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.