In a mixing bowl, combine the melted butter and red velvet cake mix until it becomes crumbly. Press this mixture firmly into the bottom of a springform pan for a solid base.

In another bowl, beat the softened cream cheese and sour cream together until it's smooth and creamy. Gradually add in the sifted powdered sugar and vanilla extract, mixing until everything is well combined and velvety.

Gently fold in the whipped topping to the cream cheese mixture until smoothly incorporated.

Pour the cream cheese filling over the prepared crust, spreading it evenly. Cover with plastic wrap and chill in the refrigerator for at least four hours or overnight to set.

Once set, carefully remove from the springform pan, slice, and enjoy chilled!