Bitz Bank Review: Legit or Scam? What You Need to Know!
- Crypto MLM Reviews
- October 18, 2024
Welcome to my Bitz Bank Review!
When it comes to investing your hard-earned money, transparency is key. In the world of cryptocurrency and online financial platforms, shady operations often hide behind flashy websites and promises of high returns. Bitz Bank is one of these companies that raises red flags due to its lack of verifiable ownership information. Let’s dive into the details of Bitz Bank and see why caution is warranted.
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What is Bitz Bank Review?
Bitz Bank’s website domain, bitzbank.co, was privately registered on July 29th, 2024. Despite being around for just a few months, the company’s marketing falsely claims it was established in 2021. This is a common tactic used to create an illusion of longevity and credibility.
Additionally, Bitz Bank’s website appears to target Ukrainian-speaking audiences, as evidenced by the language options available in its dropdown menu. Even their promotional YouTube videos feature actors with Eastern European accents, which is a hallmark of scams originating from this region.
The False Faces Behind Bitz Bank
One of Bitz Bank’s promotional videos stars an actress going by the name “Katherine Mellis.” She introduces a so-called CEO named “Andreas Halvorsen,” who is actually portrayed by Walter Gil Astete, a Peruvian national. Using actors to play fake executives is a classic scam strategy, especially in Eastern Europe.
Research reveals that a LinkedIn profile for Astete lists him in Bulgaria, hinting at connections with Eastern European scammers. The Ukrainian language elements on their site further suggest that Bitz Bank may be run by Ukrainian nationals.
The Illusion of Legitimacy
To appear legitimate, Bitz Bank presents company registration documents from Montana and the UK. But don’t be fooled—anyone can register a shell company with fake details in these jurisdictions, making these certificates worthless for due diligence.
Bitz Bank’s “Product Line”
Bitz Bank has no actual retail products or services. Affiliates can only promote Bitz Bank’s membership packages and investment plans.
Compensation Plan Breakdown
Bitz Bank affiliates invest cryptocurrency based on different plans:
- Basic: $20 to $4,999 for 1.5% daily returns over 130 days
- Advanced: $5,000 to $24,999 for 1.75% daily returns over 120 days
- Premium: $25,000+ for 2% daily returns over 110 days
The company’s MLM model also pays referral commissions and residual income, encouraging the recruitment of new investors—a classic Ponzi scheme structure.
The Cracks Begin to Show
With no verifiable external revenue streams and fake executives at the helm, Bitz Bank’s business model fails the sniff test. The so-called bank isn’t even registered as a financial institution in any regulated jurisdiction, violating financial laws.
Bitz Bank Scam – Conclusion
Bitz Bank may appear enticing with its promises of high returns and sleek presentation, but the reality is grim. When recruitment slows down, the flow of new investment will cease, and the entire scheme will collapse, leaving most investors at a loss. Always research thoroughly and avoid handing over money to companies that lack transparency.
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