Bittrex Emails: Is It a ‘Phishing’ Scam or Real Email Campaign?

Scams & Viruses Solved issue

Question asked by:

Ismael P.

Issue:

Avoiding Bittrex Phishing Email Campaign Scam

Hey crypto-gurus! Got a flood of fishy-looking Bittrex emails and I'm trying to dodge this phishing expedition.
Any pro tips for not taking the bait? Thanks!
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Do you receive suspicious emails from Bittrex about pending withdrawals and account balance information? 

Nowadays, phishing actors take advantage of the Bittrex Bankruptcy situation. Bittrex has been a prominent cryptocurrency exchange. If you’re not vigilant enough, you might fall into this trap. 

Scammers are using deceptive emails to lure you into entering your credentials into their fraudulent websites. That way, they’ll be able to initiate smooth transfers across digital wallets without your knowledge. One click on these phishing1 emails could mean full access to your crypto and bank information. 

Let’s delve more into this topic and find out how you can avoid falling for this trap.

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How to Avoid Getting Scam of the Bittrex Phishing Email Campaign

Bittrex Bankruptcy: Cause of the Rise in Scams

On April 30, 2023, the US Securities and Exchange Commission accused Bittrex of operating without registration from the agency. Since then, it has ceased its operations. Three weeks later, Bittrex users received an email from Omni Agent Solutions. Omni Agent Solutions is Bittrex’s case administration provider. 

The email informed the customers that Desolation Holdings LLC and a few of their affiliates which include Bittrex, filed for Chapter 11 Bankruptcy. On May 31, a mass email to Bittrex whole database was done to inform users that their Bittrex crypto wallets are frozen due to the filed bankruptcy. Despite the proceedings, Bittrex assured its customers that they’re working on fixing the problem. It ensures Bittrex users that they can still withdraw their remaining balances before they finally shut down. 

Bittrex Bankruptcy

On June 15, Bittrex informed their customers that they can now comply with the regulatory requirements to access their accounts and withdraw any remaining funds. Customers can only do so until August 30, 2023. 

Out of the approximately 1.6 million Bittrex users, only 3% claimed their digital assets. Many customers reported that the withdrawal process is too much and time consuming. And going through the long queue of their support channel is not worth the hassle, especially if they only have under $100 remaining on their Bittrex crypto wallet.

What You Should Know About the Bittrex Email Scam

Scammers have employed various tactics to keep their phishing email campaign looking authentic. They included a seemingly legitimate sender email, with actual bankruptcy proceedings information. These scammers target prior Bittrex users, and that comprises most university students across the US. 

Like any normal email, these email scams usually open with a polite greeting emphasizing an urgent matter to access your Bittrex account. It anchors on getting you to withdraw any remaining digital wallet balances before they become forfeited. 

It will lure you into believing that it is necessary to claim your remaining Bittrex balance before the company shuts down. Scammers make you believe that now is the time to make that withdrawal to avoid any hiccups. They will provide you with a link to a new window to process your Bittrex withdrawal. 

Here’s how the fake link could look like:

withdraw bittrex fake link

If you’re not careful enough, you’ll be tempted to click on this separate window link. Once you click on this link, your confidential information including bank details will be extracted. You’ll be redirected to a fraudulent website, where you will input your personal information and account details which includes private keys or one time passwords. 

Once the scammers extracted your crypto wallet account details, it will be easy for them to initiate transfers without your knowledge. And if you have other crypto wallets with the same personal information, they’ll be able to access more digital wallets. 

Bittrex Phishing Attack – How It Looks & How To Not Get “Hooked”?

After two months from the deadline of the withdrawal period, Bittrex users received three emails in succession. These emails inform customers that they still have more than $1,000 on their account that they need to withdraw, unless it will be forfeited. 

The email outlined the steps on how to withdraw the remaining funds, providing a phishing website2. The phishing website looks like a legit Bittrex portal, wherein customers are asked to input their login credentials, bank information and even security keys. It even mirrored the KYC process of Bittrex. Once these information are entered into their fraudulent website, they’ll easily access your digital wallets. 

Here’s how the fake email looks:

bittrex phishing email

What Makes this Bittrex Phishing Attack Challenging to Detect?

Customers and legacy security solutions find it hard to identify these email scams as scams. The use of Bittrex branding is almost identical to the original one, even the bank proceedings look authentic, and the content of the email is grammar error-free. 

The shortened URL of the withdrawal link even looks so subtle, that you won’t be able to think that it is really a scam. It even came from a legitimate email sender. 

This was proven fraud later on when customers complained that they have unauthorized transfers and withdrawals. These scams deceive you to the urgency and misinformation scheme of phishing perpetrators. 

How Do Spam Campaigns Infect Your Computer?

Clicking through these malicious links and downloading fraudulent attachments from these scam campaigns, is a surefire way to infect your device. The malware is directly planted once they’re opened, clicked, and downloaded.

How to Avoid These Email Phishing Campaigns
and Malware Installation?

Regular security software update protects your computer from any malware and viruses. When you receive suspicious emails containing urgency and other financial information, it is best to not to open them. Avoid clicking through fraudulent websites or downloading applications. 

Remember to always check the authenticity of the email and the website that you’re about to go to. Make sure to open them from the legitimate and official website of the company. You can also use a malware detector to automatically detect any phishing emails and links. 

Main Precautions You Should Take When Dealing with Potentially “Fake” Scam Emails:

  • Check the sender’s email address: ALL fake phishing and scam emails (including bittrex one) starts with a fake email address. If the email talks about, for example, your “Binance” account, but the sender of that email is info@bynancewallet.com — it’s 100% a fake email.
    So you should always double and triple-check the sender’s email.
  • Generic greetings: if an email starts with “Dear”, “Dear sir/madam”, “Valued customer” or anything generic — that’s another red flag for scam emails.
  • Suspicious attachments: very rarely a legit company will send attachments with the email. Especially if the attachment is an .exe, .bat or any other strange type.
    When downloaded — we suggest you scan it with an anti-virus.
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  1. What is “Phishing” – Wikipedia []
  2. How to detect and avoid phishing — via FTC.gov []
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About the author
Ross Zilbert - Expert Author

Ross is an avid author on WindowsGuided.com. He’s been working in the field of software and networks as a technician for more than 6 years.

Now he’s sharing his expertise and awesome guides with the broad public.