Founders and Team
There is no information about the creators of BitNest. The project is positioned as decentralized, without clear leadership. The auditor company CertiK notes on its platform: “public information is missing,” and team verification was not carried out.
As a result, the project team is effectively anonymous, which poses a serious risk.
Repository and Technical Implementation
The open-source code or BitNest repository is not provided. The platform uses smart contracts on EVM blockchains (Ethereum/BSC). It is claimed that “BitNest Loop” runs on Ethereum, “BitNest Savings” on BSC, and “Saving Box” on PancakeSwap (BSC). In the public CertiK report, one contract BitNest.sol is mentioned with code on BSC (see the link to BscScan).
The audit claim about “Solana” appears strange, as the actual contract is deployed on BNB Chain, not on Solana. It is important to note that the project does not have a public GitHub: all functionality is contained in smart contracts, whose code is not available for public viewing.
If you click on the warning, you will see the following – The compiled contract may be susceptible. For a serious project, this is unacceptable!
Smart Contracts and Audit
The main BitNest contract (address on BSC) was uploaded after passing the audit (deployment date 30.05.2024). CertiK asserts that the owner’s rights in the contract have been renounced and there are no privileges, which seemingly increases trust. CertiK confirmed the correctness of the logic (9/9 formal properties passed) and the rectification of all identified issues. However, CertiK itself clarifies that “the audit does not guarantee the project’s viability, the security of investments, or compliance with laws.“
Independent analysis points out vulnerabilities: for example, a note in the audit warns of “centralization” due to excessive administrator rights (even if the rights were supposedly renounced), of full token approval (Max Approve) without limitations, and of dependency on the “black box” of PancakeSwap. In total, CertiK identified 4 issues (2 resolved, 2 “pending”), with no critical ones, but refused to check the economic model.
Thus, from a technical point of view, the contract code is verified, but questions of trust remain (closed testing of third-party protocols, unclear possibilities for the administrator).
And one very strange thing. Across all 7 smart contracts, there are no transactions whatsoever. And the contract with PancakeSwap, which is mentioned, is not on the auditor’s website! It was not audited.
Moreover, it gets even more interesting. The smart contract that is mentioned in the auditor’s report, if you look closer, shows an interesting picture – the contract balance is $359, and everything goes transit to PancakeSwap, so where is the $22,000,000 that one blogger talks about? Did they perhaps pay the organizers’ salaries with it?
And there are no funds in other networks.
Tokenomics and Business Model
The native token Mellion Coin (MEC) is BEP-20 on Binance Chain. Project publications speak of a “token sale” and distribution to support the ecosystem, but details are not disclosed: there is no public data on the nominal supply, emission, or distribution.
It is empty on CoinMarketCap, with no mentions – there are some tokens, but they are unrelated to our project. Even if it appears on some crypto dumps, that won’t improve the project, as it isn’t valued that highly.
The official white paper and website focus on the functionality of investors depositing money (deposit cycles “loop” and “savings box”), promising a stable return. For example, user reviews mention a daily profit of “0.4%” (≈12.55% per month) and a fixed return of 124% in 28 days.
Such a model is essentially a Ponzi scheme (a scam – in our opinion): payments to some participants are provided by new investments. To access the profitable programs, it is required to deposit tokens and/or burn MEC tickets.
In addition, multi-level referral rewards (up to 17 levels) are announced. At least it isn’t binary or matrix marketing. These “income schemes” are classic “pyramid” schemes – payments are guaranteed only with an influx of new investors.
The project generously promises a huge audience, multi-million-dollar capitalization, and other miracles (“50 million users,” “$1000 per token,” etc.), which seems unlikely and is not confirmed by any real metrics.
Overall, the tokenomics appear opaque and designed to quickly attract a crowd: the lack of details about the distribution and aggressive promises of returns are clear “red flags.”
Social Media, Media, and Forums
The project is actively promoted on social networks and messengers. BitNest has a Telegram channel, pages on Facebook and Instagram with publications in several languages, as well as a bot and a channel on YouTube/Rumble.
The marketing messages promise “financial freedom,” “simple passive income,” and “low risks” (typical MLM slogans). For example, on YouTube there is a video “Financial Freedom – Passive Income – Simple – Low Risk,” etc. On X/Twitter, the account @BitNest_ publishes similar statements.
On Binance Square (a user section of Binance for which the exchange is not responsible for the information) a post appeared in which an anonymous author claims that BitNest has “appropriate licenses” and complies with laws (this information is doubtful, as it was published unofficially).
Information about the project is actively spread by referral promoters. There have been investigations; one researcher publicly linked BitNest with the figure Munir Ali Kaid-Al Jannedi, also known as “Mr. Jannedy,” and with the name Mellion Coin, indicating similarities with previous crypto scams.
