Venotem Reviewed: Real Deal or Total Ripoff? Read This First

Recently, Venotem.com service popped up, promoting itself as a place where you can safely keep cryptocurrency and other assets. I managed to gather reliable proof that unmistakably reveals it is, in truth, a deceptive platform.

Despite the promises of the most user-friendly, trustworthy, and client-friendly service, Venotem.com does not follow any of them. In fact, all this is just a golden wrap around a clear scam, which takes your funds and never gives them back. Any stories about bonuses, backing from celebrities etc are absent as well.

Venotem Scam Overview

Originally, Venotem poses as a crypto trading & cryptowallet platform with remarkably low commission fees. Another bright selling point for this service is partnerships with 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, con actors use deepfake videos where those celebrities advertise the fraud as the best thing in the world. Obviously, Elon Musk is the most common among them. But, as I said in the introduction, all this is just a glaring wrap around a transparent scam.

Venotem Scam

To begin with, Venotem shares the layout of numerous equivalent websites. There are quite a few examples, like Ventalor, Vexunax or Vexunox. They are entirely indistinguishable in terms of graphic elements, with slight discrepancies in the site header. Other particulars, and sometimes even crypto wallet addresses, are unchanged. Probably, all these scam websites are operated by a single gang of swindrels.

Cryptocurrency Scam Summary

How the Venotem Scam Works?

Venotem is a part of a large cryptocurrency scam scheme that started circulating actively in 2023. Rascals who stand behind it use several website designs, which still share the same overall layout. Another common 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 complex 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 begin 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 marketing campaign starts. Utilizing bots and paid advertisements (when possible), fraud actors increase the exposure of their scam activities to potential victims. And as I said, scammers do not shy away 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 Venotem in TikTok. Most of these videos are AI-generated deepfakes

Users receive an encouragement to sign up, attracted by the promise of getting crypto prizes valued at hundreds of dollars, all free of charge. To enhance the attractiveness of the offer, false claims of cooperation with a celebrity are incorporated. As you may guess, these assertions are completely baseless.

Step 2: Gaining Traffic

Upon following the ads, victims end up on a page filled with attractive offers. “Crypto starts with Venotem”, “Your crypto savings are secured with Venotem, “Start earning with Venotem – 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 concerning happens at this point, unexperienced users happily proceed – especially since the bonus appears to be right behind the corner.

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

Step 3: Data Gathering

This is where the main fraud action begins. As I just mentioned, deceivers bait folks for registration with bonuses. And all the personal information needed for it – username, email, cryptocurrency wallet address – are valuable for user identification. Exclusively by gathering this information and selling it further into the Darknet, fraudsters can earn quite a penny. Still, their plans go much further.

As it turns out, you cannot use the claimed bonus right away. To make at least cryptocurrency purchases on the platform with it, the user should top up the account with the equivalent sum. And this is what initiates the final stage of the scam.

Step 4: Requesting funds

Obviously, any crypto purchases require having funds on your account. In the case of Venotem, users are also compelled to top up to use the bonuses. And this is what creates the majority of the cash flow to this fraudulent website. By topping up the account, users hope to get the promised gift (usually $500-1000 in USDT), and may start trading on this website hoping to use all the transferred capital and withdraw them.

This, however, is where the first obvious issues start to surface. When keeping an eye on 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

Needless to say that swindlers are naught on intentions to give your money back. But to make it look more realistic, they’ve developed a whole pack of reasons to decline the wireout request. Usually, they repeat what KYC regulations say, but in this case they are here only to make the wireout impossible.

By requesting your personal data, frauds just stall hoping for you to understand that you’ve been scammed and stop contacting them. If you don’t – well, there are numerous other checks you should go through before getting your funds back. And every check will uncover more and more information, 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 Venotem.com. Actually, there are a lot of scams that fall under the same points, so they are pretty much universal.

• False Celebrity Sponsorship. Venotem 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. Venotem.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. Venotem 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. Venotem.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%, Venotem preys on the desire for quick profits. Yet, the volatile nature of the cryptocurrency market makes such gains highly unlikely, definitively labeling Venotem as a scam.

What Should I do as a Victim?

If you had to deal with Venotem 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 to Authorities. Your initial action should involve reporting the scam to local authorities responsible for addressing financial fraud. Additionally, reach out to wallet providers and engage with the technical support teams of social networks. This collective effort raises the bar for the scammers’ operations.
• Inform Your Inner Circle. Extend your impact by sharing information about the scam with your close friends. Similar to notifying authorities, this dissemination of details curbs the scammers’ potential to deceive.
• Document the Trail. Assemble a comprehensive record by capturing screenshots and archiving all relevant website-related data. This encompasses the website URL, screenshots of the main page, login interface, end-user license agreement (EULA), account top-up menu, and wallet addresses. These materials offer invaluable leads for authorities in their pursuit of the scammers.
• Explore Refund Possibilities. While cryptocurrency payments may not typically align with traditional bank refund policies, it’s worthwhile to explore potential refund avenues under specific circumstances. Maintain a positive outlook until you secure confirmation of the loss.
• Transform Loss into Insight. Shift your focus from the financial loss to gaining wisdom. Consider your loss as an investment in comprehending the tactics employed by crypto scam sites. Familiarize yourself with their distinctive traits, the methods they employ to entice individuals, and the extravagant pledges they make. This knowledge equips you to recognize and avoid future traps, minimizing the risk of enduring further financial setbacks.

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 scam, scoundrels may reach out to you with particular files. Alternatively, they may suggest you to set up “cryptocurrency wallet applications” or “browser extensions” to simplify access to your cryptocurrency assets. As we previously determined, these scoundrels have no intent of giving back your capital. So, what can these email messages and browser plugins represent? You guessed – that is another side of the fraudulent scheme designed to throw you into willingly installing destructive software onto your computer.

Both plugins and files attached to email messages can act as a carrier for various malware. In this situation, I expect the presence of spyware and stealers among other types of malicious programs. While it is not obligatory for scammers to distribute malware, the likelihood is always greater than zero. As stated, their conscience is of negligible importance, and their dignity is already neck deep in mud. They have no scruples to give up and strive to boost revenues.

Frequently asked questions