VXL Dollar is a new scam coin. Other names for this new crypto scam are VXL Bank and VXLD.
They have been receiving allegations of fraud online.
In the following post, I have shared a detailed collection of posts against VXL Dollar to help you understand why you should avoid investing with them.
According to the above reviewer, VXL Dollar is a fraud. He lost 175 bitcoin with the company and is preparing to file a lawsuit against the firm.
According to the reviewer, the people running VXLD are based in Marbella, Spain. However, they are focused on attracting clients from Dubai, Monaco and Ibiza.
The reviewer reveals that VXL Dollar isn’t the first fraudulent venture of these people. Their initial scam was an offshore bank with the name VXL Bank.
They launched the bank in a small African country and added several high-profile people to their Board. This included Francisco de Borbon von Handerberg, a member of Spain’s royal family.
Other notable people promoting VXL Dollar are Bijar Burnard and Reza Ebrat. Before this scam, they were running vxl.network but they have deleted that website.
The reviewer warns other crypto enthusiasts to avoid investing in VXLD.
He highlights that the people behind this crypto scam take an unorthodox approach to promote the scam. They don’t promote the scam on exchanges or online. Instead, they target people in parties and social gatherings.
A previous post by this reviewer reveals more details on this scam.
“VXL Dollar isn’t the First Scam of These People”
Here, the reviewer says VXL Dollar was promoting itself by claiming to have over $2 billion in gold as collateral due to their connection to the Spanish royal family.
However, the reviewer says it’s all lies.
Reza Ebrat and Bijan Burnard launched 10 different websites to run this scam.
The reviewer highlights they used to run scgtrust.com. However, they have deleted the website. Before the deletion, they used to claim scgtrust.com had given VXL bank the license to operate.
Certainly, it was a lie.
Also, they used to run ib-ex.com, another scam where they claimed to offer 36% interest per annum. The minimum deposit requirement to earn this interest was $500,000.
They have deleted this website as well.
Moreover, they used to run ariousgold.com. Here, they claimed to run a gold business but it’s been deleted like the rest.
Currently, they are running vxlbank.com to promote VXLD and get victims.
The reviewer claims VXL bank is a fake bank which falsely claims to have 250-300 employees. It only has a license from the Central Bank of the Sao Tome and Principe, two of the smallest African countries with no strict regulations.
Hence, you can’t trust the claims of VXL Bank, the financial backup of VXL Dollar.
In the post, the reviewer shared his complaints with the Financial Market Authority of Liechtenstein regarding the legality of SCG Trust.
The FMA responded by sharing that SCG Trust didn’t have a license from them. As a result, it was illegal for them to offer any financial services in their jurisdiction.
Moreover, the FMA recommended avoiding dealing with the website of SCG Trust, the so-called authority which licensed VXL Dollar to be a legit cryptocurrency.
After a while, the reviewer shared that Bijan Burnard deleted the website promptly.
Also, they used to share details about themselves on the website of VXL.Network. However, they stopped when victims started exposing their shady schemes.
Bijan Burnard and his wife, Alina Burnard have promoted VXL Dollar on their instagram accounts. Even though many people warned them that it’s a scam they don’t care and promote the fraudulent cryptocurrency regardless.
As part of the reviewer’s investigation, he contacted the financial enterprise of Abu Dhabi in the UAE, Abu Dhabi Investment Authority (ADIA).
In response, ADIA informed the reviewer that they are not affiliated to VXL Bank or VXL Dollar.
Furthermore, they told the reviewer that the company they are in contact with is not legitimate and it’s an attempted fraud.
The reviewer highlights that Bijan Burnard was even able to get Thomas Kramer to promote the scam. Thomas Kramer is a real estate mogul who ended up losing $200 million due to a court order.
VXL Dollar’s False Claim of Having Billions in Collateral
The reviewer shares that VXL Bank falsely claims to have billions worth of gold as collateral.
Above is a snippet of a post where VXL Dollar claims to have such collateral. The problem is, they deleted this post after the reviewer pointed out how they are based in a small African country with little to no regulation.
Moreover, because they claim to be based in such a remote location, it’s nearly impossible for consumers to verify their claims.
Also, VXL Dollar used to have the following “About Us” page on their website which they have now deleted:
Currently, they have no such webpage on their website. When you click the “About Us” button on the website of VXL Bank, you get redirected to their homepage:
After going through the above points, it’s obvious that VXL Dollar aka VXL Bank is not as reliable as it pretends to be.
The cryptocurrency offering has too many red flags.
Moreover, the way they tried to use the credibility of other reputed organizations by claiming to be their affiliates without having any affiliation, shows they lack ethics.
You should stay away from crypto ventures that lack any ethics as you might end up losing your entire investment.
For example, many clients of Tiger.Trade and Eurotrader have reported losing their deposits because of the shady operations of their platforms.
Hence, avoid investing in VXL Dollar.