Our Response to Freddy at "Cryptonomy" on Youtube.

(Link to video:  https://www.youtube.com/watch?v=6nLWvd8SpOI )

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About a week ago (17-Aug-2025), a YouTuber at the “Cryptonomy” channel made a video that responded to this https://bitnest-truth.com website.  It was a long video, and so our response is also a bit long.  But here is the summarized TL;DR (“too long; didn’t read”) version of our response, for those not interested in diving into the weeds:

 

1. The YouTuber was looking at the wrong official Bitnest Telegram group.  There are two official BitNest channels, and our website specifically references https://t.me/Bitnest_Channel and this YouTuber was looking at (and talking about) https://t.me/Bitnest_EN.  So all of his responses regarding our points are incorrect.

 

2. In his video, the YouTuber freely admits that the BitNest proxy wallet (0xb25…24ae) can CHANGE the wallet that the BitNest Loop funds are returned to.  Which proves our point that ALL BitNest deposits are 100% under the control of BitNest operators, and they can choose to change the destination wallets whenever they want, for any BitNest Loop or SavingsBox deposit that gets made. (And this is made worse,  of course, because we now know for a fact that the BitNest owners/operators used to own and operate Yunus Loop DeFi, which they scammed).

 

So let’s get started on the deeper dive.

 

TRANSCRIPT OF YOUTUBE VIDEO

 

Hi, how are you? Good day, everyone. Welcome to another installment of the Cryptonomy channel. Today I want to make a video specifically to answer all those questions and concerns that have arisen as a result of some videos that community members have seen and from defamers, so to speak.

Always ask yourself this. What do the people making these videos have in store? What do they gain? Why

are they doing it? Are they really good Samaritans helping us protect our investments?

 

That’s a great question.  I am a representative of the people who made the bitnest-truth.com website, and also the dune.com dashboard on Bitnest.  We are also former investors in Bitnest, and so clearly we wanted Bitnest to be real and we wanted to trust the leaders of Bitnest.  So what we uncovered was very unfortunate for us, and not something that we we wanted to learn.

 

So, I want to take this, which is the reference page some channel subscribers sent me [Edit: bitnest-truth.com] , so you can review the supposed evidence of everything they're warning us ... When someone comes and throws all that garbage or excrement, it takes them 15 minutes to make one of these videos that goes viral, but to debunk that, how long does it take? …

 

We spent many days and weeks, digging deeply into the blockchain and the Telegram records that relate to Bitnest, to unfortunately learn the truth we uncovered.  We were hoping to find positive things that we could use to build our groups and support our investments.  What we learned was NOT something we wanted to find.

 

Yes. And we're going to attack them one by one. Yes, we're going to answer them one by one. So, it says here, "Bitness promises its users." No, it doesn't promise us, it delivers. … They promise users a very high performance. I repeat, it's not a promise. We've verified it. Verified. …

 

And no one is denying that Bitnest has paid … to date … as promised.  But unfortunately, there is no question now that Bitnest uses new user money, to pay old investors.  And that’s how ponzis work. They pay, until the scammers suddenly decide to run off with the stolen money.  Just ask the Yunus Loop DeFi users.  We now know that Yunus was run by the same person/people running Bitnest. The Yunus users money was ALSO coming in as promised.  Until one day, it wasn’t. And the Yunus Loop DeFi owners (now Bitnest) ran off with the stolen money and disappeared.  But we’re getting ahead of ourselves…

 

We continue. So, uh, you also promise your users that the extremely high returns are paid with the interest of wealthy borrowers. Don't believe it. Don't believe it. I don't really care whether people believe this or not. We've explained it ad nauseam. Yes. These people don't even understand what a whale, an investment fund, does with the Bitcoin they have. They don't know how to put it to work in futures, how to put it to work with the loans they

use by leaving their Bitcoin as collateral. They know absolutely nothing about it. And they come here talking about these Sandy people that they don't even have a way to prove. That's it.

