Caution Investors Virtualpayout – Regarding registration of issuance, offer or sale of securities/derivatives, and reporting requirements
Overview:
Virtualpayout is a website that claims to be a leading provider of cloud mining services for Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. According to their website, they have over 10 years of experience in the industry and have partnered with reputable mining hardware manufacturers such as Bitmain, Innosilicon, and MicroBT. They also claim to have a team of experts who monitor and optimize the mining operations 24/7.
However, upon closer inspection, we found many inconsistencies and contradictions on their website. For example, they claim to have been operating since 2010, but their domain name was registered only in July 2020. They also claim to have offices in the UK, Australia, and Hong Kong, but they do not provide any physical address or phone number. Moreover, they do not have any social media presence or verifiable testimonials from real customers.
Regulation and Compliance:
One of the most alarming signs that Virtualpayout is a scam is that they are not regulated by any authority or jurisdiction. They do not have any license or registration number that proves their legitimacy or compliance with the laws and regulations of the countries where they operate. This means that they are not subject to any oversight or accountability and can operate as they please without any regard for the safety and security of their customers’ funds.
Furthermore, they do not provide any information about their legal status, terms and conditions, privacy policy, or refund policy. They also do not disclose any details about their mining facilities, equipment, or contracts. They simply ask their customers to deposit money into their accounts and promise them unrealistic returns without any proof or guarantee.
Customer Reviews:
Another way to verify the credibility and reputation of a cloud mining platform is to check customer reviews and feedback from independent sources such as forums, blogs, or social media. However, we could not find any positive or authentic reviews about Virtualpayout on any platform. On the contrary, we found many complaints and warnings from customers who claimed that Virtualpayout is a scam and that they lost their money to them.
Some of the common issues reported by the customers include:
– Not receiving any payouts or profits after investing in Virtualpayout
– Not being able to withdraw their money from Virtualpayout
– Not being able to contact or reach the customer support team of Virtualpayout
– Being asked to pay additional fees or taxes before withdrawing their money from Virtualpayout
– Being blocked or banned from accessing their account after requesting a withdrawal from Virtualpayout
Products and Services:
Virtualpayout claims to offer various types of cloud mining contracts for different cryptocurrencies and durations. They also claim to offer flexible plans that allow customers to choose their own mining power, hash rate, and daily income. However, these claims are not backed by any evidence or data. In fact, they are very vague and misleading.
For example, they claim that customers can earn up to 5% daily profit on their investment with a minimum deposit of $100. However, they do not specify how this profit is calculated or what factors affect it. They also do not explain how the mining difficulty, network fees, exchange rates, or market conditions affect the profitability of cloud mining. Moreover, they do not provide any historical performance or statistics of their mining operations.
Additionally, they claim that customers can withdraw their money at any time without any restrictions or limitations. However, this is contradicted by the numerous complaints from customers who reported that they could not withdraw their money from Virtualpayout. Furthermore, they claim that customers can cancel their contract at any time without any penalty or loss. However, this is also contradicted by their own website which states that “all sales are final” and that “no refunds will be issued”.
Location:
Virtualpayout claims to have offices in three countries: UK, Australia, and Hong Kong. However, they do not provide any physical address or phone number for these offices. They only provide an email address and a contact form on their website. This raises doubts about their legitimacy and transparency.
Moreover, we checked the domain name registration information of Virtualpayout and found that it was registered by a company called Namecheap Inc., which is based in Panama. This means that Virtualpayout does not have a real identity or location and that it is using a proxy service to hide its true origin and ownership.
Customer Service:
Virtualpayout claims to have a professional and responsive customer service team that is available 24/7 via email or live chat. However, this is not true according to the customer reviews and feedback we found online. Many customers reported that they could not get any response or assistance from the customer service team of Virtualpayout. They also reported that the live chat feature on the website was not working or offline most of the time.
Furthermore, some customers reported that they received rude, unprofessional, or threatening messages from the customer service team of Virtualpayout. They also reported that the customer service team of Virtualpayout tried to persuade them to invest more money or to pay additional fees or taxes before withdrawing their money.
Is Your Money Safe in an Unregulated Company?
The answer is no. Investing in an unregulated company like Virtualpayout is very risky and dangerous. You have no protection or recourse if something goes wrong or if you encounter any problem with the company. You have no guarantee that the company is legitimate, honest, or reliable. You have no assurance that the company will honor its promises, pay you your profits, or return your money.
Moreover, you have no way to verify or audit the company’s operations, financials, or performance. You have no way to know if the company is actually mining cryptocurrencies or if it is using your money for other purposes. You have no way to know if the company is secure, stable, or solvent. You have no way to know if the company is compliant with the laws and regulations of the countries where it operates.
Conclusion:
Based on our research and analysis, we conclude that Virtualpayout is a scam and that you should avoid it at all costs. There are too many red flags and negative reviews that indicate that Virtualpayout is not a trustworthy or reputable cloud mining platform. There are too many risks and uncertainties involved in investing in Virtualpayout. There are too many alternatives and options available in the market that are more transparent, regulated, and reliable than Virtualpayout.
Therefore, we advise you to stay away from Virtualpayout and to do your own due diligence before investing in any cloud mining platform. We also advise you to report any suspicious or fraudulent activity to the relevant authorities and to warn others about the dangers of Virtualpayout.
