BitNest has received a securities fraud warning from Spain’s Comision Nacional del Mercado de Valores (CNMV).

As per CNMV’s April 27th BitNest fraud warning;

Pursuant to the second paragraph of Article 18 of the Securities Markets and Investment Services Act (Law 6/2023, of 17 March) the Comisión Nacional del Mercado de Valores warns that BITNEST is not authorised to carry on activities reserved for crypto-asset service providers detailed in sections 16-26 of the first paragraph of Article 3 of Regulation (EU) 2023/1114 of 31 May 2023 on cryptoasset markets, subject to prior authorisation in accordance with Article 59 of said Regulation.

The CNMV cites BitNest websites as “bitnest.me” (flagged for fraud by CloudFlare) and “bitnest.ad”.

BitNest launched around mid 2024 after predecessor Yunis Loop collapsed. Both schemes are believed to be run by Chinese scammers.

The original BitNest Ponzi saw the scam sell “BitLoop” positions in USDT, offering up to 24% every 28 days.

BitNest collapsed on December 24th. Admins behind the scam continued to string investors along with promises of recovery up until March 19th, when all communication stopped.

Less than 24 hours after BehindMLM publicly noted almost a fortnight of silence, BitNest admins sent out a “we are sorry” update:

In the communication BitNest’s admins continue to lead investors on with recovery promises;

In May, the BitNest Savings Box portal will be official restored. This means that everyone will be able to participate in Savings Bonx products normally again.

Funds invested into BitNest should be assumed lost. Pending unlikely action from Chinese authorities, how many BitNest victims there are and how much they’ve collectively lost remains unknown.