The Bitharvest Ponzi scheme has collapsed.
Withdrawals have been disabled, plans to flee to Dubai have been revealed and there’s talk of an FTT token exit-scam.
BitHarvest
is an MLM crypto Ponzi fronted by CEO Logan Lee, played by Singaporean national Steve Ng.
In addition to Ng, a team of Malaysian scammers headed up by Jaz Pee are the face of BitHarvest.
Signs of BitHarvest collapsing emerged earlier with the
launch of two spinoff scams
; BitBull and BitFarming.
At time of publication BitBull’s website’s has been disabled. BitFarming’s website is still up but SimilarWeb recorded no traffic over the past few months.
Earlier today a BehindMLM reader left a comment
suggesting BitHarvest has disabled withdrawals
;
BitHarvest has completely stopped paying its users and all withdrawals are currently non functional.
On top of that, the company is now saying that the boosters have become outdated because of the Bitcoin v30 Core update.
This situation is creating a lot of confusion because users were never informed that such a major change could affect daily payouts so suddenly.
BitHarvest has locked down most of its social media profiles but corroborating comments were left on a few FaceBook posts:
In the lead up to disabling withdrawals, on November 2nd BitHarvest announced cancellation of a marketing event in South Korea:
Three days later, on November 5th, BitHarvest announced it was relocating to Dubai.
Dubai is the
MLM crime capital of the world
. With non-existent financial regulation and limited extradition treaties, Dubai shelters criminals seeking to evade authorities.
Sometime after the Dubai announcement, BitHarvest disabled withdrawals. This coincided with BitHarvest’s official Telegram support account going dark the BitHarvest’s official YouTube channel being wiped:
On November 20th, “Desmond”, who cites himself as “Vice President of BitHarvest Academy”, announced an FTT token post-collapse exit-scam.
With USDT withdrawals disabled, BitHarvest’s collapse has predictably resulted in investors bagholding worthless BTH tokens.
Here’s how that’s going:
Of note is BTH appearing be abandoned by BitHarvest on or around September 9th. Daily trading volume plummets from this date, resulting in BTH dropping from 62.2 cents to 0.0000001997 cents today.
As explained by Desmond, BitHarvest’s post-collapse exit-scam will see worthless BTH tokens converted into a new worthless FTT token.
The plan is then to dump FTT onto new unsuspecting investors;
[4:39] We are creating our next step down the road, which is going to be a DAO.
DAO stands for “Decentralized Autonomous Organization”. Within the context of MLM, DAOs are typically used by scammers to hide centralized ownership of scams.
[5:29] DAO itself is going to be something where you’ll be able to participate, where you have BTH and USDT.
With that as the starting point, you will eventually be able to reach a final product that will be called FTT; Future Trade Token.
Future T
🤖 Quick Answer
What is BitHarvest and why did it collapse?BitHarvest is an MLM cryptocurrency Ponzi scheme fronted by CEO "Logan Lee," a persona played by Singaporean national Steve Ng. The scheme collapsed after disabling user withdrawals, revealing characteristics consistent with a classic Ponzi failure where new investor funds could no longer sustain promised returns to existing participants.
Who are the individuals behind the BitHarvest scheme?
The primary figures associated with BitHarvest include Steve Ng, a Singaporean national operating under the alias Logan Lee as CEO, and Jaz Pee, who leads a team of Malaysian operatives serving as the public-facing representatives of the operation.
What is the FTT token exit-scam associated with BitHarvest?
Reports indicate that BitHarvest operators planned an exit-scam involving an FTT token, a strategy designed
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