BitHarvest, a cryptocurrency Ponzi scheme, has collapsed, disabling all user withdrawals. The operation, fronted by a CEO named "Logan Lee" and managed by Malaysian scammers led by Jaz Pee, appears to be executing an exit-scam involving a new token.

The scheme’s unraveling became apparent with the launch of two spinoff ventures, BitBull and BitFarming. BitBull’s website is now defunct, while BitFarming shows no user traffic according to SimilarWeb data. These spinoffs preceded the complete shutdown of BitHarvest’s withdrawal functions.

A user reported that BitHarvest stopped all payments, citing a Bitcoin v30 Core update as the reason for outdated "boosters" affecting daily payouts. This explanation has caused considerable confusion among investors who were not warned about such a drastic impact on their earnings.

Social media profiles associated with BitHarvest have been largely locked down. However, comments on remaining Facebook posts corroborate the withdrawal issues. The company had also announced the cancellation of a marketing event in South Korea on November 2nd.

Just three days after canceling the South Korean event, BitHarvest announced its relocation to Dubai on November 5th. Dubai is frequently cited as a haven for financial criminals due to its lax regulatory environment and limited international cooperation on extradition.

Following the Dubai announcement, BitHarvest disabled withdrawals. Around the same time, the scheme’s official Telegram support account vanished, and its YouTube channel was wiped clean.

On November 20th, an individual identifying as "Desmond," Vice President of BitHarvest Academy, detailed a post-collapse exit-scam centered on a new FTT token. This move leaves investors holding nearly worthless BTH tokens after USDT withdrawals were halted.

The BTH token has been in freefall since September 9th, with trading volume plummeting. Its value dropped from $0.622 to $0.0000001997. Desmond explained the plan: convert the now-worthless BTH tokens into a new FTT token, Future Trade Token, and then sell FTT to new investors.

Desmond described the FTT token as part of a move towards a "DAO" or Decentralized Autonomous Organization. In the context of MLM schemes, DAOs are often used by operators to obscure centralized control. Investors with BTH and USDT will eventually be able to access this FTT token.