VidiLook’s collapse has gone from dangerous to worse, following information over 10,000 investor accounts have been disabled.
KYC has additionally been applied to maintain disabled accounts inactive.
VidiLook collapsed on April twenty first, following disabling of withdrawals. Proprietor Sam Lee’s preliminary ploy was buying VidiLook from himself.
To that finish an audit was introduced, with an open ended timeframe. In an April twenty second announcement, VidiLook moreover knowledgeable buyers it had disabled 1000’s of accounts.
Over 10,000 accounts have been disabled as a result of suspicious exercise.
When you have a disabled account, you’ll have 14 days to appropriate all violations.
In case you are discovered to nonetheless have violations after 14 days, or you probably have violations sooner or later, you can be completely banned from using the VidiLook platform.
VidiLook’s claimed “violations” seem to pertain to buyers having a number of accounts. This wasn’t an issue till VidiLook started working out of latest funding to pay withdrawals.
Additionally not an issue is KYC, which VidiLook has solely now applied for buyers wanting to assert an “exception”.
Beginning April twenty fourth, VidiLook has given buyers 14 days to both lose their accounts or present KYC.
Handing over private credentials presents its personal issues, as VidiLook is run by Sam Lee and scammers in Dubai.
My tackle VidiLook’s latest announcement is that they’re hoping to chop out a piece of withdrawals connected to disabled accounts. The intention might be to reboot VidiLook in some unspecified time in the future.
The issue for Sam Lee is disabling accounts doesn’t clear up new funding not coming in quick sufficient to pay out. Like all Ponzi schemes, VidiLook is juggling an unattainable mathematical equation that inevitably results in collapse.
Pending any additional developments on VidiLook’s collapse we’ll maintain you posted.