 

If you want to believe that whales and investment funds are freely willing to pay over 360% APR interest on $100,000+ loans to Bitnest, believe as you wish.  But identical and better loans – from very reputable and trusted sources – are available for 1-4% APR from various sources in crypto (e.g. AAVE, etc.)  So there is nothing that Bitnest provides that whales can’t get elsewhere.

 

And the idea that Bitnest offers them a way to be “anonymous” is simply not compelling.  First, crypto itself is already anonymous.  And if whales/institutions are afraid that their wallet addresses are known, then it’s completely free to put ones crypto through a CEX or even a “tumbler” or mixer to further anonymize one’s funds.  Bitnest provides nothing here, that can’t be received for free elsewhere.

 

Tell me, what real evidence has this guy presented? Not a single one. Yes, these are assumptions, and they're assumptions based on smoke because he has nothing to prove it. Okay, let's move on. Two main things. The interest income from borrowers cannot be verified. False. You want to verify that, open a loan, request a $100,000 loan, and you'll be able to see absolutely everything. So, if you want to come and show us that evidence, open a $100,000 loan and show us that this isn't working. Show us on the smart, on the blockchain. Show us that this is false.

 

The Bitnest leaders are constantly claiming that “everything can be verified”, that “it’s all on the blockchain”.  This is simply a lie. They can’t verify the “interest income” because it does not exist.  We have scoured the blockchain related to Bitnest. All the Bitnest income is coming from new or existing Bitnest users, and is used to pay the ealier Bitnest Loops.  It’s that simple.  There is no interest income, because it’s a ponzi.

 

But there’s one easy way to simply put this argument to rest.  Show a SINGLE transaction ID where “interest income” hits the blockchain for use by Bitnest.  We have looked.  Hard.  It doesn’t exist.

 

Two. And most importantly, it has now been proven, let's see where the proof is, it has been proven that the proprietary operators of Business are the same proprietary operators of a previous, almost identical scheme called Yunus Loop, in which the owners defrauded their users, first in October 2023 and then in May 2024. Done. Someone goes to verify and approve fasts. Yes. And what do they find? So, they haven't shown a single evidence here. Where's the evidence? I want to show you evidence here. There's this portal called tgstat or telegramstatistic.com where we can see a Telegram group that was created, we can determine when it was created, how many participants it has, etc., etc. Yes.

So, here we see the group that was supposedly Yunus Loop. Look when it was created. Here we can see, uh that it was created in June 2024. Please excuse me. Yes, we can see the channel, we open it and we can see the complete information. There they show some images in which they show what it says, "Yunus Loop." I took it upon myself to review up to June 2024, which was when this group was created. Those images are nowhere to be found.

 

You are looking at the wrong official BitNest Telegram group.  You were looking at “BitNest English Communication Group” (https://t.me/BitNest_EN). 

 

At our website https://bitnest-truth.com, we are referring to:

 

“BitNest Official Subscription Channel” (https://t.me/BitNest_Channel)

 

This is where the “smoking gun” evidence was found, as documented at our website.

 

So, to the people who bring this up I want to see the sources. Just as I show the sources, I demand that you show me the sources on which you base this. So, to avoid making this video eternally long, because there's a lot of information, I'll leave the links for you to go to. Look, July 2024. Yes, I can say, "Show me the entire period here. This works the same as a YouTube channel. I can see, this is the TG ST page. Do it at home." Look, June 2024 is when this channel starts. 112,000 subscribers, and this is the trend. Yes, I can see the weekly activity. Now, there's some information I already requested from the administrator of this Telegram group, which I don't manage, that is, the one who does can show us all this audience and all these statistics because here it only allows me to see this summary, and that's it. no. But with that, I can rule out that this group isn't what they're saying here, right? That it's supposedly the Yunus Loop group and that they just changed the name.

 

Again, you were looking at the wrong Telegram group.  When you look in the correct Telegram group, you will see that all of our evidence and arguments are documented and supported.

