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The file may contain hundreds of seemingly valid Windows 10 Pro keys. When a user tries them, they fail activation. Meanwhile, a script embedded in the same folder or the download webpage harvests the user’s real IP, hardware ID, and Microsoft account information.
Because bit.ly is a trusted service, it isn’t automatically blocked by most security filters. Attackers “piggyback” on this trust to bypass blacklists that would otherwise stop their malicious domains. Google Safe Browsing statistics once found that over 669 pages on bit.ly were distributing malware without user consent, hosting trojans, exploits, and scripting attacks.
It’s not all doom and gloom. There are legitimate scenarios where storing Windows product keys in a text file is safe and even recommended. The key difference is the source.