PONZI WARNING: BNBcrop is the Latest High-Yield Site to Avoid

It’s always nice when a Ponzi scheme tells you upfront that it’s a Ponzi scheme.

Saves you the heartache in the end.

To wit, I give you BNBcrop.com, the latest in BNB yield-farming sites that have cropped up recently, and which offer unusually high rates of return to attract the yield gnats who flit about the web looking for big numbers without reading the small print.

And the small print that matters with BNBcrop.com comes from the audit that BNBcrop posts right on its website:

The system used is called ROI and must be considered as HIGH-RISK. Users’ principal deposits cannot be withdrawn, users can get dividends and referral commission. Dividends are paid from deposits of other users. (Emphasis is mine.)

That is direct verbiage from Haze Crypto, the auditing firm BNBcrop hired. Frankly, I don’t know how reputable Haze Crypto is as a crypto-auditing firm. They don’t show up among the top-10 crypto auditors, but neither do I find any negative commentary. At worst, they’re middle of the road.

Either way, the fact that BNBcrop’s own auditors point out that paragraph I highlighted is every reason you need to not risk your money with this high-yield Ponzi scheme. If you have money invested in BNBcrop right now, you cannot get it out until your 7-day contract is up. You can, however, withdraw interest daily, and I would immediately do so. When your contract is up, I would exit with my crypto, thankful that I got out whole, and then head about my merry little way to something far more legitimate.

Franky, those last six paragraphs are everything you need to know about BNBcrop. So, you can stop reading here and go about the rest of your day now, better informed about your crypto. But if you want to know more…

What’s the Pitch?

BNBcrop’s pitch is very similar to BNBmatrix and BUSDmatrix, two scams I wrote about previously. Both of those, by the way, are dead and gone — and they took with them hundreds of thousands of dollars worth of Binance Coin and Binance USD stablecoin.

The BNBcrop pitch is designed to stimulate the greed gland: Deposit Shiba, BNB, BUSD, or Tether and earn 2% per day or 14% per week for a 7-day contract. You cannot go shorter than or longer than 7 days. You’re locked into that time span. And you cannot withdraw early, though you can withdraw your interest daily.

If you’re mathematically minded, you will instantly recognize that 2% per day is NOT 14% per week. It’s actually 15% because of the compounding that typically happens when you invest. However, there is no compounding going on at BNBcrop. You’re earning 2% per day, and then the calculation resets the next day. Meaning: If you deposit, say, $1,000 BUSD, you will earn $20 on Day One. At a bank, that $20 would roll into your balance and you would earn interest on $1,020 the next day,

Not with BNBcrop. You earn daily interest only on the base amount of your deposit.

And that’s fine. As long as you know what to expect.

At the end of your term, you withdraw your initial deposit and all is copasetic.

However…

As a carrot to suck investors back in, BNBcrop offers a 5% reinvestment bonus.

So, you invest your $1,000, and at the end of one week you have $1,140, and then you reinvest. Suddenly, you have $1,197 in your account. By reinvesting, you’ve just upped your real return to 2.6% per day. And — lookie, lookie! — after a full month of 7-day contracts and those 5% reinvestment bonuses, you’ll have $1,955.18 in your wallet.

Not bad! Basically doubled your money in a month.

Sign me up!

Oh, and call the Lambo dealer! Tell him I’d like my Aventador in an electric, Kermit the Frog green…

Of course, there’s that niggling little problem that the auditors highlighted — namely: Your return is predicated entirely on other people depositing money. Bit of a downer, really.

You see, the minute there’s not enough income to match the requested outflows, BNBcrop is gonna wither like a cornfield in a drought. The brains behind the site will then skedaddle, and those who still have money invested in BNBcrop — at that point, it will likely be hundreds of thousands of dollars — are going to see their account value plunge to bupkus, and their access to the site vanish. (Already there’s roughly $125,000 invested at BNBcrop.)

Do I know that for a fact?

Nope.

But go to BNBmatrix.io and tell me what you see?

I’ll save you the trouble — that site doesn’t exist anymore. Nor does BUSDmatrix.

When an auditor tells you that the returns you can expect are tied to future investors joining the party, well it doesn’t take Vitalik Buterin to understand the math ALWAYS collapses when existing investors are reliant on new investors coming in. Someone always — always and every time — gets left without a chair when the music dies.

Don’t be the seatless loser with BNBcrop.

I’ll wrap this up by saying: Before you stick a nickel in any high-yield site, spend a few minutes reading all the documents so that you understand what’s going on. And when the site itself tells you that it’s a Ponzi scheme, that your return is 100% tied to other people depositing money… run like you’ve got a steak strapped to your butt and the hounds of hell are hungry.