BITBK: Ponzi Scheme is on the Verge of Collapse

As the year-end nears,Differences between foreign exchange exchanges and foreign exchange brokers not just us ordinary folks are working diligently, eagerly awaiting our year-end bonuses for a splendid New Year celebration, but various financial schemes are also eagerly poised to boost their performance. Recently, RWA has likely been a buzzword on many social media feeds. RWA (Real World Assets) may sound unfamiliar initially, but it's quite straightforward: these are tokens that represent real-world assets on the blockchain, which can be either tangible or intangible. Essentially, anything from houses, cars, collectibles, precious metals to financial products like stocks, bonds, and intellectual property can be tokenized and mapped onto the blockchain. A familiar example is USDT, which maps the value of the US dollar onto a token.

The crypto industry in the past couple of years has been unstable. With increasing regulation and events like the FTX collapse and Binance founder's guilty plea, smaller exchanges have gone bankrupt, and the market hasn’t seen a new bull run. Amidst this, RWA has gained attention due to its unique features. Today's article isn't to debate its viability; every concept has its merits and flaws, depending on who utilizes it. Regardless of the concept's noble intentions, in the hands of financial schemers, it becomes a disguised tool for exploitation.

Among many exchanges, BITBK has embraced the RWA concept wholeheartedly, with every press release dripping with the allure of money. In the past two months, they've gained significant attention in the blockchain community through numerous articles, boldly challenging major players.

Yet, despite all the articles, BITBK has not disclosed their official website, only offering an app version. It's known that domain name length and the inclusion of core keywords are crucial for SEO, especially in the competitive finance industry. The domain bitbk.com, linked to BITBK, was registered on January 23, 2023, and is not even a year old yet, and currently inaccessible, which is quite suspicious. With such grand promises and leading-edge tech claims, the lack of a basic foundation is questionable.

A simple search shows they are active on YouTube and the original Twitter (now X), with six videos uploaded two months ago, from app promotions to registration guides. One video claims, “No KYC required, ensuring user privacy.” KYC is vital for anti-money laundering and fraud prevention; no regular trading platform operates without it. Thus, an exchange that blatantly claims to bypass KYC is either disregarding regulations or preparing for a swift exit. Let's see what happens later.

On Monday (November 27th), BITBK grandly organized an offline node meetup, touting itself as the world's first RWA digital currency exchange. BITBK should have been matched with a decent website, but instead, they seem overconfident in their ability to make stories. This offline event followed a familiar formula of influential guests and entertainment.

BITBK's ways included models with long legs at the Thai cc Chinese General Chamber of Commerce, with speakers like Mr. HIM from the Thai Duty-Free Group and Mr. France, a technical director from France. The authenticity of these representatives is questionable, with most having mysterious titles but no full names provided. But Mr. France, supposedly from France, seems to somewhat underestimate everyone's intelligence. Who names their child after a country? It appears BITBK is in a hurry to celebrate the New Year, hastily deploying their financial scheme and eagerly facilitating a meet-and-greet between wealthy investors and their impressive foreign team. Organizers and investors, who must be present, should be very happy to see such a grand event.

"Authoritative" figures presiding over the event, interspersed with song and dance performances and a touch of comedy to lighten the mood – it's a complete psychological massage, creating a sense that one might miss out on immense wealth if they don't invest. It seems the team behind BITBK is well-experienced in these tactics, unwavering in their initial intent of harvesting profits. This promotion is visibly burning through funds, but the effect is likely quite good. After all, people may be driven by interests. Thus, despite the exaggerated nature of this offline performance, the harvest must be quite satisfying.

However, such flamboyance often precedes a downfall. As Lu Xun said, "The real tragedy is tearing apart something beautiful to show to others." Many tragedies in forex and blockchain markets are built on such deceptive allure by scheming players who care only for their profits, regardless of others' woes. Investing carries risks, and trading should be cautious! Traderknows will continue to track and report on these developments.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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