Bitsoda scam: What happened and how to avoid similar crypto frauds

When people talk about the Bitsoda scam, a fraudulent crypto platform that vanished with user funds under the guise of an NFT and trading service. Also known as Bitsoda.io, it was marketed as a fast, low-fee exchange for Bitcoin and altcoins—but it never delivered on its promises. Unlike legitimate platforms like Coinroom or Upbit, Bitsoda had no public team, no real customer support, and no audit history. Users deposited crypto expecting quick trades or NFT sales, only to find the site offline with no warning.

The crypto scam, a deliberate deception to steal digital assets by pretending to offer legitimate services. Also known as rug pull, it follows a pattern: hype, fake transparency, then disappearance. Bitsoda used Telegram groups, influencer shoutouts, and fake testimonials to build trust. Once enough money flowed in, the operators pulled the plug. This isn’t rare—similar schemes like PSUB crypto and AgeOfGods airdrop turned out to be empty promises with no real utility. What made Bitsoda stand out was how fast it moved: launched in early 2023, gone by mid-2024. No lawsuits, no refunds, no trace. The fake NFT platform, a website claiming to sell or trade digital art but designed only to collect payments. Also known as NFT rug pull, it often mimics real marketplaces like OpenSea, using similar logos and layouts to trick users into connecting wallets. Bitsoda did exactly that—users who tried to list NFTs found they couldn’t withdraw, and when they checked their wallet connections, their funds were already drained. These scams thrive on speed and confusion. They don’t need to be clever—just convincing enough to get you to act before you think.

What’s worse? Many victims didn’t realize they were at risk until it was too late. They trusted the platform because it had a "secure" SSL certificate, used blockchain jargon, and even had a whitepaper that looked professional. But none of that matters if the team is anonymous, the code isn’t open-source, and there’s no way to contact support. The Ponzi scheme crypto, a model where early investors are paid with money from new participants, not real profits. Also known as high-yield investment program, it’s the engine behind most of these collapses. Bitsoda promised 10% daily returns on deposits. Anyone who asks for that kind of return is either lying or about to run.

You won’t find Bitsoda on any official exchange list. No CoinMarketCap, no CoinGecko, no regulatory approval. If a platform doesn’t show up in trusted directories, that’s your first red flag. Look for real teams with LinkedIn profiles, public code repositories, and active community moderation—not just a Discord server full of bots. Check if the domain was registered recently. Bitsoda’s domain was only a few months old before it vanished. Always assume the worst until proven otherwise.

The posts below cover real cases like Upbit’s $34 billion fine, PSUB’s zero-value token, and AgeOfGods’ crashed airdrop—all of them warning signs you can learn from. You’ll also find guides on how to verify exchanges, spot fake NFTs, and protect your wallet. None of these stories are fiction. They’re lessons. And if you’ve ever wondered how people lose money in crypto, the answer starts with a platform that looked too good to be true—and turned out to be exactly that.