We Investigated Owlbit.com: Here’s How This Scam Cryptocurrency Exchange Fools Everyone -

Owlbit.com is a scam cryptocurrency exchange! Do not fall for it! This new scam will make you believe in some Arbitrage opportunity but in reality they lock your funds and tell you to send more money to unfreeze your account.

This new website claims to be a safe place to store your cryptocurrency and other assets. But after looking into it, I found out it’s actually a scam. They’re not legit. They’re just trying to trick people into giving them their money and assets.

How Do Scams Like Owlbit.com Trick People?

Owlbit like other crypto currency scams out there lure people in using fake reviews on a popular review website called ”reviews.io”, ads on social media that sounds too good to be true. When they finally lure you in, they will request for personal information and a minimum deposit of $250. It’s a trap designed to take your money.

But the truth is, it operates like a Ponzi or Pyramid scheme. It pays some people at first to make it seem legit, but eventually, the whole thing collapses. It also tries to get more people involved by offering rewards for bringing in new members. To make matters worse, it has tricky rules that make it hard to take your money out, like needing to deposit more money first before you can withdraw any.

Is Owlbit.com A Reliable Website: Victims Speak Out

No, Even though Owlbit promises to be the easiest, most reliable, and customer-friendly service out there, it’s all just a shiny cover for a scam. They make big claims, but they don’t deliver. Instead, they take your money and personal information and never give them back. Victims who have fallen for this scam have shared their experiences on Trust pilot and several online review websites. Here are some of the complaints

This is a big new scam exchange that will make you believe in some Arbitrage opportunities then scam you after the 3rd withdrawal attempt, they took my $262 but it’s worth it to get rid of it and know it’s my fault that I didn’t do the research.. they got me with some fake reviews on a website called reviews.io, all that reviews are fake. They will scam you guys be aware don’t make a deposit

This is a scam exchange! Do not fall for it! I shouldn’t have used KYC with these guys. They trick you thinking you can Arbitrage trade. Then lock withdrawals and ask for more money to allow them.

Red Flags

1. Fake Reviews: Owlbit.com tricks people with fake reviews on a site called reviews.io. Those reviews are all lies, so don’t trust them.

2. Similar Websites: Owlbit.com looks just like other shady websites such as Cstto.co, Voxsu.com. They all seem the same, with similar layouts and designs. It’s probably the same scammers behind all of them.

3. Locking Withdrawals: Once you’re in, owlbit and its buddies won’t let you take your money out. They lock your withdrawals, so you’re stuck.

4. Asking for More Money: They promise easy money with trading, but when you try to take your profits, they ask for more cash first. It’s a trick to get even more money out of you.

5. Baseless endorsements: Owlbit.com uses made-up stories to hype up their platform. They claim they’ve made deals with big companies like Coinbase or got endorsements from famous people like Elon Musk. But these are all lies. They just want you to believe you’ll make money, so you’ll put more money into your account.

What Should I do as a Victim?

Here’s what to do if you’ve been scammed by Owlbit:

Report to Authorities: Tell your local financial fraud authorities about the scam. Also, inform wallet providers and social media support teams. This makes it harder for scammers to operate.
Spread the Word: Tell your friends about the scam to prevent more people from falling for it. The more people who know, the fewer victims there will be.
Gather Evidence: Take screenshots of the scam website, including the main page, login screen, terms of service, account funding page, and wallet addresses. This evidence can help authorities catch the scammers.
Check for Refunds: Although getting a refund for cryptocurrency payments is tough, it’s worth checking with your bank or other channels to see if there’s any chance of getting your money back.
Learn from the Experience: Turn your loss into a lesson. Understand how these scams work, their tricks, and promises. This way, you’ll be better prepared to spot and avoid similar scams in the future, preventing further losses.

Here Are Clear Signs Of A Cryptocurrency Scam:

Fake Celebrity Backing: Pretends to have support from famous people like Elon Musk or Jeff Bezos, and claims partnerships with big companies like Coinbase or Binance.
Too-Good-to-Be-True Profits: Promises massive returns of 50-100-200%, which just isn’t realistic in the unpredictable world of cryptocurrency.
Shady Company Info: Foesn’t give enough details about who runs the company, where it’s based, or any proper registration info. It’s hard to trust a company that keeps so much hidden.
Cryptocurrency-Only Payments: Only accepts payments in cryptocurrencies, making it harder to trace and get refunds if things go wrong.
Pyramid Scheme Setup: Operates like a pyramid scheme, where early members make money at the expense of those who join later. They push this structure through social media, but it’s a classic scam tactic.

Conclusion

Owlbit.com isn’t a real place to buy or invest in cryptocurrencies. It’s actually a scam website that tricks people into putting their money into fake or worthless cryptocurrencies, which ends up causing them to lose money.