The Bitonite Ponzi scheme has collapsed.

Following initiating of a shit token exit-scam back in early 2024, Bitonite began delaying withdrawal requests in late May.

This culminated in a second 
“we got hacked!” 
exit-scam on June 3rd.

I’m not sure exactly when Bitonite initiated its BIT token exit-scam but marketing began in or around January 2024.

BIT was dumped on dodgy exchanges in February 2024, after which BIT went through the usual Ponzi shit token pump and dump.

After spiking in the ten of thousands during the pump phase, BIT daily trading volume plummeted to just a few hundred a day for most of May 2024.

As per
Bitonite’s June 3rd, 2024 
“we got hacked!” 
exit-scam announcement
;

In our official announcement, we announced that the outstanding payouts would be processed successively and on time. However, the following early afternoon, when we started processing the payouts, we were confronted with a serious security incident.

Our trading account was hacked after the announcement and all funds were destroyed. Due to this incident, we are now forced to suspend our services.

To keep investors from filing complaints with regulators and authorities, Bitonite is prolonging its exit-scam with a “repayment plan”.

We have decided to work out an internal solution to compensate the victims.

We have developed a repayment plan to refund affected users their invested amounts.

SimilarWeb’s tracked traffic to Bitonite’s website over the past few months has hovered at around ~13,000 visits. For an MLM Ponzi scheme this is indicative of pending collapse.

While we don’t know how many Bitonite investors there are or how much they’ve collectively lost, website traffic estimates suggest they are primarily from Italy (44%), Germany (22%) and Ireland (21%).

Bitonite
launched in mid 2023 and pitched investors on passive returns of 3% to 10% a month.

Bitonite was headed up by co-founders Tanyel Tahtaci, Mertkan Boyraz and Denis Muric.

Tahtaci is from Turkey, Boyraz is from Austria and Muric is from Germany. All three co-founders
relocated to Dubai
prior to launching Bitonite.

In the lead up to Bitonite’s collapse:

Tanyel Tahtaci marked his Instagram profile as private and abandoned his FaceBook profile in September 2023;

Mertkan Boyraz deleted his Instagram account; and

Denis Muric abandoned his Instagram and FaceBook profiles in March 2024

Given Bitonite has collapsed and its founders are hiding in Dubai, we’re not expecting any further updates.

🤖 Quick Answer

What was the Bitonite Ponzi scheme?
Bitonite was a fraudulent investment scheme that collapsed in 2024. It featured a proprietary cryptocurrency token called BIT, which was promoted starting in January 2024 and traded on unregulated exchanges before experiencing classic pump-and-dump dynamics.

How did Bitonite's collapse occur?
The scheme initiated withdrawal delays in late May 2024, followed by a "hacked" exit-scam announcement on June 3rd. This prevented users from accessing their funds while operators retained control of accumulated assets and investor deposits.

What characterized BIT token trading patterns?
BIT exhibited typical Ponzi scheme token behavior: initial price spikes during promotional phases, followed by dramatic volume collapse. By May 2024, daily trading volume declined to only a few hundred units despite earlier thousands-level valuations.

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