, this is a deceptive scheme aimed at stealing users’ money. When users attempt to withdraw the purportedly earned Bitcoin, they are told they must first deposit their own funds—approximately 0.005 BTC—to “activate” the withdrawal feature. In reality, any cryptocurrency sent to BitWaxe.com is irretrievably lost, and victims receive nothing in return.
The BitWaxe.com scam is just one example of many fraudulent schemes circulating online. These scams have a common goal: to trick you into giving up your personal details and money. Fraudsters are getting more sophisticated, using tactics like fake websites, bogus promo codes, and even impersonating well-known figures or organizations. Below are examples of recent scams similar to BitWaxe.com that have been circulating: BIFAREX.com, Navbitcor.shop, Xelunax.com, Terunax.com.
Quick Links
BitWaxe.com scam overview
BitWaxe.com presents itself as a cryptocurrency exchange platform, luring users with offers of free Bitcoin for signing up and using promo codes such as “Bezos02” or “ELON5”. Upon registering and applying these promo codes, users observe an increase in their account balance, leading them to believe they have received free Bitcoin.
However, when users attempt to withdraw these funds, the platform imposes a requirement: they must deposit a small amount of Bitcoin (approximately 0.005 BTC) to “activate” the withdrawal option. This is a significant red flag, as legitimate cryptocurrency exchanges do not require deposits to enable withdrawals.
According to the Federal Trade Commission (FTC), since the start of 2021, more than 46,000 people have reported losing over $1 billion in cryptocurrency scams. This accounts for about one out of every four dollars reported lost, more than any other payment method.
Additional warning signs include:
- Recently Created Domain: BitWaxe.com is a newly registered website, a common trait among scam sites.
- Hidden WHOIS Data: The site’s ownership details are concealed, preventing users from verifying who is behind the platform.
- Lack of Transparency: There is no credible information about the company’s leadership or physical location.
- Anonymity of Promotion: The promo codes and offers are circulated anonymously, often through deepfake videos and unsolicited messages on social media platforms like Instagram, YouTube, TikTok, Facebook, Telegram, and WhatsApp.
It’s crucial to emphasize that BitWaxe.com is a scam designed to deceive users into depositing cryptocurrency, which the scammers then steal. Victims of this scam experience financial loss, as cryptocurrency transactions are irreversible and difficult to trace due to their decentralized nature.
Summary Table
| Name | BitWaxe.com ‘Promo Code’ Scam |
| Type | Cryptocurrency Scam |
| Fake Promo Codes | Examples include “GATES2”, “ELON5”, “STARCOIN”, and “Bezos02”, which supposedly add free Bitcoin to the user’s account. |
| Whois Details | Domain Details: Domain Name: BITWAXE.COM Registrar: Metaregistrar BV Creation Date: 2024-12-08 Registry Expiry Date: 2025-12-08 Name Server: ASPEN.NS.CLOUDFLARE.COM Registrant Information: |
| Scam Content | Deepfake videos of celebrities like Jeff Bezos, Bill Gates, Michael Saylor, Warren Buffett, Donald Trump, Elon Musk, Kanye West, Vitalik Buterin, Cristiano Ronaldo, Mark Zuckerberg, Changpeng Zhao, Robert Kiyosaki, Drake or MrBeast promoting a fake cryptocurrency giveaway on BitWaxe.com with promises of free Bitcoin for entering a promo code. |
| Fake Promise | Free Bitcoin (e.g., 0.29 BTC) after entering a promo code and a minimal deposit to “activate” withdrawal capabilities. |
| Targeted Information | Bitcoin deposits, personal information for registration (name, email). |
| Harm | Financial loss, potential risk to personal information. |
| How It Spreads | Deepfake videos and unsolicited messages on social media platforms like YouTube, TikTok, Instagram, and Facebook. |
| Scammer’s Methods | Using deepfake technology for fake endorsements, creating a sense of urgency and legitimacy, requiring a deposit to withdraw supposed rewards. |
| Variations | Different celebrity endorsements, varying promo codes, and changing Bitcoin “reward” amounts. |
🕵️♂️ How the BitWaxe.com Scam Works
BitWaxe.com is a scam that deceives individuals by promising free Bitcoin to attract those looking for quick financial gains. Knowing about this scam is important for keeping yourself safe online. 💡🔐
🚨 Using Famous People to Trick You
The scam uses fake videos and messages on social media, pretending to show well-known people like Elon Musk, MrBeast, Jeff Bezos, or Bill Gates talking about a Bitcoin giveaway. This makes you trust the scam because you trust these famous people.
Deepfake Video Examples:
🔗 Deceptive Promotion of Free Bitcoin
The messages include a link to BitWaxe.com, a fake cryptocurrency trading platform. The site is designed to look professional and trustworthy, aiming to deceive you into thinking it’s a legitimate opportunity.
