Vennabit Review: Scam Or Legit? | Recover Lost Funds

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Is Vennabit a scam? How to recover funds from Vennabit? Find the answers to all these questions and more in this guide.

Summary

Vennabit has been identified as a risky opportunity by Intelligence Commissioner users. It is similar to The Blockchain Era. We’ve received over 4 complaints against Vennabit.

There are several issues with the Vennabit website that require attention. The lack of critical company information, which generates uncertainty regarding the individuals responsible for the operations, is a concerning indication. A considerable degree of uncertainty exists as a result of the inadequate disclosure of details about the identities of team members, their level of expertise, and the physical location of the organization. The lack of transparency, which is essential for financial transactions, is especially concerning.

Get Your Money Back From These Scammers!

1

Key Takeaways

Vennabit has lost investors thousands of dollars
Vennabit website owner is anonymous
Vague terms of service
2

Is Vennabit Regulated? Do They Have a License?

The lack of regulation or the presence of poor regulation is a huge red flag. It means Vennabit is a scam and most likely, an illegal operation.

Vennabit


Companies offering investment services or opportunities without having a license can vanish without leaving a trace. Furthermore, the lack of a regulatory license allows them to get away with it and face no legal consequences.

That’s why it’s vital for you to always check a company’s regulation status as well as its license information. The presence of a license allows consumers to reach out to an authority if something goes wrong.

In the case of Vennabit, victims have nowhere to go due to the absence of a watchdog or license.

You should ask yourself the following questions when you come across a new investment firm or opportunity:

  • Does the investment provider maintain transparency about its CEO?
  • Do they have a license from a renowned regulatory authority?
  • If the need arises, can I reach out to an authority to report this company as a scam?

Vennabit’s ICO is meant to attract various investors with a multi-stage framework that includes several bonus incentives. During each step of the ICO, investors are awarded bonuses based on their investment. Early investors receive bigger bonuses, encouraging them to make speedy judgments.

The ICO is separated into segments, including presale and main sale, with each segment having its phase with varied bonus percentages. During the presale, the bonus % gradually declines, allowing investors to invest early and receive more token incentives.

Transparency is an important aspect of each ICO step, clearly defining the related bonus. This transparency allows investors to make more informed decisions & optimize their investments. Vennabit’s ICO is more than a marketing ploy, it is a well-thought-out strategy to obtain significant early funding for their coins. Understanding this systematic approach is critical for making informed judgments about investing in Vennabit, as it highlights the company’s efforts to increase the appeal of its tokens to potential investors.

Investment Strategies of Vennabit 

Vennabit has adopted several techniques to recruit investors, focusing on its airdrop programs, which include the Holder Airdrop, Premium Airdrop, & Referral Airdrop. Each program is designed to provide different and attractive benefits, promoting ongoing investment participation.

The Holder Airdrop is geared primarily at long-term investors who own a large number of Vennabit tokens. To qualify for this airdrop, investors are encouraged to keep their tokens, discouraging quick sales and fostering long-term token value stability.

The Premium Airdrop is aimed at investors who have considerable Vennabit holdings. Investors with many tokens might earn more by participating in a weekly draw. This method encourages larger investments while also ensuring that investors remain actively involved and committed for an extended period.

The Referral Airdrop is a technique to grow Vennabit’s investment base. Investors can earn extra tokens by referring others, and those who are referred receive further rewards. This mutually advantageous method is intended to foster a larger and more lively investment community, ultimately contributing to the success of Vennabit’s ecosystem.

Privacy Policy of Vennabit 

Vennabit prioritizes user privacy, as mentioned in their privacy policy. The platform captures two sorts of data: personal and non-personal. Personal information, such as names and email addresses, is used to customize and improve the platform’s user experience. Non-personal data, such as browser types, is also collected to assess website usage.

Vennabit


Vennabit’s policy aligns with the California Consumer Privacy Act (CCPA) and the General Data Protection Regulation (GDPR), giving users control over their data. The CCPA allows users to seek the erasure of their personal information as well as opt out of data-selling operations. GDPR compliance ensures that users can access, rectify, or delete their personal information, as well as limit or object to data processing.

