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Yes, I have put a small amount into BitNest, a few hundred dollars only.

This was much against my better judgement and denial of all the rug pulls and scams that happened to me in cryptoworld over the last 10 years.

I was seduced by the positivity of some well known peers and sponsors of mine who I suspect did not do their homework properly.

If I can get it as far as running on house money before it implodes I’ll be pleased!

However, I did take part in this platform assuming the money would be lost – unless, of course, BitNest does last another year!

Why am I apprehensive about BitNest survival?

• On one side you have all the techno mumble that puts this program on a pedestal as the best thing crypto wise since sliced bread was created.
• On the other side, you have the dirt that people have dug up which is quite damming..

So what is BitNest

Here’s what they say:

BitNest is a decentralized finance (DeFi) platform based on blockchain technology, aiming to establish a distributed digital world system with transparency, accessibility and inclusiveness. It realizes a decentralized peer-to-peer economic circulation model, and meets the savings needs of global users and institutions for capital circulation, leasing, and rotating income with zero risk and security.

If you were really negative you could read that last bit as zero risk and zero security, lol.

Now if you have the will power you can go and read the White Paper on the site https://bitnest.me/white/index

There you will find a ton of technospeak. Here is the abstract, some of which may surprise you. For instance – Mellion Coin is the core coin of the BitNest ecosystem:

Abstract:

Mellion Coin is the core coin of the BitNest ecosystem, aimed at providing users with reliable and efficient solutions for cryptocurrency savings and investments. This whitepaper aims to introduce important information about Mellion Coin, including its background, technical features, use cases, and distribution methods, to better inform community members and potential investors about the operational mechanisms and potential value of the token.

1. Background

With the rapid development of the cryptocurrency market, there is an increasing demand from users for secure and high-yield savings and investment solutions. The birth of Mellion Coin aims to meet this demand by providing users with reliable savings and investment tools while promoting the healthy development of the BitNest ecosystem.

2. Introduction:

Mellion Coin is a decentralized standard token based on the Ethereum Virtual Machine (EVM) and is an integral part of the BitNest platform, aimed at advancing the development of decentralized finance (DeFi). This whitepaper will provide a detailed overview of Mellion Coin, including its purpose, usage, distribution, governance mechanisms, ecosystem development, security, destruction mechanisms, and market prospects.

3. Token Overview:

3.1 Token Name: Mellion Coin3.2 Token Symbol: MEC3.3 Token Type: BEP20 Standard Token3.4 Initial Supply: 1,000,000,00 NC

So with all that in mind, what does the average Joe see that might encourage him to part with his crypto?

At first sight it appears to have a lot of upside potential, seems to have a low level of risk and it has been paying out for people for over a year.

But that’s how these things work – or not as we shall see.

What is a Rug Pull?

A rug pull is a type of exit scam, typically seen in the cryptocurrency and NFT spaces. It’s where developers abruptly abandon a project, drain its liquidity, and leave investors with worthless assets. This often involves creating a seemingly legitimate project with a promising roadmap. Then, after attracting investment, developers will remove the liquidity from the project’s trading pool. Investors are left unable to sell their tokens or NFTs.

• The Setup: Scammers create a cryptocurrency token or NFT project. This will have a public-facing website, social media presence, and a roadmap outlining future development goals. 
• The Bait: They may use marketing tactics and community engagement to attract investors, often highlighting the potential for high returns. 
• The Drain: Once enough funds are invested, the developers will remove the liquidity from the trading pool. Often by selling their own tokens for real currency or other cryptocurrencies. 
• The Result: Investors are left with tokens or NFTs that have little or no value. The project’s liquidity has been removed. 
• No Recourse: Due to the decentralized nature of many crypto projects and the lack of regulation, it can be difficult or impossible for investors to recover their losses. 

If you want to see the public facing site: GO HERE

What are the negative findings on BitNest that might allow a rug pull?

Searching around the internet I could quickly see that some people and entities had done a deep dive. Both into the management and the code functionality of the smart contracts to see if there were backdoors. This where the blockchain funds could be ‘milked’ away from the hands of the people who put money in..

A discussion could be had about whether this is just a ponzi model. This is where the new funds coming in pay back the people whose contracts are expiring. No real ‘product’ is involved.

If you want to see the underbelly of BitNest:

DUNE
LINK: BitNest – Summary of Income & Liabilities

It can be seen that financially it appears to only just be holding it’s head above water

It can now be confirmed that the BITNEST devs are the same devs that scammed and rugged YUNUS Loop DeFi.
First in Oct 2023. Again in May 2024. Yunus Loop DeFi was set up nearly identical to BitNest.

The proof and documentation can be found here …

BitNest: The Unfortunate Truth

The operators and owners of BitNest appear to be the same people that ran and scammed “Yunus Loop DeFi”. It’s possible they are currently working on scamming BitNest users today.

This site documents these facts.

LINK: BitNest: The Truth

Also see:

LINK: BitNest Smart Contract Audit: Why a Clean Code Check Doesn’t Erase a Ponzi Business Model

LINK: Munir Jannedy Exposed: The Dark Truth Behind BitNest, Mellion Coin, and Their Crypto Ponzi Empire

Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. Do your own research before making a financial decision related to any company or asset.

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