Bitz Bank Review: Boris CEO MLM crypto Ponzi
Bitz Bank fails to provide ownership or executive information on its website.
Bitz Bank’s website domain (“bitzbank.co”), was privately registered on July 29th, 2024.
Despite only existing for a few months, in its marketing material Bitz Bank falsely represents it was founded in 2021:
While Bitz Bank’s website is presented in English, a drop-down menu at the top is presented in Russian:
Over on Bitz Bank’s official YouTube channel, we find an obligatory rented office video featuring an actor who speaks with a Russian accent:
Note for some reason videos uploaded to Bitz Bank’s YouTube channel are in 240p.
Bitz Bank’s “Katherine Mellis” goes on to introduce purported CEO Andreas Halvorsen:
Bitz Bank’s Boris CEO Andreas Halvorsen is played by Peruvian national Walter Gil Astete:
The presence of Russian on Bitz Bank’s website and use of actors in its marketing videos strongly suggests Bitz Bank is being run by Russians.
There’s a Walter Gil Astete on LinkedIn citing a Bulgarian location. This could be a bogus profile but it also might explain Astete’s connection to Russian scammers.
In an attempt to appear legitimate, Bitz Bank provides company certificates for Montana and the UK.
Due to the ease with which scammers are able to incorporate shell companies with bogus details, for the purpose of MLM due-diligence these certificates are meaningless.
As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.
Bitz Bank’s Products
Bitz Bank has no retailable products or services.
Affiliates are only able to market Bitz Bank affiliate membership itself.
Bitz Bank’s Compensation Plan
Bitz Bank affiliates invest USD equivalents in cryptocurrency.
This is done on the promise of advertised passive returns:
- Basic – invest $20 to $4999 and receive 1.5% a day for 130 days
- Advanced – invest $5000 to $24,999 and receive 1.75% a day for 120 days
- Premium – invest $25,000 or more and receive 2% a day for 110 days
The MLM side of Bitz Bank pays on recruitment of affiliate investors.
Bitz Bank Affiliate Ranks
There are nine affiliate ranks within Bitz Bank’s compensation plan.
Along with their respective qualification criteria, they are as follows:
- Copper – earn $2000 in residual commissions
- Bronze – earn $5000 in residual commissions
- Silver – earn $10,000 in residual commissions
- Gold – earn $25,000 in residual commissions
- Titanium – earn $100,000 in residual commissions
- Sapphire – earn $200,000 in residual commissions
- Emerald – earn $400,000 in residual commissions
- Ruby – earn $800,000 in residual commissions
- Diamond – earn $1,000,000 in residual commissions
Referral Commissions
Bitz Bank pays referral commissions on cryptocurrency invested by personally recruited affiliates:
- invest at the Basic tier and receive an 8% referral commission rate
- invest at the Advanced tier and receive a 9% referral commission rate
- invest at the Premium tier and receive a 10% referral commission rate
Residual Commissions
Bitz Bank pays residual commissions via a binary compensation structure.
A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):
The first level of the binary team houses two positions. The second level of the binary team is generated by splitting these first two positions into another two positions each (4 positions).
Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.
Positions in the binary team are filled via direct and indirect recruitment of affiliates. Note there is no limit to how deep a binary team can grow.
At the end of each day Bitz Bank tallies up new investment volume on both sides of the binary team.
Affiliates are paid 10% of new investment on their weaker binary team side, capped daily based on how much they’ve invested:
- Basic tier affiliates can earn up to $2000 a day in residual commissions
- Advanced tier affiliates can earn up to $5000 a day in residual commissions
- Premium tier affiliates can earn up to $10,000 a day in residual commissions
Matching Bonus
The Matching Bonus is paid as a percentage of residual commissions earned by personally recruited affiliates.
Note that the Matching Bonus is capped at 10% of a Bitz Bank affiliate’s own daily residual commissions.
E.g. If you earn $1000 in residual commissions you can earn up to $100 as a Matching Bonus for that day.
Rank Achievement Bonus
Bitz Bank rewards affiliates for qualifying at Copper and higher with the following one-time Rank Achievement Bonuses:
- qualify at Copper and receive $200
- qualify at Bronze and receive an iWatch or $500
- qualify at Silver and receive an iPad or $1000
- qualify at Gold and receive an iPhone or $2500
- qualify at Titanium and receive a Rolex watch or $10,000
- qualify at Sapphire and receive a “3 d/n trip to Dubai” or $20,000
- qualify at Emerald and receive a Mini Cooper or $40,000
- qualify at Ruby and receive a Nissan Patrol or $80,000
- qualify at Diamond and receive a “luxury villa” or $100,000
Joining Bitz Bank
Bitz Bank affiliate membership is free.
Full participation in the attached income opportunity requires a minimum $20 investment.
Bitz Bank solicits investment in various cryptocurrencies.
Bitz Bank Conclusion
Bitz Bank represents it generates external revenue through “private equity & venture capital, crypto currency funds and ICO.”
Bitz Bank fails to provide verifiable evidence it generates external revenue of any kind.
That’s because, like Bitz Bank’s fictional executives, none exist.
Secondary to Bitz Bank being a Ponzi scheme is the representation, by name, that it’s a bank.
In violation of financial law in any country with a regulated banking system, Bitz Bank fails to provide evidence it has registered as a bank in any jurisdiction.
As with all MLM Ponzi schemes, once affiliate recruitment dries up so too will new investment.
This will starve Bitz Bank of ROI revenue, eventually prompting a collapse.
The math behind Ponzi schemes guarantees that when they collapse, the majority of participants lose money.
I’ll give this one a 3/10 on the Boris filmometer. The scheme is not as ambitious as Unexa nor are the actors as bad/funny as Fidocap. It’s redeeming feature is that it does have the “staff sat around a table whilst the CEO gives a confused speech from a teleprompter” segment though. This is naturally essential in a fat Boris CEO ponzi. Overall, must try harder.
The drop-down menu (language selection) is not in Russian, it’s Ukrainian. Also, Ukrainian is the top option, which might be the primary market for scammers.