Regulatory Authority:	Unregulated
Company Name:	Itbit
Company Address:	Undisclosed
Contact Number:	Undisclosed
Email:	Undisclosed
Website:
No. of Complaints:	09
Risk Level:	High
Verifiable Claims:	No

Have you been targeted by an online scam? At DisinformationTracker, we uncover complex financial frauds and help victims pursue asset recovery. Don’t let scammers get away with your money. Take the first step—fill out the form below for a free, no-obligation consultation.

What is Itbit?

ItBit is a U.S.-based cryptocurrency exchange operated by Paxos Trust Company, recognized for its strong regulatory compliance and institutional-grade services. Launched in 2012, itBit made history in 2015 as the first Bitcoin exchange to receive a trust charter from the New York State Department of Financial Services (NYDFS), granting it the ability to legally operate as a regulated financial institution in the United States. This regulatory status makes itBit one of the most trusted platforms for institutional investors seeking a secure and compliant environment for crypto trading.

The exchange primarily serves institutional clients and offers features such as over-the-counter (OTC) trading, custody services, and advanced trading APIs (including FIX and REST) to support high-frequency and algorithmic trading strategies. ItBit supports a select number of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and PAX Gold (PAXG), ensuring a focus on highly liquid and well-established digital assets.

Security is a key priority for itBit. The platform employs multiple layers of protection, including two-factor authentication, cold storage for crypto assets, and FDIC-insured accounts for U.S. dollar holdings. It also holds SOC 2 Type 2 certification, further emphasizing its dedication to safeguarding client assets and maintaining operational integrity.

ItBit uses a maker-taker fee model, offering rebates of up to -0.03% for makers and charging up to 0.35% for takers. While it supports wire withdrawals, users should note there are fees involved—$20 for U.S. wires and $30 for international transactions. Despite its strengths, the platform has a limited range of supported cryptocurrencies and lacks a mobile app, which may be a drawback for some traders.

Overall, itBit is a well-regarded and highly secure exchange suited for institutional investors, but less ideal for casual traders seeking a broader selection of coins and mobile accessibility.

Tips on Fighting Back Against Disinformation

Disinformation—false or misleading information intentionally spread to deceive—can have serious consequences, from sowing societal discord to enabling financial scams. Fighting back requires vigilance, critical thinking, and proactive measures. Here are practical tips to help combat disinformation effectively.

1. Verify Before Sharing

Why It Matters:

Sharing false information amplifies its reach and credibility. Verifying content before sharing is the first line of defense against disinformation.

How to Verify:

• Check the Source: Reliable information typically comes from reputable and recognized organizations. Be wary of anonymous or questionable sources such as Itbit.
• Look for Corroboration: Cross-check the information with other credible sources to ensure consistency.
• Use Fact-Checking Websites: Platforms like Snopes, PolitiFact, and FactCheck.org specialize in debunking disinformation.

2. Understand Common Tactics

Why It Matters:

Recognizing disinformation tactics can help you spot red flags and avoid being misled.

Common Tactics Include:

• Clickbait Headlines: Overly sensational or emotionally charged titles.
• Deepfake Media: Manipulated videos or images designed to deceive.
• Fake Accounts: Bots or fake profiles spreading false narratives.

For example, Itbit has received multiple allegations of making misleading claims.

3. Evaluate Emotional Triggers

Why It Matters:

Disinformation often plays on emotions like fear, anger, or excitement to encourage impulsive reactions.

What to Do:

• Pause and reflect before reacting to emotionally charged content.
• Ask, “Is this designed to provoke a specific reaction?”

4. Report Disinformation

Why It Matters:

Reporting false content helps reduce its spread and holds perpetrators accountable.

Where to Report:

• Social media platforms like Facebook, Twitter, and Instagram have reporting tools for flagging false or harmful content.
• Local authorities or regulatory bodies for scams or fraudulent activity.

You can report Itbit to local authorities as well.

5. Educate Yourself and Others

Why It Matters:

Education empowers individuals to recognize and resist disinformation.

How to Educate:

• Stay informed about common scams and fake news trends.
• Share your knowledge with friends, family, and your community to build collective awareness.

Share this Itbit review with your friends.

6. Strengthen Digital Literacy

Why It Matters:

Digital literacy equips you with the skills to critically assess online content.

Key Skills to Develop:

• Spotting Fake News: Learn to differentiate between authentic journalism and propaganda.
• Understanding Algorithms: Know how platforms amplify certain types of content.
• Fact-Checking Techniques: Familiarize yourself with tools and methods to verify information.

7. Use Secure Tools and Settings

Why It Matters:

Scammers often exploit technological vulnerabilities to spread disinformation and target individuals.

