BitHarvest fails to offer verifiable possession or govt data on its web site.
As an alternative, BitHarvest affords up an govt group with names no one has heard of:
That’s in fact as a result of BitHarvest’s govt group doesn’t exist.
BitHarvest CEO “Logan Lee” is definitely Singaporean nationwide Steve Ng.
Ng is a poker participant who just lately competed within the Asian Poker Tour Taipei 2024 match.
From the usage of Chinese language on BitHarvest’s web site…
…we are able to surmise whoever is definitely operating BitHarvest is both:
- Chinese language scammers working out of Singapore;
- Singaporean scammers working out of Singapore; or
- a mixture of Chinese language and Singaporean scammers working out of Singapore
Two different names hooked up to BitHarvest value noting are Jan Gregory and Marcos Caleb.
Marcos Caleb runs a YouTube channel on which he promoted MLM crypto Ponzi schemes.
Current MLM crypto Ponzi schemes Caleb has promoted embody Commerce Like Loopy (collapsed), Titan369 and EchoOne (collapsed).
Jan Gregory, aka Jan Strzepka and Jan Gregory Cerato, is a Canadian nationwide and serial promoter of Ponzi schemes.
In September 2022 the Alberta Securities Fee fined Gregory $165,000 for securities fraud.
Gregory promptly fled Canada and relocated to Dubai. From the MLM crime capital of the world, Gregory spent most of 2023 working with Russian Ponzi scammers based mostly out of Dubai and Turkey.
Gregory’s 2023 MLM crypto Ponzi crimewave noticed him entrance CoinMarketBull, Maxspread Applied sciences, Vortic United, CloudFi and SureX.
Gregory’s Ponzi scamming from Dubai attracted the eye of regulators in California and Russia.
Whereas Gregory little question profited handsomely for recruiting victims into Russian Ponzi schemes, in the direction of the tip of his 2023 run cracks in Gregory’s curated carefree social media facade emerged.
This culminated in Gregory publicly issuing a dying risk towards BehindMLM in June 2023. Whereas I can’t touch upon any ongoing investigations into Gregory, I can affirm the risk was forwarded to related US federal authorities.
As at all times, if an MLM firm will not be brazenly upfront about who’s operating or owns it, assume lengthy and exhausting about becoming a member of and/or handing over any cash.
BitHarvest’s Merchandise
BitHarvest has no retailable services or products.
Associates are solely in a position to market BitHarvest affiliate membership itself.
BitHarvest’s Compensation Plan
BitHarvest associates make partial and full place investments.
A partial funding place in BitHarvest prices 90 USDT plus $10 in BTH.
A full funding place in BitHarvest prices 900 USDT and $100 in BTH.
BTH is an inner BEP-20 shit token created by BitHarvest.
100 USDT funding are known as partial positions. A 900 USDT funding (or 9 100 USDT investments) represents an entire place.
That is completed on the promise of a variable every day passive return, paid out in bitcoin.
The MLM aspect of BitHarvest pays on recruitment of affiliate buyers.
Word that BitHarvest solely pays out 70% of earned commissions. The opposite 30% is distributed to a locked “register pockets”, of which solely 50% can be utilized to reinvest in new BitHarvest positions.
BitHarvest Affiliate Ranks
There are six affiliate ranks inside BitHarvest’s MLM alternative.
Together with their respective qualification standards, they’re as follows:
- Investor – join as a BitHarvest affiliate and put money into at the least one partial funding place
- 1 Star – put money into at the least one full BitHarvest funding place, personally promote three positions and generate at the least ten downline funding positions
- 2 Stars – put money into at the least three full BitHarvest funding positions, personally promote at ten positions and generate at the least eighty downline funding positions
- 3 Stars – put money into at the least 5 full BitHarvest funding positions, recruit at the least two 2 Star or larger ranked associates and generate at the least 2 hundred and fifty downline funding positions
- 4 Stars – put money into at the least fifteen full BitHarvest funding positions, recruit at the least two 3 Star or larger ranked associates and generate at the least eight hundred downline funding positions
- 5 Stars – put money into at the least thirty full BitHarvest funding positions, recruit at the least two 4 Star or larger ranked associates and generate at the least two thousand 5 hundred downline funding positions
- 6 Stars – put money into at the least fifty full BitHarvest funding positions, recruit at the least two 5 Sar or larger ranked associates and generate at the least eight thousand downline funding positions
Referral Commissions
BitHarvest pays referral commissions on USDT invested by personally recruited associates.
