Bitles Review – Ponzi Scheme – MLM Scam

Website & Company Information

The domain ‘https://bitles.eu/’ was privately registered on the 11th of April, 2019.

The website has no information about the owner of the company. But in one of their presentation its shows that Cryp-Spider AI’s Lead Developer — Janis Lacis owns the company.

https://bitles.eu/docs/Bitles_Whitepaper-EN.pdf
Janis Lacis

The company is incorporated as Bitles Ltd. in the UK under the number 11975430.

Note: The UK is one of the most favourable jurisdictions for scammers, and 90% of all the shady MLMs are registered in the UK. Also, UK incorporation is dirt cheap.

Bitles’ Products

The company markets its BTL token and proposes many investment plans as a retail product. The company advertises daily return ranging from 0.3% to 6%.

Minimum Investment- $50

Maximum Investment- $30,000

Bitles’ Compensation Plan

The company pays commissions on BTL token investment by retail customers and personally recruited affiliates. The compensation plan has 15 ranks.

Bitles also have both the Uni-Level and Binary payment structures in place for referral downline commissions. The company caps unilevel residual commissions at ten levels of recruitment. These bonuses are accrued for each product sold in your structure and ranges from 3% to 10% of the product price. The payment percentages of these 10 levels are as follows:

  • 3% from all deposits at Level 1
  • 0.5% from all deposits at Level 2
  • 1% from all deposits at Level 3
  • 0.5% from all deposits at Level 4
  • 0.5% from all deposits at Level 5
  • 0.5% from all deposits at Level 6
  • 0.5% from all deposits at Level 7
  • 0.5% from all deposits at Level 8
  • 0.5% from all deposits at Level 9
  • 0.5% from all deposits at Level 10

Bitles is aggressively marketing all these bonus structures. These include Passive Bonus; Leadership Bonus; Quick Start Bonus; Rank Achievement Bonus. Read this document to learn more about these plans: https://bitles.eu/docs/BITLES-MP-EN.pdf

Conclusion

Bitles is attempting to create a risk-free investment environment where the user feel their funds are in their own hands.

But the affiliates are to invest in the company’s BLT token to get daily returns. It is worth noting that these BLT are worthless outside the Bites ecosystem. The company pays all the compensation and rewards in BLT tokens, and the affiliates are required to liquidate them via Bitles’s internal exchange.

The company claims that its BLT token value increases by 10% every month. This promise should be taken with a pinch of salt.

According to the company, this ecosystem is made possible because of its ‘Crypto trading bot’, and the company has no external revenue to back their promises.

We watched all the videos of their YT channel, where we saw the owner showing his Bitcoins. But we couldn’t find any proof of the advertised crypto bot. This means that the company pays affiliates and investors from the investment of new members.

This makes it a Pyramid scheme! Admins of the company will honour withdrawals via the internal exchange until new investment dries up or these anonymous admins want to pull a runner.