BitHarvest has received an investment fraud warning from the Dutch Authority for the Financial Markets (AFM).
As per
the AFM’s October 7th BitHarvest warning
;
The Netherlands Authority for the Financial Markets (AFM) is warning consumers not to accept offers from Bitharvest.
This company is suspected of being a boiler room: a form of online investment fraud.
BitHarvest
is an MLM crypto Ponzi built around a “USB thumb drive enhances crypto mining hardware” ruse.
BitHarvest is run out of Malaysia and fronted by CEO “Logan Lee”.
Lee is a Boris CEO played by Singaporean national Steve Ng. BitHarvest management is tied to Malaysian national Jaz Pee (aka Wei Haw Pee).
As of September 2025, SimilarWeb was tracking ~322,000 monthly visits to BitHarvest’s website. Top sources of BitHarvest website traffic are the US (43%) and Italy (34%).
Part of BitHarvest’s marketing ruse is use of
mining farms in Texas
. So far
the only US regulator to take action against BitHarvest
is California in October 2024.
Russia also issued a
BitHarvest pyramid fraud warning
in February 2025.
Update 21st November 2025 –
BitHarvest has
collapsed
.
🤖 Quick Answer
What is BitHarvest and why has it received a fraud warning?BitHarvest is an MLM cryptocurrency scheme built around a purported USB thumb drive that allegedly enhances crypto mining hardware. The Dutch Authority for the Financial Markets (AFM) issued an investment fraud warning on October 7th, classifying BitHarvest as a suspected boiler room engaged in online investment fraud targeting consumers.
Which regulatory authority issued the BitHarvest warning?
The Netherlands Authority for the Financial Markets (AFM) issued the official warning against BitHarvest. The AFM advised consumers not to accept any offers from the company, identifying it as a suspected boiler room operation, a recognized form of organized online investment fraud involving high-pressure deceptive sales tactics.
Who operates BitHarvest and where is it based?
BitHarvest operates out of Malaysia and is publicly fronted by a CEO identified as "Logan
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