On forums (for example, MMGP) participants discuss earnings from “loop” and “savings box” with clear signs of hype. In a thread titled “Forum on pseudo-investments/MLM games” – and these guys have been involved in scams before.
On Reddit there is a short post advertising BitNest, where the author urges, “don’t be afraid, this is not a scam” – a classic technique to convince potential investors.
Overall, the project’s reputation is clear: on one hand, there is a lot of noise and “guaranteed” success stories (tales of cars and money), and on the other, independent reviews are cautious or critical.
Blockchain Activity and Metrics
At the time of review, on-chain activity is minimal. According to CertiK, in the last 24 hours the main contract had 0 active users and 0 transactions. This is consistent with the lack of public statistics on token trading (volumes on exchanges are not disclosed).
At the same time, in user messages it is claimed that there is significant liquidity: one MMGP participant reported approximately $22 million in the PancakeSwap pool.
No official confirmation of this figure was found: BitNest does not appear on known trackers. There is no data on trading volumes or number of depositors. Thus, the actual metrics (transactions, turnover) are unknown and, judging by official data, are close to zero.
Key Risks of the BitNest Project
| Risk | Description and Facts |
|---|---|
| Anonymity of the Team | There is no reliable information about the developers or leaders. CertiK records “no public information” about the team. The anonymity makes it difficult to determine responsible individuals. |
| Lack of Licenses | Despite claims (see the press release and Binance Square post) about “registration in the USA” and “having licenses,” there is no verified information on regulatory approvals. These claims seem like a marketing move. |
| Unreliable Audit | The CertiK audit was conducted and published (report from 29.05.2024). All identified issues were formally resolved. However, CertiK warns that the audit does not guarantee the safety of the business. Independent reviews point to potential “backdoors” (centralized risks) and vulnerabilities (maximum approval). |
| Ponzi/MLM Model | The payment structure is clearly MLM: promises of fixed high returns (“0.4% per day,” “124% over 28 days”) and a 17-level referral scheme. This is classified as a pyramid/Ponzi scheme. There is no stable source of income; payments are made from new investors. |
| Marketing Tricks | Aggressive advertising calls the project “risk-free” and “comfortable”; on forums and social networks, referral promoters echo this. Promises of “financial freedom” are accompanied by exaggerated testimonials. Such hype is typical for scam projects. |
| Dubious Tokenomics | There is no transparency regarding the issuance and distribution of the MEC token. It is only known that the token is used for deposits and rewards. It is unclear how many tokens are on the market and who controls them. |
| Overly Optimistic Plans | The project puts forward unrealistic long-term plans (tens of millions of users, rapid payment implementation, support for multiple blockchains). These claims are not backed by real achievements or partnerships. |
| Dependency on Protocols | The smart contract relies on PancakeSwap and other services (assessments show a “black box” of requirements). Changes in third-party contracts or their vulnerabilities may negatively affect your investments. |
Each of the listed risks indicates an increased likelihood of fraud or project collapse: anonymity and lack of proper regulation are combined with flashy marketing, which is typical for financial pyramids. Sources: the official BitNest website/GitBook, CertiK (Skynet), forum discussions, as well as analytical publications by independent experts. Every claim is based on available data.
Personal Recommendations on Bitnest
And now my personal recommendations. I don’t care how you spend your money. It’s yours. But before investing your money in a suspicious enterprise, read the article Ai Marketing SCAM, where there will be no money. Who stands behind the Ai Marketing scam. A detailed analysis of the earnings. In it, I thoroughly analyze the method of evaluating projects like BitNest.
Never take someone’s word for it, especially if you hear about extraordinary earnings from your acquaintances who, in life, earned only a salary.
If you want to create passive income that works, forget about “magic pills” and look at real business. For example, international real estate – a time-tested option backed by economic cycles.
Today, you can start with small investments of $50 to become a co-owner of an apartment, either in Bali or in the United States, and receive a stable income in a foreign currency. And, importantly, without the risk associated with cryptocurrency volatility.
By the way, here are a few directions you should consider:
- Real estate in Bali, in Montenegro, Turkey, and the UAE. There are many interesting projects starting from $50 per share now.
- Properties in the USA and Mexico. The North American market has always attracted investors.
- Real estate in the USA and the EU. This could be a good way to start investing.
And one more thing, each of these companies has a partnership program. But it is not some pyramid, it is a truly working model.
Blockchain? Yes, but wisely. Blockchain opens up new opportunities in the investment market. But the key is not to chase the hype, but to choose projects that have real value.
As a financial analyst and trader with experience, I will say: passive income is built on facts, not empty promises.
