BitNest is not what it seems. Behind the slick marketing, flashy percentages, and promises of passive crypto income lies a repackaged fraud — and thanks to newly uncovered evidence, we now know exactly who is behind it.

This blog lays out the indisputable facts: BitNest is a near-identical clone of a previous Ponzi scam called Yunus Loop DeFi, run by the very same developers. We now have the receipts.

This is no longer speculation — it’s blockchain-verified truth.

The BitNest–Yunus Loop DeFi Connection

Yunus Loop DeFi was launched in 2022, ran through early 2024, and rugged its users twice — first in October 2023, then again in May 2024. The team behind it vanished… only to re-emerge as BitNest, using almost the exact same user interface, smart contract structures, Telegram channels, and language.

BitNest’s documentation is so close to Yunus Loop’s that many phrases were literally copy-pasted — and in some places, the scammers forgot to replace “Yunus” with “BitNest.”

In one message from the “BitNest Official Subscription Channel” (screenshot taken June 9, 2025), the admin wrote:

“…Yunus Loop has been an innovative platform for digital asset leasing…”

This wasn’t edited out in time — and the word “Yunus” betrays their copy-paste operation. The message was later edited to replace “Yunus” with “BitNest,” proving they rebranded the old Telegram group instead of creating a new one.

And why would they do this? Because they wanted a fake history — a way to point to a 2022 start date to make BitNest look older and more legitimate.

The Blockchain Says Otherwise

A new analytics dashboard from Dune (created by a former BitNest user) shows BitNest only began accepting deposits in May 2024. That’s not even a year ago.

Despite claims of a 3-year track record, the blockchain reveals that BitNest is less than 15 months old — and growing only because fresh money is covering older obligations.

Here are some numbers:

  • BitNest liabilities to users: ~$37.6 million
  • Dev-controlled funds remaining: ~$3.1 million
  • Dev withdrawals (unannounced): ~$16.3 million
  • Borrower income found: ZERO
  • Conclusion: BitNest is paying old users with new user money.

This is textbook Ponzi.

Only One Smart Contract is Audited

PDFBitNest defenders often point to a CertiK Audit as proof of legitimacy.

What they don’t tell you is:

  • Only the deposit contract (where you give them your money) was audited.
  • The withdrawal contract (where they send it back) was NOT audited or renounced.
  • That means BitNest devs can still stop, delay, or redirect your withdrawal at any time.

Even the audited code contained serious red flags:

  • Centralized Admin Control
  • Unlimited Token Approvals
  • Ignored Return Values
  • Third-Party Dependency Risks

“A smart contract doesn’t change a bad business model — it just automates the scam.”

A smart contract proves automation, not legitimacy.

Smart Contracts: What You’re Not Being Told

BitNest often boasts about their CertiK-audited smart contract. But here’s the catch:

There are two main contracts powering BitNest:

That means BitNest devs still have full control over withdrawals, including Loops, SavingsBox, and referral payouts. So while deposits might be secure on paper, you’ll never see your money again if they choose to lock withdrawals — and they’ve done it before.

Additional wallets:

  • Savings Box Deposit: 0x355b7cf7a9b1f32793c2b580c5e0a8a3585d95e2 (unaudited)
  • Gas Wallet: 0x797A35f060Be968792922328F6D73aF37e6cF928

Misleading Liquidity Pool: At the top of the BitNest homepage, a bold “Liquidity: 25,306,779” is displayed. But that figure isn’t theirs — it links to a general PancakeSwap pool, not BitNest’s. The actual BitNest-controlled pool holds less than $3 million, barely enough to support even a week of withdrawals.

A Ponzi Scheme by Design

BitNest’s structure is built for deception:

  • “Guaranteed” 0.4% Daily ROI (requires continuous inflow to sustain)
  • 17-Level Referral Commission Plan (classic MLM trap)
  • Token burning mechanics (to simulate scarcity)
  • Claims of anonymous “borrowers” paying 350% APR (with zero proof)

Users asking tough questions in the Telegram group get banned. That’s not how legitimate DeFi operates — that’s how a scam silences its critics.

One user asked for “a contract address showing any borrower income” and was immediately banned. Another asked why millions were being withdrawn without announcement — also banned. This behavior is classic scam playbook.

They’ve Done It Before — And They’ll Do It Again

The BitNest devs rugged Yunus in Oct 2023, relaunched it in early 2024 with promises of refunds, then rugged users again in May 2024.

Weeks later, BitNest magically appeared.

Now, with over 34,000 wallets connected, BitNest is quickly heading toward the same fate.

The playbook is identical:

  • Collect deposits
  • Use new funds to pay out old users
  • Market “decentralization” as a security feature
  • Promote fake audit credibility
  • Disappear when the liquidity dries up

Related Reading: Previous BitNest Exposés

This blog is the third in a growing series investigating BitNest’s operations and exposing its fraudulent structure. For more context and evidence, see:

Together, these blogs uncover the full scope of BitNest’s operations — from deceptive marketing to technical manipulation to past scams.

Tip of the Hat to the Whistleblower

Special thanks to Andy, a former BitNest investor who saw through the deception and took action. His site — bitnest-truth.com – compiles the evidence linking BitNest’s devs to the collapsed Yunus Loop DeFi scam. Andy also built the Dune analytics dashboard, which tracks the on-chain data proving this is a classic Ponzi model in disguise. It’s grassroots investigators like Andy who help bring these crypto frauds into the light.

Final Warning

This is not financial advice — but it is a call to critical thinking.

The BitNest system has been proven to be controlled by serial scammers. They rebranded an old rug-pulled Ponzi, reused the same playbook, and continue to extract millions from unsuspecting investors.

Don’t be their next exit liquidity.

If it walks like a Ponzi, talks like a Ponzi, and hides its past like a Ponzi — it’s a Ponzi.

Stay alert. Stay skeptical. Stay scam-free.

This blog post is based on blockchain analysis, audit reports, Telegram forensics, and data from:

You’re welcome to share this post. Credit: Danny de Hek — The Crypto Ponzi Scheme Avenger.

Scam-fighting is a community sport. Stay alert, stay loud.

Disclaimer: How This Investigation Was Conducted

This investigation relies entirely on OSINT — Open Source Intelligence — meaning every claim made here is based on publicly available records, archived web pages, corporate filings, domain data, social media activity, and open blockchain transactions. No private data, hacking, or unlawful access methods were used. OSINT is a powerful and ethical tool for exposing scams without violating privacy laws or overstepping legal boundaries.

About the Author

I’m DANNY DE HEK, a New Zealand–based YouTuber, investigative journalist, and OSINT researcher. I name and shame individuals promoting or marketing fraudulent schemes through my YOUTUBE CHANNEL. Every video I produce exposes the people behind scams, Ponzi schemes, and MLM frauds — holding them accountable in public.

My PODCAST is an extension of that work. It’s distributed across 18 major platforms — including Apple Podcasts, Spotify, Amazon Music, YouTube, and iHeartRadio — so when scammers try to hide, my content follows them everywhere. If you prefer listening to my investigations instead of watching, you’ll find them on every major podcast service.

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