The Central Bank of Russia (CBR) has warned BitHarvest about pyramid fraud.
BitHarvest displays “signs of a financial pyramid,” in accordance with the CBR’s warning from February 14.
The “USB thumb drive enhances crypto mining hardware” scam is the foundation of BitHarvest, an MLM crypto Ponzi scheme.
“Logan Lee” is the CEO of BitHarvest, which is based in Malaysia.
Steve Ng, a Singaporean, plays Lee, the CEO of Boris. Jaz Pee (also known as Wei Haw Pee), a Malaysian native, is linked to BitHarvest management.
BitHarvest’s website has around 635,000 monthly views as of January 2025, according to SimilarWeb. The US accounts for 31% of BitHarvest’s website traffic, followed by the UK at 23% and Ukraine at 21%.
In the middle of 2024, Russia was a major source of BitHarvest traffic, but it seems to have since fallen apart. The Ponzi scam most likely extended to Ukraine as a result of BitHarvest’s promotion in Russia.
BitHarvest uses Texas mining farms as part of their marketing ploy. California last October was the only US agency to move against BitHarvest to yet.
