Velod Crypto Scam – Fake Platform Operates Under Different Names

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Velodeid and Velod.AI are two scam platforms that are identical in design and being used as part of a fraudulent crypto trading scheme.

Both sites use the Velod.AI identity as their title, yet the URLs are different. Aside from this, there’s nothing else that sets the two sites apart.

But both are fake platforms which are luring in unsuspecting investors who’ve been approached at random on social media.

Victims are told they can make large returns in a short space of time by investing on Velod and are directed to transfer cash to a legitimate exchange before converting it into crypto and sending it to the platform.

But at no point is the money invested – it’s simply sent to wallets controlled by the scammers who then spoof a balance in a fake app which purports to show profits being accrued.

When a victim tries to withdraw their investment, their account is blocked and the scammers try to extract more funds by claiming to be able to unlock the account if more fees are paid, such as taxes, commissions or ‘blockchain costs’.

However, if these fees are paid this money will be stolen as well and the scammers will continue until the victim has run out of money or refuses to pay.

Spotting the Velod scam

There are many red flags that show the Velod platform to be a scam, including:

• No real platform functionality.
• Unrealistically high returns on offer.
• A very new domain registration.
• Numerous grammatical mistakes on the platform.
• No social media channels.
• Warnings online about the platform being a scam.
• Victims being approached by strangers online.
• A Domain Authority (DA) ranking of 1 – the lowest possible.
• No regulator or licensing information on the platform.

Can I get my money back from the Velod scam?

It’s very difficult to catch the scammers and get your funds back, but you should always report situations like this to the police in your country.

There are also private companies that might be able to help which I’ve written about here.

If you suspect a site is fake, get in touch.

Related post: Crypto scam help and resources