Kwonbit appears to be a fake cryptocurrency platform that uses fake giveaway promotion methods on social media. Crypto giveaway scams usually trick people with fake celebrity videos and promises of free Bitcoin.
Most of the time, these videos show the celebrity talking about a “new crypto opportunity” and how to get free Bitcoins. Of course, all of this is fake. Let’s break down how these scams work so you can avoid them.
The scammers create videos that look real, using AI to make it seem like celebrities are endorsing the scam. They post these videos on Instagram, TikTok, or Facebook to make them go viral. These fake endorsements are designed to gain your trust.
They use claims like “Get free Bitcoin instantly” or “Earn $10,000 with just a sign-up”. Once you visit the website, it claims you can withdraw free Bitcoin. But first, you have to create an account and enter a "promo code", often given in the video.
After signing up and entering the promotional code, the scam website will display a fake amount of Bitcoin in your account. You are then told that you need to make a small deposit to activate withdrawals. In reality, there is no Bitcoin in your account. The dashboard is simply programmed to show a random number as your balance to make the scam look believable.
Once you pay, the scammers either disappear or try to convince you to pay even more. You will never receive the promised Bitcoin. These scam websites usually operate for weeks, luring more victims, before shutting down. Afterward, they often reappear under a different name, using the same website and video template to continue their activity.
Watch for these warning signs that can help you spot a scam:
To stay safe from scams like Kwonbit, it’s important to be aware of the common tricks scammers use. Even if a video on social media looks convincing, always verify it through official sources. Check whether the celebrity or company has actually endorsed the opportunity.
Legitimate giveaways never require any upfront payments or deposits. If a website claims you need to make a “small deposit” to unlock your rewards, it’s a clear sign of a scam.
Always take a moment to check for online reviews. Scammers don’t have a clean online presence, and their websites often attract warnings or negative feedback from victims. Staying alert and cautious can save you from falling victim to scams like Kwonbit. If something feels off, trust your instincts—it’s better to stay safe than regret later.
At AlertoPedia, we rate companies based on several key factors including regulatory status, website status, geographical licensing, and historical data concerning any warnings or sanctions from financial authorities, reflecting the company's trustworthiness.
Regulatory Influence
The licensing status of a company plays a significant role in our review process. Companies regulated by reputable authorities typically receive a more favorable rating, reflecting their adherence to stringent financial standards and consumer protection laws.
Ongoing Monitoring
Ratings are initially established based on the most current data available and are subject to change based on new information or regulatory actions. We continuously monitor regulatory actions and company behavior to ensure our ratings remain current and accurate.