Cybercrime Southeast Europe Newsletter No. 53

Dear Clients,

We continue to monitor serious financial scams affecting our region. This week, we turn our attention to the case of BETL, which has proven to be yet another sophisticated Ponzi scheme, with a large number of victims across the Balkans. Estimates place the damage in the tens of millions of dollars.

How did the scheme work?

BETL presented itself as a company renting and selling portable phone chargers. Through a mobile app and Telegram groups, users were promised daily passive income and bonuses for bringing in new members. The platform was promoted as “an innovative fusion of technology and investment,” with campaigns like “Christmas rewards” and “special verification” used to stimulate new investments.

At the end of December, a message appeared announcing a supposed need for profile verification – requiring a payment of exactly 99 USDT. Shortly after, the platform went offline, the money disappeared, and the fraudsters erased their tracks.

Technical analysis: the trail leads to Cambodia

Thanks to technically savvy users who analyzed IP addresses and money flows, it was discovered that all key Telegram accounts (Frank, Nelson, Daniel) were managed from the same location – Cambodia, linking them to organized crime groups known for running crypto scams across Asia.

Key wallets on the Tron network associated with the scheme show transfers worth millions of dollars, with funds further moved via “bridges” and mixers to destinations that are almost impossible to trace.

The role of local “ambassadors”

Unfortunately, local “managers” and promoters once again played a critical role in spreading the scam. Victims in Serbia, especially in Zrenjanin, reported being recruited by individuals falsely claiming to be BETL management, including someone operating under the name “Sara.” Rather than being held accountable, some of these individuals are now trying to cover their tracks – and in one case, even smashed the windows of their former office.

Reminder: a Ponzi is a Ponzi, even if it “pays out”

BETL is another example of a hybrid pyramid scheme that uses a real product (power bank devices) as a smokescreen for collecting funds through a fake investment model. Although users initially received some “payouts,” this is a well-known tactic to create an illusion of legitimacy.

Let us remind you: the fact that someone receives “earnings” does not mean the system is legitimate – this is a hallmark of all Ponzi schemes, which only function while new recruits are coming in.

What’s next?

A police report has already been filed in Bulgaria, and evidence is being collected in Serbia. International agencies such as Europol and Interpol are expected to become involved. We encourage all victims to contact us so we can jointly file criminal complaints and ensure legal protection.

WARNING TO ALL CLIENTS:
If someone promises you quick and guaranteed profit, and uses Telegram, Revolut, or crypto payments, without any ownership transparency – you can be sure it’s a scam.

If you have any questions or suspicions, reach out to us directly. 

Kind Regards,

Zoran Miljakovic

Attorney at Law

We warn you about another scam – the fake investment platform “Eaconomy”!

Recently, a new scam called “Eaconomy” has emerged in the Balkans, operating as a pyramid scheme. This platform primarily targets young people, promising quick and easy profits through investments and training programs.

How does the scam work?

“Eaconomy” presents itself as an educational platform offering courses and tools for financial market trading. However, its core business model relies on recruiting new members who pay membership fees, while existing members earn commissions for bringing in newcomers. This structure has all the characteristics of a pyramid scheme, which is illegal in many countries.

Key warning signs of a scam:

• Recruitment-focused earnings – The main source of income comes from enrolling new members rather than selling actual products or services.
• Unrealistic profit promises – Potential members are lured with the prospect of a luxurious lifestyle with minimal effort, which is often too good to be true.
• Lack of transparency – Information about the company, its headquarters, and licenses is often vague or unavailable.

How to protect yourself?

• Research before investing – Check the company’s details, read reviews, and look for independent sources of information.
• Be cautious of offers that sound too good to be true – High returns with minimal risk are a common red flag.
• Avoid platforms that require upfront payments for membership or training – Legitimate companies usually do not demand such payments.

If you have been targeted or victimized by this scam, contact us to discuss possible legal actions.

Stay alert and informed to protect yourself and your finances!

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Kind Regards,

Zoran Miljakovic

Attorney at Law