Investigating Veltyx: Legit or Scam? The Truth Revealed

Recently, Veltyx.com website popped up, promoting itself as a platform where you can securely keep cryptocurrency and other assets. I managed to gather credible proof that unmistakably reveals it is, actually, a deceptive platform.

Regardless of the promises of the most easy, reliable, and client-friendly service, Veltyx.com does not fulfill any of them. All this is just a golden wrap around a blatant scam, which takes your money and never returns them. Any stories about gifts, backing from celebrities etc are nowhere to be found as well.

Veltyx Scam Overview

Originally, Veltyx poses as a crypto trading & cryptowallet service with outstandingly low commission fees. Another highlighted selling point for this site is backing from celebrities that are known as crypto activists. Elon Musk, Bill Gates, Vitalii Buterin, Warren Buffet – the site says about being supported by them. To make these claims look real, rascals use AI-generated videos with those celebs advertise the fraud as the best thing in the world. For known reasons, Elon Musk is the most common among them. But, as I mentioned above, all this is just a glaring wrap around an obvious scam.

Veltyx Scam

Initially, Veltyx repeats the appearance of numerous equivalent online platforms. There are quite a few examples, like Jelorex, Wincoin or Wytex. They are completely indistinguishable in terms of graphic elements, with small discrepancies in the site header. Other specific elements, and sometimes even crypto wallet addresses, are unchanged. Presumably, all these scam online platforms are operated by a single gang of scoundrels.

Cryptocurrency Scam Summary

How the Veltyx Scam Works?

Veltyx is a part of a extensive cryptocurrency scam scheme that started circulating actively in 2023. Scammers who stand behind it use numerous website designs, which still share the identical 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 validity of the website. But let’s review them one by one.

Step 1: Promotion

To initiate the scam, criminals set up and fill accounts on well-liked social media platforms. They mainly aim at Facebook, Instagram, Twitter, and TikTok. Subsequently, the promotional campaign starts. Using bots and paid ads (when feasible), fraud actors intensify the exposure of their fraudulent activities to potential victims. And as I said, fraudsters do not shy away using deepfake for creating videos with the mentioned celebs that advertise their scam to the public. To boost the folks even more, deceivers claim the bonus for every user who joins the service immediately.

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

Users get an encouragement to enroll, enticed by the assurance of receiving crypto prizes valued at thousands of dollars, all free of charge. To augment the attractiveness of the offer, false claims of sponsorship by a celebrity are added. As you may guess, these claims are entirely baseless.

Step 2: Gaining Traffic

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

At this point, it is possible to get away from the scam without any losses. Before you register using your personal information, swindrels will not be able to earn even a penny from your presence on the website.

Step 3: Data Gathering

This is where the main fraud action begins. As I just mentioned, frauds bait folks into signing up for bonuses. And all the personal information needed for it – email, username, crypto wallet address – is valuable for user identification. Solely 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 promised bonus right away. To make at least cryptocurrency purchases on the platform with it, 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

It is obvious that any crypto purchases require you to have capital on your account. In the case of Veltyx, users are also coerced to top up to claim 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 trading on this site hoping to use all the transferred funds and withdraw them.

This, however, is where the first obvious issues start to surface. 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

There’s no need to explain that swindlers are naught on intentions to return your money. But to make it look more realistic, they’ve made up a whole bunch of reasons to decline the transfer-out request. Usually, they repeat what Know Your Client guidelines say, but for the Veltyx.com they are here exclusively to make the wireout impossible.

By requesting your personal data, deceivers 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 grand back. And each of these checks will uncover more and more info of yours, 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 Veltyx.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• Absent company details. Veltyx does not provide any documentation about its ownership, location or registration. No legitimate contact details are given either. Moreover, it appears that the domain and all social network pages were registered quite recently.
• Fake sponsorship from a celebrity. Scams like Veltyx like to pick a celebrity as a sponsor of this entire campaign. For obvious reasons, fraudsters generally choose Elon Musk, Jeff Bezos, Mr. Beast, Mark Zuckerberg, and similar celebrities. They do not disdain claiming partnership with a company as well. Even though Coinbase, Binance or MetaMask never heard of Veltyx, they do not care – this creates a halo of credibility.
• Potential Ponzi Scheme. The scam relies on a Ponzi-like referral system to spread reach through social media. In fact, only the first members will receive the payoff, at the cost of the money brought by other members.
• Hype without facts. Frauds can cheer up their victims from time to time, using claims about non-existent events. “We got contracts with Coinbase”, “Elon Musk mentioned us as the most prolific crypto project” – you could likely hear something like that. This is made to make people believe in their money return. This can be the sauce to make people top-up their accounts once again.
• Crypto-only incoming payments. Whether the user tries to top-up the account, hackers will only accept payments in crypto – no bank transfers or other payment methods. Such an approach completely hides the identity of the company and deprives you of the ability to ask for a refund.
• Claims are too good to be true. Let’s be sane and sober: even in crypto space, there are not many places where you can earn 50-100-200%. Being able to participate in all of them is nearly impossible, as well as it is impossible to insure or hedge all the risks. Even by that reason alone I can tell that the Veltyx is a definite scam.

What Should I do as a Victim?

If you had to deal with Veltyx 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 scam, rascals may contact you with particular documents. Alternatively, they may offer you to deploy “cryptocurrency wallet applications” or “browser extensions” to simplify access to your crypto savings. As we previously determined, these rascals have no plan of returning your funds. So, what can these emails and browser extensions represent? Correct – this is another side of the scam designed to entice you into deliberately installing malicious applications onto your system.

Both plugins and files attached to emails can act as a carrier for diverse malicious code. In this case, I foresee the presence of spyware and stealers among other types of threats. While it is not mandatory for scammers to distribute malware, the likelihood is always existent. As previously mentioned, their conscience is of little concern, and their dignity is already severely tarnished. They have no principles to give up and intend to boost gains.

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