 

So, they're here to tell us, how do we know the owners of Bitnest are the same owners of Yunus? First of all, Bitnest is virtually identical in design and setup to Yunus Loop Defi and its documentation is practically identical. Yes, in one of the links there's a large number of Deffi projects that have enormous similarities in their construction. I'll give you an example, Liquity and Age Liquity. …

 

Taken in combination with the use of the word “Yunus” in the official Bitnest Telegram groups (which is fully controlled by the Bitnest leadership) – as is documented at our website -- there is no longer any doubt whatsoever that the BitNest leaders/owners/ devs/scammers, are the same ones that led and scammed Yunus Loop  DeFi.  From the screenshots at our website, it is a 100% proven fact at this point.

 

Again, this is not something we WANTED to discover.  But unfortunately, it was there.

 

Okay, let's get back here to the supposed evidence that allows us to prove it. We've been here, what? 15 minutes, and they haven't proven absolutely anything to us. The videos, the people who make the videos, often do a video that went viral, a video that has content that achieved so many views, and they take the most important part of that video and duplicate it. That doesn't mean it's the same project, that it's the same smart contract, that it has the same function, the same interaction, none of that. Now, first and second, nothing. They haven't shown us absolutely anything. Third, the wording and terminology. I've already explained it.

 

I’m guessing you haven’t actually spent any time doing a direct comparison between BitNest and Yunus.  It’s actually kind of embarrassing for the BitNest leaders that they didn’t do a better job with their coverup and covering their tracks.  They use nearly the same videos and language … and literally using the same Telegram group.

 

And I can copy exactly what's here in Liquity, and I invite you to go, look, it's Liquity, it's the explanation, and come here and look at the docs to see if they're not exactly the same, because obviously the same concept is being used. And what's the concept? That a capital is left like Collateral, a trof is created, it has a stability pool and staking. It's the same concept. I go back and say, Ace Liquity is an exact copy of Liquity, …. Keep in mind that they haven't given us a single piece of real evidence.

 

Again, you were looking at the wrong Telegram group.

 

Now, finally, the launch of Bitness on the blockchain, May 2024, coincides exactly with the time the Yunus scam was completed. Show us the evidence. Show us when. First, the Yunus contract that gave me the task of finding it. I'll show it to you. Yes. Where is the end of Yunus so that it connects with the beginning of Bitness? Show it. Just one piece of evidence. They haven't shown anything here. That's it. Now, look at this. It turns out that the old Yunus Loop channel, right? on Telegram with posts dating back to 2022, changed its name. Where's the evidence of this? Show it.  … Absolutely nothing. Pure smoke and mirrors. Okay, let's continue here. Since the previous screenshot was taken, look, these are all screenshots that can be easily edited. Hm, I want to see the evidence. I haven't seen any concrete evidence so far, not one.  If you scroll through the official Bitness subscription channel, you'll also notice entries prior to April 2024. This is fake. The channel was created in June 2025. What's going to be seen? What's going to be shown there? I want to see it. Yes.

 

And again, you were looking at the wrong official BitNest Telegram group. 

 

As far as the end of Yunus and the start of BitNest, there are still many old Yunus Loop DeFi Telegram groups, which document the Oct 2023 and then May 2024 scam that was pulled off. And the blockchain proves that BitNest was launched in May 2024.

 

Cutting through the lies. Claim one. So, the Bitness website in bold letters shows the liquidity. This was more a mistake on the part of us who shared the project than a mistake on the part of Bitness. Yes. I also asked Peter, hey, why are they putting this here? He said, "No, we've never said that this liquidity is completely ours." And that's explained in several videos.

 

This is a clear deception, continually perpetrated by the BitNest owners at their website, to make it look like their liquidity is over $40 million.  They also continually lie about it daily in their Telegram Subscription channel announcements, where they describe it as “Platform Liquidity”.  The reality is, they have a fraction of that amount in actual liquidity onchain. 

 

And this lie is compounded by their lie to have over 1.9 million users (the blockchain proves that they had 52,643 wallets connect to their contracts in July). 

