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

As per the AFM’s October 7th BitHarvest warning;

The Netherlands Authority for the Financial Markets (AFM) is warning consumers not to accept offers from Bitharvest.

This company is suspected of being a boiler room: a form of online investment fraud.

BitHarvest is an MLM crypto Ponzi built around a “USB thumb drive enhances crypto mining hardware” ruse.

BitHarvest is run out of Malaysia and fronted by CEO “Logan Lee”.

Lee is a Boris CEO played by Singaporean national Steve Ng. BitHarvest management is tied to Malaysian national Jaz Pee (aka Wei Haw Pee).

As of September 2025, SimilarWeb was tracking ~322,000 monthly visits to BitHarvest’s website. Top sources of BitHarvest website traffic are the US (43%) and Italy (34%).

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

Russia also issued a BitHarvest pyramid fraud warning in February 2025.