Deceptive Promotion Examples:
- Promo code for free Bitcoin
- Videos and texts falsely claiming celebrity endorsements of the platform
- Links to BitWaxe.com, which mimics a genuine cryptocurrency exchange
🎭 Fake Balances and Pressure to Deposit
Upon using a promo code, a fake balance appears in your account, typically a small but tempting amount of Bitcoin. This is designed to make the scam appear legitimate and pressure you into making a deposit to access the supposed funds.
📥 Activation Fee
The site asks for a small deposit of real Bitcoin to “verify your account” or “activate withdrawals” (typically around 0.005BTC). This directly targets your cryptocurrency, attempting to steal it under the guise of a security procedure.
🔄 Creating a False Sense of Opportunity
Scammers create an urgent need to act by claiming the giveaway or the bonus is for a limited time. They manipulate you into thinking you’re missing out on a once-in-a-lifetime opportunity.
🕳️ Taking Your Money and Disappearing
After you put in your money, the scammers might block your account, run away with your money, or keep asking for more money for different reasons, taking advantage of your trust and hope.
By understanding these tricks, you can protect yourself from the BitWaxe.com scam and similar cryptocurrency schemes. Always check if offers are real with trustworthy sources and don’t give personal or financial information on shady websites.
What to Do If Scammed 😱
If you’ve fallen prey to the BitWaxe.com scam, immediate action is crucial to mitigate the damage and prevent others from becoming victims. Here’s a list of steps you should take right away:
🛑 Stop All Deposits and Sharing of Personal Info
Cease any further deposits and refrain from sharing any more personal information with the website.
🏦 Contact Your Bank Immediately
Notify your bank of the unauthorized transaction. They may be able to halt the transaction or provide further steps for you to take.
🛡️ Report Scam Ads
If you encountered scam ads on TikTok or other platforms, report them so they can be removed. TikTok: 📱 Open the TikTok App, 🔍 Locate the Scam Ad, ⚙️ Access More Options, 🚫 Select ‘Report’.
🏛️ File a Complaint with Consumer Protection Agencies
In the U.S., this would mean contacting the Federal Trade Commission (FTC) at reportfraud.ftc.gov. If you’re in another country, reach out to your national consumer protection agency.
📣 Use Social Media to Warn Others
Share the information on your social media accounts to alert friends, family, and followers, reducing their risk of falling for the same scam.
How to Report the Scam
If you come across the BitWaxe.com scam or anything like it, it’s really important to report it. Not only does this help keep you safe, but it also helps protect others. Here’s how you can make a report, including specific steps for popular social media platforms like TikTok, Instagram, YouTube, and Facebook.
General Tips on Reporting Scams
- Keep Records: Take screenshots or save any messages, emails, or links connected to the scam.
- Use the Report Button: Look for a report or flag option on the platform where you found the scam.
- Talk to Your Bank: If money was involved, tell your bank or payment service right away.
- Report to Authorities: Letting your local consumer protection or cybercrime authorities know can help too.
How to Report the BitWaxe.com scam on TikTok
- Go to the scammy video.
- Tap “Report”. Choose the reason that fits, like “Scams or fraud”.
How to Report the BitWaxe.com scam on Instagram
- Go to the scam post or the scammer’s profile.
- Click on the three dots at the top.
- Hit “Report” and follow the steps to say why you’re reporting it.
How to Report the BitWaxe.com scam on YouTube
- Start by going to the video in question.
- Look for three dots below the video and click them.
- Select “Report”, choose “Spam or misleading” then “Scams/Fraud” to explain why.
How to Report the BitWaxe.com scam on Facebook
- Find the scam post, profile, or page.
- Click on Three Dots, these are usually at the top right of the post or page.
- Press “Report”, pick the reason for reporting and follow the prompts.
Reporting might seem like a small action, but it can have a big impact. By reporting scams, you’re helping to make the internet a safer place for everyone.
Conclusion
BitWaxe.com is running a scam that uses attractive promo codes to trick people into giving them Bitcoin. They can even create highly realistic videos where it looks like celebrities are recommending BitWaxe.com, telling you that you can get free Bitcoin if you use special promo codes. People are fooled into thinking that if they send a little bit of Bitcoin and use these codes, they will get a lot more in return. But actually, BitWaxe.com and its offers are not real. They are just a way to take your Bitcoin.
Bottom Line: Do not believe or interact with any offers from BitWaxe.com, especially if they involve promo codes and say celebrities are involved. The best thing to do is to ignore these fake offers and make sure your online money is safe. 🛡️💻
Be smart and think critically; any deal that looks too good to be true, especially if it says you’ll get free cryptocurrency and uses celebrities, is almost certainly a scam. 🤔