 

The ACTUAL BitNest liquidity pool, that shows the total income and payouts, as well as the amount that the Bitnest devs have already taken for themselves, can be found here:

 

https://defi.krystal.app/account/0x93943687dfb0cdd938aa78025b4ffd632786987c/positions/0x46a15b0b27311cedf172ab29e4f4766fbe7f4364-654147?chainId=56

 

The same liquidity pool can be found on Pancakeswap here.

 

https://pancakeswap.finance/liquidity/654147?chain=bsc

 

At the time of writing, Bitnest owes its users over $50 million, only has kept about $4.5 million onchain to keep the Ponzi going, and has secretly removed about $13 million for themselves in the background. 

 

We're not the only liquidity provider within Pancake Swap for this pool, 3121, which is PancakeSwap's, and that's why they're talking about 2 years. Bitnest has been a provider for this pool for two years.  The fact that the business smart contract is a year and a bit old is because they kept making improvements to it, they kept doing functional tests and desktop tests.  And a year and two months ago, more or less, just looking at it here, uh, yes, one year and 114 days, look. Yes, one year and 114 days. That's it, which was when the administrator role was resigned and it was left running on autopilot. But in all the videos and explanations, when they talk about these two years, they don't refer to the fitness smart contract. …  And we see that PancakeSwap remains the largest with 356,416 transactions moving 227 million dollars. Yes. Within the Bitnest contract. Look, There are more liquidity providers here. That has never been denied. It has never been said that we are exclusive providers and that all this liquidity that appears here is ours, because remember that it's not the only liquidity managed by Bitness.

 

The Bitnest devs put these lies out everyday at their website and in their Telegram channel.  All you are  doing is finding excuses for their dishonest and criminal behavior.

 

Remember that there's also the Wrapped BNB vs. USDT pool, which manages the Bitness Box, as we showed, as I've shown here. I've compiled all this information, and it's taken me a while to do so. Remember, at the beginning, since there wasn't a company or a technical group to explain this to us, this had to be done manually, person to person. And I took on that task, and that's why I shared this information as I collected it one by one. So, keep in mind that this Rapid BNB vs. USDT pool Bitness Box, which ends in F849, is also part of Bitness's liquidity. So, I've explained that ad nauseam in other videos, and I don't want to keep extending the video. I want to focus on responding to all those fallacies and misinformation [Music] that come out and say all kinds of stupid things and think we're stupid, excuse the redundancy, that we eat whole and that we're going to believe everything they tell us without any serious, solid argument.

 

The WBNB/USDT liquidity pool you are referencing is another GENERAL PURPOSE liquidity pool that everyone uses.  And there are no interactions with any of the Bitnest contracts in this pool. I’ve gone over your other videos about this pool, and you don’t make any argument that shows that this liquidity pool has any relationship to Bitnest whatsoever.

 

Let's continue here. So, one is clear. If they don't show any proof, they're just sowing doubt, right? liquidity is not a property of the corporation. No, of course, it's never been said to be proprietary. We're just providers like others within that. And we can see it here, look.

Uh, ah, this is the rewards one. Look, this is the Bitness smart contract. If we go here into the Visualizer, you can see it graphically. Ah, Wednesday. Wait, you didn't copy my contract. I'll take the contract here, look. Yes. 526, it ends at 526e. I go here to Arham, I go here to the Visualizer, paste the contract, and here we'll be able to see all the participating liquidity providers.

 

The Visualizer has no value here, other than as a marketing gimmick to try to make Bitnest look more legitimate than it is.  It shows and proves nothing, other than the fact that lots of projects use the general purpose USDT/USDC PancakeSwap liquidity pool (0x92b…3121).  But that doesn’t show or prove anything as it relates to Bitnest.  In fact  the arkm.com website itself, if you really dig into it, actually proves that Bitnest has no external income and is just using new user money to pay for old users.