Website Design and User Interface of Vennabit

Vennabit’s website is built to highlight the user experience, with simple navigation and information availability. The site is designed to seamlessly navigate users across various parts. However, there is potential for growth, especially in terms of information clarity and detail.

The website’s structure is well-organized, making it easy to find important features and search for pertinent information. Despite this, certain information on the site is unclear. Crucial data such as firm ownership and regulatory compliance are either absent or unclear, which are critical for fostering investor trust and transparency.

While contact information is available, it is limited. Adding more detailed contact options could greatly improve user support and communication. Overall, Vennabit’s website is functional and user-friendly, although there is an opportunity for users to receive more detailed and clear information. Addressing these issues will help to improve the website’s reliability and utility for both users and potential investors.

On September 13, 2023, the domain Vennabit.com was registered for a year with NameCheap. The registrant can be reached by phone at +1 (718) 304-2682 or by email at contact@vennabit.com.

Vennabit.com has an SEMrush Authority Score of 2% and 35 backlinks from 22 different referring domains, indicating its web authority. The domain’s readership is diversified, with major traffic coming from France, the United States, and Poland. This distribution demonstrates the domain’s global reach and broad audience base.

Information on Vennabit’s Contact and Company  

Vennabit’s website lacks detailed contact and company information. This means that precise information, such as an email address, phone number, or office location, is not readily available for consumers to inquire about or seek assistance. This absence of information limits communication avenues for people, particularly those who prefer multiple ways to contact the organization.

Furthermore, important information regarding the Vennabit team, such as their experience, is conspicuously absent. The absence of this information may cause potential investors to question the company’s legitimacy and transparency. To create confidence in users and investors, Vennabit must increase openness and give more precise company information.

Vennabit is led by a group of four people who play important positions in the business. Chris Feng is the CEO, responsible for the company’s vision and direction. Forrest Li is the CFO, in charge of handling the company’s finances. 

Jeroen Hendriks is the Team Lead, responsible for project management & team coordination. Finally, Carl Hartmann serves as the company’s e-commerce manager, overseeing all e-commerce and online transactions.

However, the lack of LinkedIn links makes it difficult to validate this information. Despite completing a LinkedIn search, no references to Vennabit or its team members were found, raising a major red flag.

  • Youtube 

Vennabit’s YouTube channel has a following of 12.3K subscribers and has produced two videos, totaling 25,721 views since its inception on July 20, 2015.

The channel appears to be focused on Vennabit Token’s Initial Coin Offering (ICO), as evidenced by the two videos named “Vennabit Token ICO Pre-Sale Ignites Crypto Enthusiasm” and “Vennabit – Initial Token Offering.” These films have received 9000 and 16000 views, respectively.

The channel’s description highlights its status as a pioneer in blockchain technology, with a special emphasis on online retailers. The channel attempts to ensure that online transactions are secure, efficient, and transparent. Despite posting a small amount of videos, the channel has maintained interaction with its audience, as indicated by the high view count.

  • Twitter 

Vennabit’s Twitter feed, @VennabitToken, describes itself as a blockchain-based platform aimed at improving online purchasing by prioritizing security & transaction efficiency. The page has been active since November 2016 and has five posts, with a large following of 40.1K. Currently, the account is following 15 persons.

The tweets on Vennabit’s profile are mostly focused on promoting the token and its utility in online transactions. The account frequently hosts airdrop events, demonstrating a commitment to engaging and rewarding the community. The tweets emphasize the token’s role in enhancing the online shopping experience by providing a secure, efficient, and user-friendly blockchain platform.

In terms of content, Vennabit stresses its creative contributions to digital transactions, with regular discussions of security, efficiency, and usability. This is obvious in tweets about the flawless administration of large transaction volumes and powerful security measures. The role of the community is also emphasized, with token allocation mechanisms designed to empower and involve the community, displaying a commitment to user participation.

Despite the large amount of followers, the page has little community participation and a low publishing frequency, with tweets appearing only once a month. This may indicate a lesser level of community engagement or activity.

3

Trading Conditions and Deposit/Withdrawal Methods at Vennabit

However, it’s worth noting that many scammers disable their payment channels before shutting down their operations.

