Back in October Mining City initiated its exit-scam by blocking withdrawals via KYC. As revealed in a new communication sent out to affiliate investors, Mining City’s exit-scam just got worse…
Mining City @ BehindMLM
Mining City has disabled affiliate withdrawals. Starting October 16th, Mining City will only allow affiliates who’ve completed KYC to withdraw.
Dubai’s status as the epicenter of MLM crypto scams has plunged to a new low. The emirate is now hosting conventions that celebrate financial fraud.
Mining City’s original shitcoin, Bitcoin Vault (BTCV), is currently sitting at around ~$17. Worse still, BCTV investors through Mining City are receiving cents a day.
A CloudBest employee has revealed BehindMLM’s ongoing coverage of fraud has left Mining City feeling “humiliated”. On June 3rd Wojciech Orych, who identifies himself as an Information Security Analyst, wrote in requesting information on BehindMLM (emphasis mine).
In an email sent out to its investors, Mining City claims a “fake app” somehow has access to the company’s affiliate database. From a security standpoint, this makes zero sense.
Mining City has dropped its mining revenue facade. The company is now paying fixed returns on a schedule. Mining City’s fixed returns are being marketed as “payment plans”.
With their previously launched Bitcoin Vault Ponzi coin failing and affiliate recruitment down, Mining City has announced a new Ponzi shitcoin launch. Electric Cash was initially announced on Mining City’s social media accounts on December 12th. The announcement was made by Mining City CEO Gregory Rogowski. Electric Cash, like BTCV, is being developed by Mining [Continue reading…]
The Ontario Securities Commission has issued a Mining City securities fraud warning. The OSC added Mining City to its warning list on December 14th.
Following publication of our “Mining City lying about Philippine SEC registration” article earlier this week, I’ve had Mining City corporate emailing me to insist the SEC’s own information is wrong. That discussion has now come to a head, following confirmation from the SEC that Mining City is a Ponzi scheme.