 

If you want to see the actual blockchain verified numbers, then visit:

 

https://dune.com/bitsandbytes/bitnest

 

This site pulls from bscscan.com (which is what arkm.com pulls from), and bscscan.com is the source of all the block chain records that Bitnest resides on.

 

To remove all that noise and all that misinformation, we asked you to show us everything that doesn't have a category, and with that, we can move much better. 1000. You see that between Bitness and Pancasap there's no more, there's no more, there are no intermediaries. Now, if I put the Bitiness Loop smart contract here, which ends at 3121, let's do it here so this is once and for all absolutely clear.

Yes. So, let's look here at how [Music] I'm going to check this out a bit so we can enlarge it and see it more clearly. So, within that pool, Wednesday, within that pool. Ah.  [Music] within that Pancas pool, we're not the only providers.

Look, and I explained that in several videos. Uniswap is participating there, there's 0x, there's Baby Swap, there's Binance, there's Teleport, Squid, Relay, and there's more. There's more. If you look at it over a long period of time, we'll find that Suschi Swap is there. Anyway, look at the onchain analysis videos, that information is there. So, yet another lie.

 

Again, these have nothing to do with Bitnest.  The “visualizer” at the Arkham site is a gimmick that Bitnest supporters love to point to, but it proves nothing as it relates to Bitnest, other than the fact that Bitnest has a liquidity pool on PancakeSwap.

 

Yes, this is completely false. Claim number two. In their Telegram groups, website, and documents, the owners of Bitness claim that their smart contracts are audited by CERTIC and have been rejected. Absolutely false. The contracts are there.

Yes, there's the report, and you can jump right into Skynet. Look at it, here it is. And check it out yourself, don't believe a clown or any ghost who appears there telling you that bunch of nonsense. Here, he's scanning it because this browser is new and I haven't done this. It's also in the videos I shared. While it finishes loading, let's continue.

Hey, they've been rejected by all user funds. They're safe, and you don't have control over the smart contracts or the progress of user funds.

 

Only one Bitnest contract (0xFCc…526e -- that deals with DEPOSITS) has been Certik audited.  The other contract (0xb25…24ae), which is a proxy contract that manages all WITHDRAWS, has not been audited and is 100% controlled by the Bitnest devs.  Meaning, the Bitnest devs control the return of everyone’s money, and can stop or redirect it whenever they want – which you admit below.

 

That's why I'm saying, if any of you haven't received your money when your loop ends, raise your hand and speak up. Yeah. So this really has absolutely nothing to it. The reality is that once you give your funds to fitness, their owners have complete control over them. False. It's a contract.

Completely decentralized, and as I explained in this video that I did from the last live this week with Gino, in which I explain how the protocol works the IPS protocol. …

Basically, so we understand, if this didn't work this way, the proxy could only deliver to one wallet. So, the proxy must be able to, which ends in 24ae, as we see here. Yes, FB24ae. Imagine if this proxy contract couldn't change the destination wallet, it would only deliver one wallet. Right. So, if we apply a little common sense, this contract must be able to change the wallet, otherwise it would only deliver to one wallet at a time.

 

You’re basically admitting it right here.  The Bitnest devs have 100% control over where, how and when user funds get returned, through the proxy contract ending in 24ae.  And these devs are proven to have scammed and stolen money from Yunus Loop DeFi users.

 

So, this proxy contract, what input does it receive from the Bitness contract? What we've always talked about here: when I create a loop, the first thing it asks me is the wallet I'm connecting to. Yes, that's like the ID of that smart contract. Just like in many databases, the ID is our ID, and with it they pull the rest of our data: name, last name, city, etc., etc. Here, the smart contract has an ID which is our wallet. That's the first piece of data or the first input of information that this smart contract has. The second is the amount, how much I'm going to put in here. And the third input is the time. So, without this first input, which is the wallet ID, how will the proxy know where it's going to deliver the capital plus the profit at the end of this loop? So, these wise gurus who come here to inform us and tell us they showed us the evidence and the Holy Grail, don't even understand how a blessed smart contract works. So, this gentleman here said that this FB24AE contract, he shows it in a video. Yes, here it says "optimization enable" and he says it can be modified. Of course, you need to modify the wallet that will deliver the reward, as we see here.