They might give you multiple reasons including:

  • A technical error
  • A glitch in their system
  • Banking issues
  • A “hacking attack”

And many others.

But in 9/10 cases, the scammers actually stop making payments and keep the money to themselves. Hence, the payment methods we discussed here might not work.

If you want to get your money back from a scammer, you’d need to file a chargeback.

4

Vennabit Customer Service: Do They Handle Complaints Well?

When it comes to scammers, you should only measure the quality of their customer service if they respond to your complaint.

In the beginning, scammers tend to remain very accessible.

This means their representatives will keep calling you until you invest with them. Furthermore, they will act friendly and make it seem as if you’re one of their most valuable consumers.

However, they do all this just to win your trust.

Scammers understand that in order to convince someone to give them a large sum, they will need to seem like a friend.

Nevertheless, when you have invested a considerable amount of money and need to get it back, their customer support will become inaccessible.

All of a sudden, their numbers would either stop responding or become unavailable.

Still, they might remain accessible to convince you to invest further. Also, they might begin by making a few excuses regarding your payment.

However, in the end, the customer support won’t resolve your issues and become increasingly unavailable.

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5

Vennabit Reviews: What Do Others Say?

The Google search results for “Vennabit” indicate that public opinion is mixed. Some people believe Vennabit is a promising and revolutionary e-commerce platform with the potential for a successful market launch. Others, however, have complained about scams and had terrible encounters. This dual perspective emphasizes the significance of exercising caution, making a comprehensive review, and carrying out due diligence before working with Vennabit.

  1. Crunchbase.com

According to data from Crunchbase, Vennabit Company Inc. is a highly involved firm that primarily focuses on the blockchain industry.

Vennabit is renowned for its groundbreaking work in the fields of e-commerce and blockchain technology, with a primary focus on providing a cutting-edge digital financial platform. The central focus of Vennabit’s offerings revolves around the Vennabit Token, which aims to establish a smooth and secure environment for the purchase, sale, and administration of cryptocurrencies.

Vennabit, founded on April 8, 2020, just completed a Seed financing round, raising $2 million. The funding round concluded on August 8, 2022.

To obtain additional information, Vennabit can be reached by email at contact@vennabit.com.

  1. Reddit

Reddit users hold divergent views on Vennabit, some regard it as a valuable asset, while others contend that it is a fraudulent scheme. 

Is Vennabit a Gem? Let’s Find Out

The customer expressed difficulty in achieving significant profits from investments in established cryptocurrencies such as Bitcoin. Nevertheless, they have encountered Vennabit, a promising possibility with significant investment potential before its official launch, as well as practical applications in the realm of online purchasing. The user provided a link to Vennabit’s website and requested feedback and evaluations from the community. 

Feedback from the Community

The community feedback appears to be overwhelmingly favorable, with users expressing joy and faith in Vennabit’s potential as a profitable investment. Several people have expressed their involvement in the Initial Coin Offering (ICO), demonstrating a significant degree of trust and faith in the idea. There is widespread anticipation within the community for substantial financial gains, with one user even forecasting a 100-fold return.

It’s worth noting that many scammers tend to purchase fake reviews. Buying fake reviews has become extremely easy and it’s a multi-million dollar industry.

Scammers like Vennabit tend to purchase fake reviews for their online profiles to make themselves seem more credible.

TIME Magazine investigated the fake review industry and estimated it to be worth more than $150 million. Certainly, there are a ton of scammers who want to seem legitimate and a bunch of fake reviews is the most effective way to do so.

That’s why you shouldn’t trust Vennabit reviews easily.

It’s easy to identify fake reviews as well. You should look out for 5-star reviews that are posted by temporary accounts (profiles which only posted 1 or 2 reviews on the platform). Also, you should see if the positive reviews share any detailed information about their experience with the firm or not.

In the case of Vennabit, chances are, you wouldn’t find many legitimate reviews.

Another prominent way scammers like Vennabit enhance their credibility is by burying negative reviews and complaints under a lot of fake reviews.

This way, when you’ll look up “Vennabit reviews”, you might not find many complaints. Or, you might find them buried within numerous reviews praising Vennabit.

