Quote:The BETL pyramid has collapsed

The organizers did a classic "rug pull" after several days of raising money with even more aggressive promises.

Hundreds of Bulgarian users who invested in BETL complained on Friday that the company had stopped paying daily dividends and appeared to have closed. According to messages in Facebook groups and Telegram channels of the company, which brands itself as a phone power bank rental company , users were left without access to the system.

The company claims that a process of "verification" and deletion of fake accounts is underway, so each user must confirm their identity by sending $99 to the company through their personal Revolut. The clarification in one of the Telegram channels is that "the amount cannot be divided, it must be transferred in full and exactly 99 USDT (a cryptocurrency with a value equal to the dollar - ed.), no more, no less."

What is happening resembles a classic "rug-pulling" by the company, which initially bears all the hallmarks of a financial pyramid. BETL raised money with the promise that it would pay daily dividends that would cover the initial investment within less than a month. Until recently, the company, registered in the UK by a person named Muzaffar Ahmed Riaz, had quite a few of its defenders - early investors who managed to profit by redirecting new money to them.
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Publications are currently circulating on the internet, ranging from mocking the "investors", to warnings not to put new money into the scheme, to videos in which the company's promotional equipment is broken by disgruntled people .

The collapse of BETL comes after the company announced a "promotion" in the first days of December - everyone who invested in a given level receives dividends from a higher level. Such an approach is a classic exit strategy for people who are at the top of the pyramid, because it allows for a quick capital raising from those who will not be paid anything afterwards. The end of BETL is also evident from the movements in some of the crypto wallets associated with the pyramid. There, first, serious amounts were raised within a short time in the first days of December, and then they were sent to other wallets - probably exchanges from which they were withdrawn.

"Capital" predicts the rapid end of BETL at the end of November, due to the particularly steep architecture of the financial pyramid and the successful multi-level marketing, which managed to convince thousands of Bulgarian citizens to invest within weeks.

An open question is whether the people working locally were aware of the pyramid scheme’s demise. As of early Friday, some of the organizers on the Bulgarian side were still working on a promotional Christmas event to take place on December 19 at the Paradise Mall in Sofia. It is possible that the locals were unaware of the plans of the main organizers, who are not in the country and for at least a few of them it is questionable whether they actually exist.

Quote:Kompanija BETL je zastupljena na Srpskom tržištu od 29. Decembra 2023. godine. Iako deluje kao mlada, kompanija je zastupljena na Azijskom tržištu dugi niz godina i na osnovu dugogodišnjeg iskustva, na tržište Balkana ulazi po principu “sharing economy”. Inače se kompanija BETL bavi iznajmljivanjem eksternih baterija za punjenje uređaja u bilo kojim uslovima (bilo da je hitan slučaj ili samo dopuna baterije uređaja) po principu preuzimanja baterije na jednoj stanici za napajanje i vraćanje baterije na redovno punjenje na istoj ili u bilo kojoj drugoj stanici na bilo kom drugom mestu. Kako je BETL Kompanija koja brine o zaštiti životne sredine, sve BETL baterije se prave od razgradivih i reciklažnih materijala koji ne zagađuju životnu sredinu. Svaka BETL baterija se reciklira nakon dve do tri godine korišćenja. Ovakav sistem omogućuje konstantan kvalitet i kapacitivnost baterije.

Quote:On December 6, BETL stopped paying out the promised returns, citing technical difficulties. At one point, BETL representatives asked for deposits of 99 USDT to verify accounts, with the promise of returning the funds. None of this happened, leaving thousands of Bulgarian investors scrambling to inform authorities and find the persons responsible for the scam.

Even after media reports that BETL was probably a dishonest Ponzi, users continued to send 99 USDT to the project’s TRON address. Based on community estimates, at least 3,500 and up to 6,000 investors tried to verify their profiles, not believeing BETL was doing its last rug pull. In total, the estimated number of investors ranges between 8,000 and 30,000.

A breakdown of the BETL haul shows that investors poured in up to $80M, while early entrants withdrew $50M. Out of the remaining funds, BETL financed its generous PR campaign and its office network. In the end, the firm retained $20M, including the last desperate transactions asking for 99 USDT to verify accounts. Some of the last depositors even sent additional funds to try and reclaim their previous investment. 

Quote:Na Balkanu se upravo dogodila najveća prevara ikada! Istražujemo aplikaciju BETL, pomoću koje su odnešeni milioni evra.