BitHarvest fails to supply verifiable possession or government info on its web site.
As an alternative, BitHarvest gives up an government group with names no person has heard of:
That’s in fact as a result of BitHarvest’s government 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 using Chinese language on BitHarvest’s web site…
…we will surmise whoever is definitely operating BitHarvest is both:
- Chinese language scammers working out of Singapore;
- Singaporean scammers working out of Singapore; or
- a mix of Chinese language and Singaporean scammers working out of Singapore
Two different names connected 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 embrace 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 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 demise risk in opposition to BehindMLM in June 2023. Whereas I can’t touch upon any ongoing investigations into Gregory, I can verify the risk was forwarded to related US federal authorities.
As all the time, if an MLM firm isn’t overtly upfront about who’s operating or owns it, assume lengthy and arduous 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 inside 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 a complete place.
That is accomplished on the promise of a variable each day passive return, paid out in bitcoin.
The MLM aspect of BitHarvest pays on recruitment of affiliate traders.
Notice 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 – enroll as a BitHarvest affiliate and spend money on at the very least one partial funding place
- 1 Star – spend money on at the very least one full BitHarvest funding place, personally promote three positions and generate at the very least ten downline funding positions
- 2 Stars – spend money on at the very least three full BitHarvest funding positions, personally promote at ten positions and generate at the very least eighty downline funding positions
- 3 Stars – spend money on at the very least 5 full BitHarvest funding positions, recruit at the very least two 2 Star or larger ranked associates and generate at the very least 2 hundred and fifty downline funding positions
- 4 Stars – spend money on at the very least fifteen full BitHarvest funding positions, recruit at the very least two 3 Star or larger ranked associates and generate at the very least eight hundred downline funding positions
- 5 Stars – spend money on at the very least thirty full BitHarvest funding positions, recruit at the very least two 4 Star or larger ranked associates and generate at the very least two thousand 5 hundred downline funding positions
- 6 Stars – spend money on at the very least fifty full BitHarvest funding positions, recruit at the very least two 5 Sar or larger ranked associates and generate at the very 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 charge
- 2 Stars obtain a 12.5% referral fee charge
- 3 Stars obtain a 15% referral fee charge
- 4 Stars obtain a 17.5% referral fee charge
- 5 Stars obtain a 20% referral fee charge
- 6 Stars obtain a 22.5% referral fee charge
Notice that referral commissions are coded. Because of this a 22.5% referral fee is all the time 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 each 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 fee, 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 connected 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. Apart from that BitHarvest is identical outdated 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 models 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 house 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 rapidly falls aside upon consideration that if BitHarvest’s USB gadgets truly 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 earnings with random members of the general public?
The reply lies in BitHarvest’s USB gadgets being advertising 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 way of make-believe USB gadgets.
Taking a step again from the apparent, even in case you did purchase into BitHarvest’s advertising ruse – the place’s the proof?
BitHarvest’s passive returns funding scheme constitutes a securities providing.
The one approach for shoppers to confirm BitHarvest’s advertising claims is that if the corporate information audited monetary studies with regulators.
This isn’t simply the one method to confirm BitHarvest’s martketing claims, it’s a authorized requirement.
The perfect 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 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 supply proof it has registered its securities providing in any of those international locations.
Because it stands, the one verifiable income coming 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 may go away BitHarvest unable to pay ROI withdrawal requests, finally prompting a collapse.
BitHarvest’s collapse will like be preceded by a withdrawal swap to its BTH shit token:
The maths behind Ponzi schemes ensures that after they collapse, nearly all of individuals lose cash.