Blue Electric Technology Limited (BETL), a crypto investment scheme targeting Bulgarian investors, has been accused of conducting an exit scam that locked thousands of investors out of their savings.
The company, which promised steady payouts from a seemingly legitimate business model, ceased operations abruptly, leaving behind financial losses and unanswered questions.
BETL’s sudden collapse leaves thousands defrauded
On December 6, BETL halted all payments, citing technical issues that left investors in limbo. Adding to the confusion, the company requested deposits of 99 USDT for account verification, promising to return the funds. Despite earlier warnings from the media that BETL could be a Ponzi scheme, thousands of investors sent the requested fee, hoping to access their locked savings. Estimates suggest between 3,500 and 6,000 individuals sent the 99 USDT fee, while the total number of affected investors is believed to range from 8,000 to 30,000.
Reports indicate that investors contributed up to $80 million to BETL, with early participants withdrawing around $50 million. The remaining funds reportedly financed the company’s promotional campaigns and operational costs. Ultimately, BETL retained $20 million, including funds collected from last-minute verification fees. Some victims allegedly made additional deposits, attempting to recover their initial investments.
PowerPal emerges as BETL disappears
BETL has not entirely vanished. Instead, the company appears to have rebranded itself as a new scheme, PowerPal, which continues to solicit funds. BETL’s former Facebook page now promotes PowerPal, claiming the previous project had completed its mission. Powerball offers investment packages with promised returns, allegedly tied to physical battery pack rentals like its predecessor.
BETL’s operations had built trust by opening offices, hosting events, and running a sophisticated PR campaign. Investors were encouraged to make deposits in cryptocurrency, primarily USDT, but most were not crypto-savvy and used fintech apps instead of self-custodial wallets. BETL targeted its audience through platforms like Facebook and Telegram, where it maintained an untraceable presence. Key figures associated with the project, including Bulgarian manager Kalina Nikolova, have since deleted their online profiles. BETL also used images of celebrities to boost its credibility, though some claimed their likenesses were used without consent.
BETL wallets hold significant JustLend assets
Even after the exit scam, wallets linked to BETL still hold considerable funds. A smaller wallet containing $226,000 in verification fees has been identified. Meanwhile, a larger wallet tied to the scheme includes 415,599 TRON-based USDT and approximately 581.3 million USD, a yield-bearing asset on the JustLend platform. BETL’s holdings make it the fifth-largest whale of jUSDT, holding about 4.65% of the token’s supply, valued at $6.07 million.
BETL asked for deposits of 99 USDT to verify accounts, but never returned the funds as promised. | Source: TronScan
Despite its collapse, BETL’s actions highlight a recurring issue in Bulgaria, where crypto scams like OneCoin have previously targeted thousands. While some investors knowingly participated in the high-risk venture, others were blindsided, often taking out personal loans to join the scheme. As PowerPal gains momentum, concerns remain about the continued exploitation of unsuspecting individuals in similar fraudulent operations.
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