The Central Bank of Russia issued a pyramid fraud warning against Bavarsis on February 15th, following a pattern of deceptive practices by the cryptocurrency investment platform. Bavarsis, which launched in October 2023, provides no verifiable ownership or executive details on its website.

The company's website domain, bavarsis.com, was registered in December 2022. Its private registration was last updated on September 29, 2023, just weeks before its public launch. Bavarsis claims "Owen Mitchell" as its CEO, but Mitchell does not appear outside the platform's promotional materials.

An actor with an Eastern European accent portrays Mitchell on Bavarsis' official YouTube channel. This method is common in "Boris CEO" schemes, which often originate from Russian scammers. SimilarWeb data for January 2024 shows Russia as the primary source of Bavarsis' website traffic, accounting for 69% of visitors.

Bavarsis attempts to appear legitimate by listing shell company details for Bavarsis PTY LTD in Australia and Bavarsis Holdings Limited in Hong Kong. The platform also provides a forged "certificate of insurance investments" purportedly from the Reserve Bank of Australia.

Australian Securities and Investment Commission (ASIC) registration, frequently used by scammers operating outside Australia, offers little verification. ASIC is known for not regulating MLM fraud, allowing anyone to register a company with minimal scrutiny. An ASIC certificate does not prove legitimacy for MLM due-diligence. Registering a shell company in Hong Kong, or any other jurisdiction, holds no meaning for assessing MLM credibility.

Bavarsis offers no retailable products or services. Affiliates are limited to marketing Bavarsis affiliate membership itself. The compensation plan centers on investments in Tether (USDT), promising daily returns.

Investors can choose from several tiers. A "Beginner" tier requires at least 25 USDT, offering 0.5% to 1% daily for 180 days. "Pre-intermediate" investors put in 500 USDT or more for 1% to 1.5% daily over 180 days. The "Intermediate" level starts at 5000 USDT, promising 1.5% to 2% daily for 365 days.

Higher tiers include "CryptoPool 1" for 50,000 USDT or more, yielding 0.75% to 2% daily for 365 days. The "CryptoPool 2" tier demands 250,000 USDT or more for 1.2% to 3% daily over 365 days. Bavarsis also pays affiliates for recruiting new investors into the scheme, with sixteen affiliate ranks outlined in its compensation plan, starting with S1 for signing up and S2 for generating $50,000 in downline investment volume.

The Central Bank of Russia's warning on February 15th specifically identified Bavarsis as engaging in pyramid fraud.