Beware of Bitqyck – Review

The co-founders of Bitqyck, Bruce Bise and Samuel Mendez were each given a 50-month jail term.

Following their refusal to file Bitqyck’s taxes in 2016 and 2017, the IRS opened a criminal investigation into the couple.

The prosecution of Bise and Mendez is a classic MLM crypto heist;

Mr. Mendez and Mr. Bise acknowledged that more than 13,000 investors contributed almost $24 million to Bitqyck.

The defendants utilized Bitqyck cash for personal needs such as casino vacations, automobiles, opulent house furnishings, art, and rent instead of keeping their obligations to these investors.

Mr. Bise and Mr. Mendez earned around $4.68 million and $4.48 million respectively from 2016 to 2018.

On the tax front, it was the failure to file with the IRS that caused problems.

Mr. Bise underreported his income to the IRS for the years 2016 and 2017, which resulted in a $371,278 tax loss. Mr. Mendez also underreported his income to the IRS for that period, which resulted in a $311,155 tax loss.

Even though Bitqyck earned more than $3.5 million from investors in 2018, it filed zero corporate tax filings.

Between Mr. Bise and Mr. Mendez, the total tax loss to the United States government is more than $1.6 million.

In August 2021, a criminal complaint was submitted against Bise and Mendez.

In September 2021, Bise admitted confessed to tax fraud. A month later, in October, Mendez entered a guilty plea. In March, the two were given a 50-month jail term.

I waited to report the situation since I was unaware of it.

Bitqyck was reviewed by BehindMLM in March 2017. In our analysis, we determined that the securities scam Mendez and Bice began with Calorchi and continued with Bitqyck.

In 2019, the SEC filed a lawsuit against Bitqyck, Mendez, and Bice, at first estimating $13 million in customer damages.

As a result of the IRS’s inquiry, that sum would rise to $24 million that had been stolen from 13,000 investors.

According to the SEC’s complaint, Bise and Mendez fraudulently stated that each Bitqy token delivered fractional shares of Bitqyck stock through a “smart contract” and that QyckDeals, a daily deals platform employing Bitqy, was a worldwide online marketplace.

According to the lawsuit, the defendants misrepresented to investors that BitqyM tokens gave ownership rights to a Bitqyck cryptocurrency mining operation that used electricity at a discounted cost.

Bitqyck didn’t own any mining facilities and didn’t have access to cheap power.

Bitqyck is also accused of operating TradeBQ, an unregistered national security exchange that allowed trading in just one security, Bitqy, unlawfully with the help of its creators.

Mendez and Bice paid $10.1 million to resolve the SEC’s allegations of securities fraud. Disgorgement and two civil fines made up the settlement.

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