Bitonite’s Ponzi structure has given way.
In the wake of deploying a worthless token strategy as an exit fraud at the outset of 2024, Bitonite commenced postponing disbursement demands in late May.
This situation escalated to a subsequent “we got hacked!” charade for their departure fraud on June 3rd.
The precise timing of Bitonite’s BIT token launch for this exit scheme is unclear, but promotion started around January 2024.
BIT was offloaded onto unreliable exchanges in February 2024, promptly followed by the typical Ponzi pump and dump scenario with their token.
After surging to tens of thousands during its inflation phase, BIT’s day-to-day trading value crashed to mere hundreds daily for the better part of May 2024.
In the event of the June 3rd, 2024 “we got hacked!” pretense by Bitonite;
Our public disclosure stated that all backlogs of payments would be handled in due course and efficiently. Nevertheless, that very afternoon, while initiating these payments, we were met with a severe security breach.
Our trading wallet was compromised after this communiqué and all resources were depleted. Owing to this breach, it’s become impermissible to continue our offerings.
To deter investors from reporting them to supervisory authorities, Bitonite is stretching out its departure scheme with a “repayment initiative”.
We’ve resolved to forge an in-house remedy to recompense the casualties.
An indemnity scheme has been established to return the invested funds to the impacted parties.
Monitored visitor numbers to Bitonite’s online portal over the preceding several months have remained around ~13,000 monthly visits. Such figures for a pyramid operation are suggestive of imminent failure.
Although the exact number of Bitonite investors and the collective loss are unknown, traffic analyses hint that the user base is mainly from Italy (44%), Germany (22%), and Ireland (21%).
Bitonite commenced operations around mid-2023, enticing investors with the prospect of passive income ranging from 3% to 10% each month.
The helm of Bitonite was manned by founders Tanyel Tahtaci, Mertkan Boyraz, and Denis Muric.
With Tahtaci hailing from Turkey, Boyraz from Austria, and Muric from Germany, the trio of founders moved to Dubai before the inception of Bitonite.
Prior to the unravelling of Bitonite:
- Tanyel Tahtaci transitioned his Instagram to a private account and left his FaceBook profile idle in September 2023;
- Mertkan Boyraz expunged his Instagram presence; and
- Denis Muric deserted both his Instagram and FaceBook accounts in March 2024.
Considering the downfall of Bitonite and its founders seemingly ensconced in Dubai, expectations for any further pronouncements are low.