HotNews No. 144: BitHarvest – MLM Crypto Ponzi Scam

BitHarvest has recently received an investment fraud warning from the Netherlands Authority for the Financial Markets (AFM).

According to the AFM’s warning on October 7, 2025:

The Netherlands Authority for the Financial Markets (AFM) warns consumers not to accept offers from BitHarvest.
This company is suspected of operating as a boiler room, a form of online investment fraud.

BitHarvest is an MLM crypto Ponzi built around a false claim that a “USB flash drive enhances crypto mining hardware.”

The company operates out of Malaysia and is fronted by CEO “Logan Lee,” who is in fact a Boris CEO role played by Singaporean national Steve Ng, while management is tied to Malaysian national Jaz Pee (aka Wei Haw Pee).

As of September 2025, SimilarWeb tracked approximately 322,000 monthly visits to the BitHarvest website, with the top sources being the US (43%) and Italy (34%).

Part of BitHarvest’s marketing ruse includes the use of purported mining farms in Texas. So far, the only US regulator to take action against BitHarvest was California in October 2024.

Additionally, Russia issued a BitHarvest pyramid fraud warning in February 2025.

BitHarvest is a textbook MLM Ponzi scam, combining promised passive returns, a complex recruitment structure, and false technical claims to attract investors. Anyone considering investing should be aware of the high risk and understand that the most likely outcome is a total loss of funds.

Important: potential investors should consult legal and financial experts before participating, as these scams are often international and difficult to resolve through legal channels quickly.

Your DefendMe Team