- 1 Stars obtain a ten% referral fee price
- 2 Stars obtain a 12.5% referral fee price
- 3 Stars obtain a 15% referral fee price
- 4 Stars obtain a 17.5% referral fee price
- 5 Stars obtain a 20% referral fee price
- 6 Stars obtain a 22.5% referral fee price
Word that referral commissions are coded. Because of this a 22.5% referral fee is at all times paid out, permitting larger ranked BitHarvest associates acquire the distinction paid to decrease ranked downline associates.
ROI Match
BitHarvest pays an as much as 30% match on every day returns paid to downline associates.
- 1 Stars obtain a ten% ROI match
- 2 Stars obtain a 15% ROI match
- 3 Stars obtain a 20% ROI match
- 4 Stars obtain a 25% ROI match
- 5 Stars obtain a 28% ROI match
- 6 Stars obtain a 30% ROI match
As with referral commissions, the ROI Match can also be coded. Because of this a 30% match is paid on each ROI cost, permitting larger ranked BitHarvest associates to gather the distinction paid to decrease ranked downline associates.
Becoming a member of BitHarvest
BitHarvest affiliate membership is free.
Full participation within the hooked up earnings alternative requires a minimal 100 USDT funding.
BitHarvest Conclusion
Evidently for 2024 Gregory has switched out his Russian accomplices for Asian scammers working out of Singapore. Aside from that BitHarvest is identical previous Boris CEO Ponzi playbook.
BitHarvest’s Ponzi ruse is a magical USB system that one thing one thing AI bullshit one thing one thing…
…connects to offsite ASIC mining items and will increase their output.
For the primary time, Bitcoin miners can mine with out paying a excessive worth for an ASIC machine: no costly electrical energy payments, no bodily area necessities.
Bitcoin miners on BitHarvest can solely make the most of Bitbooster on a self-run foundation to extend the mining effectivity of the Bitcoin mining farm and obtain Bitcoin yield in return.
BitHarvest claims it earns commissions for doing this, which is what funds ROI payouts.
The ruse shortly falls aside upon consideration that if BitHarvest’s USB gadgets really did what’s claimed, BitHarvest would simply quietly run them and acquire revenue.
Or higher nonetheless, the miners themselves would use the tech. Why share income with random members of the general public?
The reply lies in BitHarvest’s USB gadgets being advertising and marketing props.
Bitcoin mining has been concentrated inside a handful of large-scale teams for years. They aren’t letting some random outfit in Singapore, fronted by an actor no much less, entry their {hardware} by make-believe USB gadgets.
Taking a step again from the plain, even for those who did purchase into BitHarvest’s advertising and marketing ruse – the place’s the proof?
BitHarvest’s passive returns funding scheme constitutes a securities providing.
The one approach for customers to confirm BitHarvest’s advertising and marketing claims is that if the corporate recordsdata audited monetary experiences with regulators.
This isn’t simply the one option to confirm BitHarvest’s martketing claims, it’s a authorized requirement.
The very best BitHarvest can give you is a FINCEN MSB registration quantity:
That is meaningless for 2 causes:
- FINCEN isn’t a monetary regulator; and
- the MSB registration corresponds with BitHarvest LTD, a equally meaningless Colorado shell firm
As of April 2023, SimilarWeb tracked prime sources of site visitors to BitHarvest’s web site as Taiwan (83%, down 58% month on month), Norway (6%), Kenya (5%) and Hungary (3%).
Along with Singapore, BitHarvest fails to offer proof it has registered its securities providing in any of those international locations.
Because it stands, the one verifiable income getting into BitHarvest is new funding.
Utilizing new funding to pay ROI withdrawals would make BitHarvest a Ponzi scheme. Moreover with nothing marketed or bought to retail prospects, the MLM aspect of BitHarvest operates as a pyramid scheme.
As with all MLM Ponzi schemes, as soon as affiliate recruitment dries up so too will ROI income.
This can go away BitHarvest unable to pay ROI withdrawal requests, finally prompting a collapse.
BitHarvest’s collapse will like be preceded by a withdrawal change to its BTH shit token:
The mathematics behind Ponzi schemes ensures that after they collapse, nearly all of members lose cash.