Mining City securities fraud warning from Cyprus
Mining City has received a securities fraud warning from Cyprus.
Mining City was one of eleven fraudulent investment schemes cited in a February 22nd warning from the Cyprus Securities and Exchange Commission (CySEC).
Mining City is tied to Cyprus through Pophetek, a shell company associated with the scheme. This is from Mining City’s website;
As a sidenote, Prophetek is the company behind the Mining City platform.
It is based in Cyprus, a country with clearer cryptocurrency regulations than many other European countries.
In its fraud warning CySec warns that Mining City’s website
do[es] not belong to an entity that holds an operating license for the provision of investment services and/or the exercise of investment activities.
Securities fraud is illegal in Cyprus as per Article 5 of Law L. 87(I)/2017.
In addition to Cyprus, Mining City and associated companies have received regulatory fraud warnings from the Philippines, Canada and the UK.
Mining City launched back in 2019 as a bitcoin mining ruse Ponzi scheme. Mining City was owned by Eyal Avramovich, with CEO Grzegorz Rogowski (aka Greg) fronting the scam.
Following a 2020 reboot and months of dwindling ROI payments, Mining City initiated a messy shitcoin exit-scam in 2021.
In March 2022 Avramovich tried to convince victims their losses in his Ponzi scheme wasn’t his fault. After that Mining City was all but over.
In October 2022, Avramovich attempted to reboot Mining City yet again as iMine. iMine
Albeit it geoblocked for US visitors, iMine’s website is still up. SimilarWeb tracked just 900 monthly iMine website visits for January 2024 – which for an MLM company is as good as dead.
Over on social media, Avramovich is still keeping up appearances with his MineBest crypto mining charade.
After ditching Mining City under the pretense of non-verifiable health problems, Greg Rogowski went on to relaunch Exeno.
Exeno had its origins in Mining City but was spun off as a separate entity on or around October 2022. Since then Exeno appears to have collapsed.
The last Exeno FaceBook post is dated September 22nd, 2023. At time of publication Exeno’s website is not accessible.
I am surprised that Cyprus is issuing fraud warnings when it seems to be another safe haven for cryptobros/scammers.
However, I checked that Miningcity’s site lists only two big events in the pasts 4 years: One in Quito(Ecuador) and one in Dubai.
I guess Ecuador was chosen because it is a dollarized country (in the late 90s after a crisis they adopted the dollar as national currency), a poor informed society and with a heavy Mexican/Colombian/Albanian mafia presence, so lots of moneylaundering (as evidenced by gang violence waves in the last one a half year)
btw, I just checked Mining city’s official Telegram Channel, and their last two messages are work sharing:
February 15: KYC Issue
ibb.co/vQnsXCT
March 1: New Project!
ibb.co/Y3ZR5zv
Well, in a 3 month old post they also announced their own card
mydreambit.com
So, they’re trying to diversify the scam portfolio. A bit of despair in their channel, if you ask me…
ibb.co/44XGVXZ
Cyprus has an SEC but they rarely if ever pay attention to MLM related securities fraud.
At one point Cyprus was the defacto choice for shell company shenanigans. Scammers have since moved on to the UK, Hong Kong, Singapore, islands in the middle of nowhere, Australia and to a lesser extent NZ.
KYC was part of Mining City’s original exit-scam. Amazing but not surprising they’re still hiding behind it.
Also BTCV has been dead for years, who are these updates Avramovich is putting out even for?
Re. Dubai, I have read rumors Avramovich fled Europe for Dubai. Wasn’t able to confirm so never reported on it.
Miningcity social media presence is dead, too. To date only Telegram serves as the main channel of communication with their “community”
– On Twitter, their last post was on December 2022 (same as Instagram and Facebook)
– On Youtube, all their videos are 1+ years old. And all of them are shitty presentations by Kristina Hranovska and Emanuel Kolata.
ibb.co/MZ1tsXb
I don’t know why, but this Jorge Mesquita rings a bell…
@Oz, I think your suspicions of Eyal being in Dubai are on the right path. Since both Kristina and Emanuel(He goes by “Emax”) live and “work” in Dubai.
Just in case they delete their Linkedin
ibb.co/n0mCVJv
ibb.co/9YDRZkw
Furthermore Emax’s IG is full of Dubai “adventures”:
instagram.com/emax7
Meanwhile, Kristina has only two Tiktok accounts with old videos about miningcity, and no presence on IG:
tiktok.com/@kristinahranovska
tiktok.com/@kristina_miningcityfx