 

You keep admitting it.  That proxy contract is 100% controlled by the Bitnest devs.  Who we now know are serial scammers.

 

Look, F24 is the one that pays the rewards. I've explained it any number of times. And if you don't believe it, just open your wallet. Go ahead, open your wallet, the Token Pocket or whatever your wallet is, and see where you receive the rewards from here, or when a loop ends, where do you receive them from? FB24 Aing. I'll show you the evidence because I'm really annoyed with bringing this up over and over again, so I'm telling you right now, this is the last time I'm going to make a video to respond to all this nonsense. How long have I been wasting my time reading this nonsense and responding to the same thing that's already been said in all the videos? 38:46

Now here's supposedly, uh, this user who publishes information on Dun or dan.com. Remember that just like on Coin Market, I can have a user on Dan as well, and that doesn't mean that the information I'm posting here is true or approved by don. Now, if we enter Dune here, the first thing Dune tells us is that they are not responsible for the information you publish here. Yes. When you get to the end of this document, the first thing it tells you is that Dune is not responsible for the information published by a user. Which user? Here we'll see that this user is called bit s bites.

 

Dune.com is actually transparent.  Anyone can look at the code behind the various graphs and numbers, and confirm the numbers for themselves.  The Dune page on Bitnest is 100% pulling the numbers from the block chain where Bitnest transactions reside.  All the graphs are based off of these public transactions.  Anyone can confirm it for themselves.

 

Yes? And what does it show us here? The same misinformation that's here. So, so far, I haven't seen a single piece of evidence. Now, as I was saying, I went a step further. Hey, here it is inside D.f. Here, it's talking about the payable address, which paints it as a high informational error, huh. You have to be able to change the address because otherwise, it's only going to be sent to one person, and we're almost 2 million participants.

 

The “almost 2 million participants” is another lie.  There were less than 55,000 unique wallets interacting with the Bitnest contracts in July 2025.

 

If you couldn't change the destination address, your capital and profit wouldn't reach you at the end of the loop. Right. Uh, what else did I want to show you here? We've already seen this. I wanted to show you, oh, I remembered. I have the GitHub pages open here, which are the code repositories, so you can go and check it out for yourself.

Look, yes, they say they copied Yunus Loop exactly, right? They tell us that they copied Junus Loop exactly.

 

No one ever said they “copied Yunus Loop exactly”.  But it is laughingly similar.

 

…There comes a point where you really get desperate from answering the same stupidities and the same nonsense. But I'm going to finish answering all those questions to close the topic. What else is there to talk about here?

There's no evidence of any of this, yes, that Yunus went bankrupt and with that, they started Bitness. There's not a single bit of evidence of that. Yes.

Where's the evidence that they leaked? Where's the evidence? Honestly, of everything I read, watched the videos, I sat all day looking at this. Yes. to see where the unfortunate truth lies. And what I really see is that it's an absolute unfortunate waste of my time and yours.

 

Yes, as it turns out, your video was a huge waste of time.  You didn’t even get the Telegram group right, and you freely agree with us that the BitNest proxy contract allows the BitNest owner/scammers to steal the funds whenever they want.

 

Conclusion. What else do I need to see here? Uh, no, conclusion. I'll repeat, I'm sharing this document with you on the channel, in the Telegram group, with all the information so that if you're lazy, don't have the time, or have something better to do, I downloaded this information in a PDF of what I just showed you so that you can look at it. …

 

Let’s just be honest here.  You want your Bitnest referral money to continue with your 17 levels of referrals – and you’ll ignore obvious facts to keep it going.

 

It is painfully obvious to anyone who has done actual objective and thorough research on BitNest, that BitNest is a full-blown ponzi being run by proven serial scammers and criminals.