How to Stay Secure:

• Use up-to-date antivirus software and firewalls.
• Enable two-factor authentication (2FA) on all accounts.
• Be cautious of unsolicited emails, links, or attachments.

8. Promote Credible Sources

Why It Matters:

Amplifying credible sources reduces the influence of false information.

What to Share:

• Links to reputable news outlets or fact-checked articles.
• Official updates from trusted organizations or government bodies.

9. Advocate for Transparency

Why It Matters:

Encouraging transparency in media and technology helps reduce the prevalence of disinformation.

How to Advocate:

• Support policies or platforms that prioritize content moderation and fact-checking.
• Demand accountability from social media platforms and tech companies.

10. Stay Skeptical

Why It Matters:

Maintaining a healthy skepticism helps you approach information critically rather than blindly trusting it.

Questions to Ask:

• Who created this content, and why?
• Is the information backed by evidence or data?
• Could this be satire or parody?

FAQs: How Scams Like Itbit Use Disinformation

1. What is disinformation in the context of scams?

Disinformation refers to false or misleading information intentionally spread by scammers (like Itbit) to deceive, manipulate, or exploit individuals. It can take many forms, such as fake news, manipulated media, or fraudulent claims, all designed to mislead victims and achieve the scammer’s goals.

2. How did Itbit use disinformation to target victims?

Itbit used disinformation to:

• Create fear, urgency, or excitement to prompt impulsive actions.
• Fabricate convincing narratives, like pretending to represent trusted organizations.
• Manipulate emotions, such as sympathy or greed, to influence decision-making.
• Spread fake reviews or endorsements to build false credibility.

3. What platforms do scammers use to spread disinformation?

While Itbit’s reach was limited, scammers exploit a variety of platforms, including:

• Social Media: Fake posts, ads, or viral hoaxes.
• Email and Messaging Apps: Phishing emails or smishing (SMS phishing).
• Websites: Counterfeit domains mimicking legitimate organizations.
• News Outlets: Fake press releases or articles on less-regulated news websites.
• Forums and Communities: False information is spread in online discussion boards or groups.

4. What are some examples of disinformation scams other than Itbit?

Examples include:

• Investment Scams: Fake opportunities promising high returns, supported by fabricated success stories.
• Health Scams: False cures or treatments for diseases, often during crises like pandemics.
• Tech Support Scams: Alerts claiming viruses or issues with your device, urging immediate action.
• Charity Scams: Fake charities use emotional stories to solicit donations.
• Romance Scams: Fake profiles sharing disinformation to gain trust and request money.

5. How do scammers make their disinformation believable?

Scammers use tactics like:

• Mimicking Trusted Brands: Copying logos, designs, or language from reputable organizations.
• Social Proof: Posting fake reviews, testimonials, or endorsements.
• Emotional Manipulation: Using urgent or fear-inducing language.
• Deepfakes and Edited Media: Creating convincing fake videos or images.
• Partial Truths: Incorporating bits of real information to add credibility.

You’d notice that Itbit used many of these tactics.

6. Why is disinformation effective in scams?

Disinformation works because it:

• Exploits cognitive biases, like trust in authority or herd mentality.
• Spreads quickly, especially on social media, reaching large audiences before it’s debunked.
• Preys on emotions, overriding rational thinking.
• Uses technology like AI to craft realistic but false content.

7. How can I spot disinformation used in scams?

To identify disinformation:

• Verify Sources: Check the legitimacy of the sender or website.
• Look for Red Flags: Poor grammar, overly emotional language, or unverified claims.
• Check URLs: Ensure links lead to secure, official websites.
• Use Fact-Checking Tools: Platforms like Snopes or FactCheck.org can confirm the validity of claims.
• Be Skeptical of Urgency: Scammers often pressure you to act quickly without thinking.

8. What should I do if I suspect disinformation in a scam?

If you encounter potential disinformation:

• Stop and Think: Don’t act immediately on emotionally charged or urgent messages.
• Report It: Alert relevant authorities, such as regulatory bodies or the platform where the scam appeared.
• Warn Others: Share information with your network to prevent others from falling victim.
• Seek Expert Help: Contact professionals to guide you in verifying claims or recovering lost funds.

9. Can disinformation from scams be harmful even if I don’t act on it?

Yes, disinformation can harm society by:

• Undermining trust in legitimate institutions.
• Spreading confusion and fear.
• Influencing decision-making based on false premises.
• Damaging the reputations of legitimate organizations or individuals.

10. How can I protect myself from scams using disinformation?

Protect yourself by:

• Staying informed about common scam tactics.
• Regularly updating your devices and using security tools.
• Avoiding unsolicited communications and links.
• Verifying all financial or personal requests with trusted sources.
• Educating others about the risks of disinformation in scams.

By understanding how scammers leverage disinformation, you can better safeguard yourself and your community from falling victim to these deceptive schemes.