How Scammers Misuse Real Companies to Steal Your Money

We were recently contacted by a person who sent 225 € to receive a promised payout of 13,500 € from a supposed crypto recovery service. The payout did not exist. Instead, the money was used to buy Bitcoin and sent to the scammer.

The Scenario

The victim was contacted by a third party claiming to recover funds.

The process sounded simple:

1. Pay 225 €
2. Receive 13,500 €

To make it credible, the scammer provided:

1. Payment instructions
2. Official-looking documents
3. A reference to Bittr AG

The IBAN used actually belonged to Bittr.

⚠️ If you are asked to send money to receive a larger amount, stop. This is a classic scam pattern.

Important: Bittr Only Operates in Switzerland

Bittr is licensed to operate in Switzerland and does not actively offer services outside of it. Bittr will never:

1. contact you unsolicited
2. ask you to send money as part of a recovery process
3. instruct you to make payments outside our website

If someone asks you to send money to Bittr without you actively using our service, it is a scam.

⚠️ Unexpected contact + request to send money = stop and verify.

What Actually Happened

Bittr works as follows:

1. A user creates an order
2. A bank account and Bitcoin address are provided
3. A transfer with a reference code is sent
4. The system automatically sends Bitcoin to that address

In this case:

1. The scammer created an order
2. Entered the victim’s IBAN
3. Used their own Bitcoin address
4. Convinced the victim to send the payment

The system processed the payment normally and sent Bitcoin to the scammer.

⚠️ The transaction can look completely legitimate, even when it isn’t.

Why This Cannot Be Detected

From our perspective:

1. The payment was authorized
2. The reference matched an order
3. The process was standard

We cannot see external communication or intent behind a transaction.

The Real Trick

The promised payout is the scam.

There is no recovery, no process, no underlying transaction.

It is simply used to convince you to send money first.

⚠️ Legitimate services do not require upfront payments to unlock large payouts.

Key Warning Signs

1. You are asked to pay upfront
2. The return is disproportionately high
3. A real company is referenced
4. You feel pressure or urgency

⚠️ If you feel rushed, stop. Scammers rely on speed.

Important: Bitcoin Transactions Are Final

Once funds are sent:

1. They cannot be reversed
2. There is no central authority
3. The recipient controls the funds

If This Happened to You

1. Stop all communication
2. Do not send more money
3. Report the case to your local police

Provide as much information as possible:

1. names
2. email addresses
3. phone numbers
4. documents
5. full communication

This helps authorities identify larger fraud networks.

⚠️ Even small amounts matter. These scams operate at scale.

How to Protect Yourself

1. Never send money to receive money
2. Verify payment instructions with our support before sending any bank transfer
3. Be cautious with unsolicited contact
4. Take time before acting

⚠️ If something feels off, pause and verify.

Summary

This was not a failure of the payment system, but social engineering.

A legitimate service was used inside a fraudulent setup.

If you are asked to send money to receive more later, it is a scam.

FAQ

Can Bittr reverse the transaction?

No. Bitcoin transactions are final.

Why was the payment processed?

Because it looked like a normal, authorized transaction with a valid reference.

Can Bittr detect this?

No. We cannot see external communication or intent.

Can the Bitcoin be recovered?

In most cases, no.

Legal Notice

Bittr AG only offers and markets its services in Switzerland and does not solicit or initiate transactions outside its official platform.