Velodxio is one the latest iterations of a series of crypto trading scams going under the ‘Velod’ title, such as Velod AI.
Velodxio presents itself as a legitimate crypto trading platform but it’s actually been set up by scammers to steal money from investors.
Victims are often introduced to the Velodxio platform by someone they’ve met on social media, often in a romantic context.
They’re encouraged to invest large sums of money and at first all appears to be going well and ‘profits’ accumulate in their account.
But when they come to withdraw all their money, their account is blocked with the scammers demanding large fees to release the funds.
However, no money is ever returned to the victims and the scammers will continue to demand money.
How to spot the Velodxio scam
Like the other platforms bearing a similar name, there are several tell-tale signs that this platform is a scam.
They include:
- A rudimentary website design which lacks any real functionality.
- No regulator or licensing information, or accreditation.
- A very new domain name and one that’s similar to other scams.
- No social media presence or companion apps.
- None of the expected company or trading information you’d expect.
- No information about the team behind the platform or where they’re located.
- No details about how the unrealistically high profits on offer will be achieved.
The chances of getting your money back from these types of crypto scam are very low.
But it’s still important to gather as much information as you can about what’s happened and pass it along to the authorities.
There are also private companies that might be able to help which I’ve written about here.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.