Vennabit reviews coverage


You should always look out for consumer complaints. In the case of Vennabit, the most common complaints I found were about:

  • Poor customer support
  • Delays in payments
  • High fees and charges
  • Lack of transparency regarding their leadership team
  • Aggressive sales staff

Do you have a similar complaint about Vennabit? You can share your complaint in the comment section or submit an anonymous tip.

6

Is Vennabit Legit Or Scam?

Therefore, they acknowledged their failure to undertake a comprehensive preliminary study and disclosed financial losses, categorizing the endeavor as a fraudulent scheme. The original poster issued a cautionary notice to prospective investors, advising them to undertake a thorough investigation before making any investment commitments.

The original poster first emphasized the evident level of expertise displayed on Vennabit’s website, which had a comprehensive document outlining the project’s details and endorsements from prominent individuals who were purportedly supporting the initiative. Subsequently, it was revealed that the individuals who were said to be in favor of the project had their identities distorted.

Within the comments area, fellow users requested substantiation and supplementary details to authenticate the allegations of a fraudulent scheme. The original poster urged readers to visit the Vennabit website and social media platforms to directly witness the issues at hand.

Another noteworthy concern is the scarcity of regulatory information. The website does not give information about the regulations or licenses that regulate their operations. Such information is critical to ensuring the company’s authenticity and compliance with legal requirements. The lack of this critical information raises concerns about the platform’s legal status and general safety.

These warning flags have the potential to undermine Vennabit’s credibility. Establishing confidence, a critical component in financial transactions, becomes difficult in the face of such uncertainties. Users may be hesitant to invest their money because of these information gaps. Vennabit must address these challenges in order to maintain its integrity and build trust among investors. Clear and complete details are critical for instilling investor confidence and creating a safe investing environment.

Vennabit is an unregulated entity. Although they might fall under the jurisdiction of a watchdog, they don’t have the license to offer financial services to consumers.

The lack of a license means they are not answerable to any regulatory authority. As a result, the people behind Vennabit can run away with your money without any prior notice. You should be extremely cautious when dealing with an unregulated service provider.

The absence of a watchdog also means you cannot report to them to anyone.

Also, due to the absence of specific regulations, there is no provision protecting you from the insolvency of this entity. If they go bankrupt, you won’t be able to do anything about it.

Can You Trust Vennabit?

All the evidence suggests that Vennabit is a scam. If you have lost money to them, there is still a chance you can get it back.

To recover your funds, you’d need to file a chargeback.

7

Frequently Asked Questions

Is Vennabit a scam?

According to the online reviews of this company, it’s highly probable that Vennabit is a scam. You should exercise caution when dealing with them.

Can I withdraw money from Vennabit?

Yes, you can withdraw your funds from Vennabit by getting in touch with one our experts. Get your money back immediately.

Where is Vennabit Located?

There is no information available on the location of Vennabit.

How do I get my money back from Vennabit?

To get your money back from Vennabit, you can file a chargeback. Learn more here.
8

How The Vennabit Online Scam Works

Launch a website/app with a generic name

A website or app with a generic name allows scammers to hide behind common Google search results. Marketing such names is easier as well.

Pay influencers & social media pages to promote the scheme

By getting influencers and social media pages to promote their brand, scammers make their shady company seem more legit than it actually is.

Send thousands of emails and make cold calls to potential victims

It’s common for scammers to buy the contact details of people and spam them through email, phone calls, social media messages and other means.

Make victims feel safe through “small wins”

Such small wins usually include a few payments transferred into the victim’s account. This makes them seem more legitimate.

Convince victims into investing large sums of money

Due to the small wins, the victim is now convinced that the company is legit. Now, the scammers try to manipulate the victim into giving them larger sums.

Disable withdrawals & take down the website/app

Once the scammers have recieved a signicant sum, they either stop responding or cite a technical error to freeze their victims’ funds.

Repeat the cycle

After making the money, the scam will shut down and the people running it will launch another and repeat the cycle.

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Vennabit Review: Scam Or Legit? | Recover Lost Funds
Vennabit Review: Scam Or Legit? | Recover Lost Funds

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