Investigating Veatax: Legit or Scam? The Truth Exposed

Recently, Veatax.com service surfaced, promoting itself as a place to keep cryptocurrency and other assets safely. I managed to gather reliable proof that clearly reveals it is, in truth, a scam site.

Regardless of the promises of the most convenient, trustworthy, and customer-centric service, Veatax.com does not fulfill any of them. All this is just a gilded wrap around a blatant scam, which takes your money and never gives them back. Any tales about gifts, backing from celebrities etc are non-existent as well.

Veatax Scam Overview

Originally, Veatax poses as a cryptocurrency trading & cryptowallet service with remarkably low commission fees. Another highlighted marketing point for this platform is backing from celebrities that have relation to the crypto world. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site claims having significant support from them. To make these claims look real, con actors employ AI-generated videos with those celebs advertise the scam as if it was the best thing in the world. For obvious reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a vivid wrap around a transparent scam.

Veatax Scam

First and foremost, Veatax repeats the layout of numerous similar websites. There are quite a few examples, like Tradesbix, Sopecex or Seydog. They are totally indistinguishable in terms of visual elements, with minor discrepancies in the webpage header. Other details, and at times even crypto wallet addresses, are matching. Presumably, all these deceptive websites are operated by a single team of frauds.

Cryptocurrency Scam Summary

How the Veatax Scam Works?

Veatax is a part of a large cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use several website designs, which still share the same overall layout. Another mutual element are the ways the scams like NAME are promoted, and the manner all this ends up to the victim of the scam. To reach peak efficiency, frauds apply advanced psychological tricks that make the user believe in the legitimacy of the website. But let’s review them one by one.

Step 1: Promotion

To start the deceptive scheme, criminals establish and fill accounts on well-liked social media platforms. They mainly target Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign starts. Utilizing bots and paid ads (when feasible), scam actors intensify the exposure of their scam activities to potential victims. And as I said, scammers do not disdain using deepfake for creating clips with the aforementioned celebs that promote their scam to the public. To boost the folks even more, frauds claim the bonus for every user who joins the service immediately.

Promotions of cryptoscams like Veatax in TikTok. Most of these videos are AI-generated deepfakes

Step 2: Gaining Traffic

After following the ads, targets end up on a page filled with attractive offers. “Crypto starts with Veatax”, “Your crypto savings are secured with Veatax, “Start earning with Veatax – they look rather credible. To heat up the interest and make the users proceed to step 3, fraudsters say that getting the promised bonus requires registration. And as nothing suspicious happens at this point, unaware users happily move on – especially since the gift appears to be right behind the corner.

This is the last stage when it is possible to get away from the scam without any losses. Before you sign up using your personal info, swindrels will not earn even a nickel from your presence on the website.

Step 3: Data Gathering

This is the starting poing of the main fraud action. As I just said, scammers bait folks into registration to get bonuses. And all the personal info needed for it – username, email, crypto wallet address – is valuable for user identification. Exclusively by gathering this info and selling it further into the Darknet, swindlers can earn quite a penny. Nonetheless, their plans go much further.

As it turns out, you cannot use the alleged bonus right away. To make it at least usable for cryptocurrency purchases, you need to top up the account with the equivalent sum. And this is what starts the final step of the scam.

Step 4: Requesting funds

Obviously, any cryptocurrency operations require having capital on your account. In the case of Veatax, users are also forced to top up to get the bonuses. And these top ups is what creates the majority of the cash flow to this scam site. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start participating on this site hoping to use all the credited capital and withdraw them.

This is where the issues start to surface. When comparing the real cryptocurrency wallet vs what the website says, you can observe that no transactions are done whatsoever. And then, when you’d try to retrieve the capital from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

There’s no need to explain that fraudsters are naught on intentions to return your money. Though to make it look more legitimate, they’ve crafted a whole bunch of reasons to decline the wireout request. Usually, they repeat what Know Your Client regulations say, but for the Veatax.com they are here only to make the withdrawal impossible.

By requesting your personal info, deceivers just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are multiple other checks you would desperately need to undergo before getting your money back. And each of these checks will uncover more and more info of yours, which – you guessed it right – will be then traded on the Darknet. Never reveal your real info to strangers!

Signs of Scam

I gathered several facts that point at the scammy nature of the Veatax.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Cryptocurrency-Only Transactions. Veatax.com insists on cryptocurrency payments exclusively, excluding conventional methods like bank transfers. This strategy ensures anonymity for the scam and eliminates any possibility of seeking refunds.
• Dubious Company Credentials. Veatax arouses suspicion by failing to provide critical information about ownership, location, and legal registration. The lack of valid contact details and the recent creation of domain and social media profiles cast doubt on its legitimacy.
• Baseless Hype Generation. Veatax resorts to fabricating non-existent achievements, such as contracts with Coinbase or endorsements from Elon Musk, to manipulate emotions and enhance the perception of potential returns, enticing victims to invest more.
• Fictitious Celebrity Association. Veatax employs a deceptive tactic by falsely associating itself with well-known figures like Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. Additionally, the scam falsely claims partnerships with established entities like Coinbase, Binance, or MetaMask to bolster its false credibility.
• Potential Ponzi-Like Model. The scam operates on a pyramid-style referral system disseminated through social media, benefiting only initial participants and relying on later investments to sustain the illusion.
• Unrealistic Profit Promises. Promising improbable returns of 50-100-200%, Veatax capitalizes on the desire for high profits. However, the tumultuous nature of the cryptocurrency market renders such gains implausible, solidifying Veatax.com as a definite scam.

What Should I do as a Victim?

If you had to deal with Veatax site and fell victim to that scam, there are still some steps to take. They will make further scam attempts harder, and also boost the knowledge about that scam among folks.

• Report the scam to authorities. Search for local authorities responsible for financial frauds, and also notify wallet providers and social networks via their tech support. It is essential to make the further operations of these scammers much harder.
• Tell your close friends. That step is similar to reporting to the authorities, and has similar effects. By posting info about scam crypto service, you decrease the pool of people they can fool.
• Get evidence. Screenshot or save all the information related to the website. URL, screenshot of a main page, login window, EULA, account top-up menu, wallet addresses – all these things may be useful for authorities to find the scammers.
• Check whether you can ask for a refund. As I’ve said above, crypto payments do not fall under refund policies in most banks. Nonetheless, in some circumstances, it is still possible. Never lose hope until you actually confirm it is gone.
• Make your mistake your lesson. Financial losses are always a reason for frustration, but let’s imagine it was a pay for scam revealing courses. Remember the key features of these crypto scam sites, the way they attract people and what they promise. In the future, you will easily recognize a trap of spending no money.

Scan your system for possible malware infections

Beware of cross scams! Scam actors can use your trust to make you download some stuff or interact with certain documents. It may be a trap that installs malware to your system. There are no moral barriers or limits for these scoundrels.

Throughout the course of the fraud, scoundrels may reach out to you with specific files. Alternatively, they may propose you to install “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we previously determined, these rascals have no intent of returning your capital. So, what do these emails and browser add-ons represent? You guessed it right – this is another side of the deceptive plan designed to entice you into deliberately running malicious software onto your computer.

Both extensions and files attached to emails can function as a carrier for different malicious software. In this case, I anticipate the presence of spyware and stealers among other forms of malicious programs. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As previously mentioned, their ethics is of no concern, and their reputation is already neck deep in mud. They have nothing to lose and strive to maximize revenues.

Frequently asked questions