Yotsbit has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to Tethex. We’ve received over 6 complaints against Yotsbit.
The Yotsbit Bitcoin promo code scam uses celebrity endorsements in AI-generated deepfake videos to lure victims into a fraudulent cryptocurrency trading platform, deceiving them into depositing Bitcoin with promises of free returns. This complex fraud, which relies on technological skill and social media proliferation, exposes victims to financial losses by manipulating faith in celebrities and capitalizing on the promise of quick bitcoin returns.
Get Your Money Back From These Scammers!
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Key Takeaways
Is Yotsbit Regulated? Do They Have a License?
There is a smart and dishonest scheme called the Yotsbit Bitcoin promo code scam that uses the fame of well-known celebs to commit a cryptocurrency fraud. This in-depth account tries to shed light on how the scam works, the tricks used to make it seem real, and what people who might fall for it can do to stay safe.
Making videos with artificial intelligence (AI) that show deepfake or voice-dubbed impersonations of famous people like Cristiano Ronaldo, Elon Musk, Bill Gates, Mark Zuckerberg, and Drake is what the scam is all about. It’s hard for people to tell the difference between these videos and real material because they are so realistic. There are mainly two methods used:
- Deepfake Technology: This method uses AI algorithms to change video footage so that it looks like the star is endorsing the Yotsbit platform and its Bitcoin giveaway.
- Making voiceovers: Real video clips are changed with software that imitates the celebrity’s voice, making it look like they are supporting the scam.
The scammers then post these fake videos on major social media sites like Facebook, Instagram, TikTok, and YouTube. They use paid ads and hashtag efforts to get the videos seen by a lot of people, especially those who are interested in cryptocurrency and the celebrities they’re impersonating.
The lack of regulation or the presence of poor regulation is a huge red flag. It means Yotsbit is a scam and most likely, an illegal operation.
Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.
That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.
In the case of Yotsbit, victims have nowhere to go due to the absence of a watchdog or license.
You should ask yourself the following questions when you come across a new investment firm or opportunity:
- Does the investment provider maintain transparency about its CEO?
- Do they have a license from a renowned regulatory authority?
- If the need arises, can I reach out to an authority to report this company as a scam?
Trading Conditions and Deposit/Withdrawal Methods at Yotsbit
People who are interested in these videos are sent to Yotsbit.com, a website that at first glance looks professional and real. But it’s completely made up and only exists to get Bitcoin payments from people who fall for it. The site does not allow real cryptocurrency trades or trading.
Users are told to sign up and enter a special code given in the video when they go to Yotsbit.com, such as “CR7” or “Tiktok11.” By doing this, a deposit of about 0.31 BTC is shown incorrectly in the user’s account, making it look like they got free Bitcoin.
When users try to withdraw this amount, they are told they need to pay at least 0.005 BTC to “activate” their withdrawal rights. This trick requirement is shown as something that needs to be done to verify an account, but it’s really a way to steal real Bitcoin from people who fall for it.
Once the scammers have enough deposits, they shut down the Yotsbit site and disappear, so users can’t get their money back. The scam then comes back with a new name, but the crooks use the same tricks on different websites.
However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.
They might give you multiple reasons including:
- A technical error
- A glitch in their system
- Banking issues
- A “hacking attack”
And many others.
But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.
If you want to get your money back from a scammer, you’d need to file a chargeback.
Yotsbit Customer Service: Do They Handle Complaints Well?
There are several red flags that point to the Yotsbit scam, such as the fact that the company has no real online presence besides promotional content, uses illegal famous videos, and needs a deposit to start withdrawals.
The fact that the domain name was only recently registered and that there is no real contact information is also proof that it is not real.
When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.
In the beginning, scammers tend to remain very accessible.
This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.
However, they do all this just to win your trust.
Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.
Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.
All of a sudden, their numbers would either stop responding or become unavailable.
Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.
However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.
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Yotsbit Reviews: What Do Others Say?
It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.
Scammers like Yotsbit tend to purchase fake reviews for their online profiles to make themselves seem more credible.
TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.
That’s why you shouldn’t trust Yotsbit reviews easily.
It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.
In the case of Yotsbit, chances are, you wouldn’t find many legitimate reviews.
Another prominent way scammers like Yotsbit enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.
This way, when you’ll look up “Yotsbit reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Yotsbit.
You should always look out for consumer complaints. In the case of Yotsbit, the most common complaints I found were about:
- Poor customer support
- Delays in payments
- High fees and charges
- Lack of transparency regarding their leadership team
- Aggressive sales staff
Do you have a similar complaint about Yotsbit? You can share your complaint in the comment section or submit an anonymous tip.
Is Yotsbit Legit Or Scam?
People should be careful about celebrity-backed cryptocurrency gifts that seem too good to be true to avoid falling for these types of scams.
To avoid becoming a victim, it is important to check the credibility of endorsements through formal channels, do a lot of research on the trading platforms that are discussed, and be wary of any terms that require deposits before withdrawals can be made.
People who have been scammed by the Yotsbit scheme should report it to the right officials, like the Federal Trade Commission, and also let their banks or cryptocurrency exchanges know about the transaction.
Even though it’s unlikely that the lost money will be recovered, taking these steps can help stop more people from falling for the scam and stop it from working.
People who trust celebs and are interested in cryptocurrency are easy targets for the Yotsbit Bitcoin promo code scam. People who might fall for these types of scams can better protect themselves from falling for them by understanding how they work and being on the lookout for signs of them.
Yotsbit is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.
The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Yotsbit can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.
The absence of a watchdog also means you cannot report to them to anyone.
Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.
Can You Trust Yotsbit?
All the evidence suggests that Yotsbit is a scam. If you have lost money to them, there is still a chance you can get it back.
To recover your funds, you’d need to file a chargeback.
Frequently Asked Questions
Is Yotsbit a scam?
Can I withdraw money from Yotsbit?
Where is Yotsbit Located?
How do I get my money back from Yotsbit?
How The Yotsbit Online Scam Works
Intelligence Commissioner investigates & reviews online money-making opportunities. We strive to provide critically helpful information to our readers and assist them in identifying scams. 
