We Looked Into Vellcoin: Scam or Trustworthy? The Verdict

Recently, Vellcoin.com website surfaced, promoting itself as a platform where you can safely store cryptocurrency and other assets. I managed to gather reliable supporting information that unmistakably confirms it is, in truth, a fraudulent site.

Regardless of the promises of the most convenient, trustworthy, and client-friendly service, Vellcoin.com does not offer any of them. All this is just a gilded wrap around a dirty scam, which steals your funds and never returns them. Any stories about bonuses, endorsement from celebrities etc are absent as well.

Vellcoin Scam Overview

Originally, Vellcoin poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another bright selling point for this service is backing from celebrities that have relation to the crypto world. Warren Buffet, Elon Musk, Vitalii Buterin, Jeff Bezos – the site claims having significant support from them. To make these claims look real, rascals use AI-generated videos with those celebs advertise the fake crypto service as the best thing in the world. Obviously, Elon Musk is the most common choise for that. But, as I said in the introduction, all this is just a glaring wrap around an obvious scam.

Vellcoin Scam

First and foremost, Vellcoin copies the layout of multiple similar websites. There are quite a few examples, like Zentobit, Wizorex or Torwex. They are totally identical in terms of graphic elements, with slight discrepancies in the website header. Other details, and at times even crypto wallet addresses, are identical. Probably, all these deceptive websites are led by the same gang of frauds.

Cryptocurrency Scam Summary

How the Vellcoin Scam Works?

Vellcoin is a part of a extensive cryptocurrency scam scheme that started circulating vividly in 2023. Scammers who stand behind it use numerous website designs, which still share the identical overall layout. Another shared 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 authenticity of the website. But let’s review them one by one.

Step 1: Promotion

To start the fraud, criminals set up and fill accounts on well-liked social media platforms. They generally focus on Facebook, Instagram, Twitter, and TikTok. Subsequently, the advertising campaign commences. Using bots and sponsored ads (when feasible), scam actors intensify the visibility of their fraudulent activities to potential victims. And as I said, scammers do not disdain using deepfake for creating clips with the aforementioned celebrities 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 Vellcoin in TikTok. Most of these videos are AI-generated deepfakes

Users get an encouragement to sign up, enticed by the commitment of receiving cryptocurrency benefits valued at thousands of dollars, all for free. To increase the appeal of the offer, false suggestions of sponsorship by a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

After following the promotions, targets end up on a page filled with appealing offers. “Crypto starts with Vellcoin”, “Your crypto savings are secured with Vellcoin, “Start earning with Vellcoin – they look rather authoritative. To heat up the interest and make the users proceed to step 3, scammers say that obtaining the promised bonus requires registration. And since nothing questionable happens at this point, unexperienced users happily move on – especially as the gift appears to be right behind the corner.

At this point, it is possible to steer away from the scam without any losses. Before you sign up using your personal data, frauds will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

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

As it turns out, you cannot use the claimed bonus right away. To make it at least usable for cryptocurrency purchases, the user should top up the account with the sum of a bonus. At this point, the final stage of the scam begins.

Step 4: Requesting funds

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

This, however, is where the victim notices the problems. When comparing the real crypto wallet vs what the website says, you can spot that no transactions are done whatsoever. And then, when you’d try to pull out the funds from your account, the scam is finally uncovered to the user.

Step 5: Escaping from Funds Withdrawal

Needless to say that fraudsters are naught on intentions to return your money. Though to make the denial look more realistic, they’ve elaborated a whole pack of reasons to decline the withdrawal request. Most of them repeat what KYC requirements say, but in this case they are here exclusively to make the wireout impossible.

By requesting your personal information, scammers just stall hoping for you to accept the loss and stop contacting them. If you don’t – well, there are a dozen other checks you should go through before getting your money back. And every check will uncover more and more information, which – you guessed it right – will be then sold 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 Vellcoin.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Vellcoin often resorts to fake endorsements from celebrities such as Elon Musk, Jeff Bezos, Mr. Beast, and Mark Zuckerberg. This fraudulent tactic extends to claiming partnerships with reputable companies like Coinbase, Binance, or MetaMask, despite lacking any genuine affiliations.
• Cryptocurrency-Only Payments. Vellcoin.com exclusively accepts payments in cryptocurrencies, rejecting traditional bank transfers and other methods. This approach not only masks the company’s identity but also eliminates the possibility of seeking refunds.
• Dubious Company Information. Vellcoin raises suspicion by withholding essential ownership, location, and registration details. Furthermore, the absence of legitimate contact information and the recent establishment of domain and social media pages intensify skepticism.
• Unsubstantiated Hype. Vellcoin.com employs groundless hype tactics, fabricating events like securing contracts with Coinbase or receiving endorsements from Elon Musk. These manipulative techniques aim to instill false confidence and encourage further investments.
• Potential Pyramid Scheme. The scam relies on a structure resembling a Ponzi scheme, leveraging a referral system spread through social media. However, only initial participants benefit, often at the expense of subsequent investors.
• Implausible Claims. Promising returns of 50-100-200%, Vellcoin preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Vellcoin as a scam.

What Should I do as a Victim?

If you had to deal with Vellcoin 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 timeline of the fraud, scoundrels may get in touch with you with specific documents. Alternatively, they may propose you to deploy “cryptocurrency wallet applications” or “browser extensions” to facilitate access to your cryptocurrency funds. As we already determined, these scoundrels have no intent of giving back your money. So, what can these email messages and browser add-ons represent? Correct – this is another side of the deceptive plan designed to entice you into deliberately running malicious software onto your device.

Both plugins and attachments added to emails can serve as a shell for various malicious software. In this situation, I anticipate the presence of spyware and stealers among other types of malicious programs. While it is not mandatory for scammers to distribute malware, the probability is always significant. As stated, their conscience is of negligible importance, and their dignity is already seriously marred. They have nothing to give up and aim to boost profits.

Frequently asked questions