12-10-2024, 08:18 PM
Bulgarian crypto scam is a top 5 whale in JustLend after exiting with client funds
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.