BitHarvest has obtained a pyramid fraud warning from the Central Financial institution of Russia (CBR).
As per the CBR’s February 14th warning, BitHarvest reveals “indicators of a monetary pyramid”.
BitHarvest is an MLM crypto Ponzi constructed round a “USB thumb drive enhances crypto mining {hardware}” ruse.
BitHarvest is run out of Malaysia and fronted by CEO “Logan Lee”.
Lee is a Boris CEO performed by Singaporean nationwide Steve Ng. BitHarvest administration tied to Malaysian nationwide Jaz Pee (aka Wei Haw Pee).
As of January 2025, SimilarWeb was monitoring ~635,000 month-to-month visits to BitHarvest’s web site. High sources of BitHarvest web site visitors are the US (31%), the UK (23%) and Ukraine (21%).
Russia was a high supply of BitHarvest visitors in mid 2024 however seems to have since collapsed. Promotion of BitHarvest in Russia is probably going what unfold the Ponzi scheme to Ukraine.
A part of BitHarvest’s advertising and marketing ruse is use of mining farms in Texas. Thus far the one US regulator to take motion towards BitHarvest is California final October.