Website & Company Information
The web domain of the company was privately registered on the 23rd of May 2020. The website provides no information about the company’s incorporation.
Heading the company is the CEO, Oscar Costa. His full name is Oscar Costa Revienta Cerebros, and he is based out of Spain. Before running Bitwabi, he was running a pet kennel and animal shelter.
Independent researchers also confirm that Costa was also actively involved in ArbiStar Ponzi scheme. After his fall from Arbistar, all the shreds of evidence of his participation has now been expunged.
Bitwabi has no retailable products or services, with affiliates only able to market Bitwabi affiliate membership itself.
Bitwabi’s Compensation Plan
Affiliates invest funds on the promise of advertised annual returns:
- Bronze — invest €250 and get €83 a month for 12 months
- Silver — invest €500 and get €166 a month for 12 months
- Gold — invest €1250 and get €416 a month for 12 months
- Diamond — invest €3000 and get €1000 a month for 12 months
- Premium — invest €6000 and get €2000 a month for 12 months
- Premium Plus — invest €12,000 and get €4000 a month for 12 months
The company also pays referral commissions using a unilevel compensation structure, capped at ten team levels:
- level 1 (direct recruit) — 30%
- levels 2 to 10–2%
A Bitwabi affiliate must have direct recruits who collectively invest €50,000. Satisfying this criterion grants the affiliates to receive commissions across levels 6 to 10 of the unilevel team.
Generating €150,000 in investment volume by personally recruited affiliates rewards you €15,000 worth of bitcoin.
The Leadership Bonus is qualified each time €150,000 is generated.
Affiliates are designated the VIP status when they satisfy the following criteria:
- qualify for residual commissions across all ten levels of their unilevel team;
- qualify twice for the Leadership Bonus; and
- generate €5 million in investment volume across the first ten levels of their unilevel team.
5% of company-wide investment volume is allotted to a bonus pool and divided among VIP affiliates each month.
Joining Bitwabi affiliate membership is free. However, full participation in the attached income opportunity requires a minimum investment of €250.
Bitwabi solicits investment in Bitcoin.
The company claims of generating income through trading and is “a cryptocurrency platform created to offer all kinds of services related to the crypto space.”
They are guaranteeing risk-free investments which is a big red flag. Bitwabi’s Premium Plus investment plan promises an annual return of 400% on an investment of €12,000. If the team behind the company is capable of making 400% a day, then why do they need your money?
The company provides no evidence of trading taking place or external revenue of any kind being used to pay advertised returns. This implies that the only valid source of income entering into the company are new investments, and using these funds to honour existing withdrawals makes them a Ponzi scheme.
Illegally Offering Securities
The company is pitching a passive income scheme that would likely get them in trouble with financial regulators because when any MLM company offers a passive investment opportunity, it’s classified as a securities offering. Bitwabi is not registered with any financial regulator of the region. The CNMV regulates securities in Spain. Bitwabi is Illegally Offering Securities.
Affiliates might also be liable for securities fraud by promoting unregistered securities.