Home
News
- Mining city of Philippines is not registered under the commission and does not possess the necessary licenses
- Mining city, is a Bitcoin cloud mining business and it seems like they weren’t following the general policies regarding the virtual currency exchanges
- Any promotions of their services can lead to fines up to $100,000 or even jail time of up to 21 years
Recently, the Securities and Exchange Commision of the Republic of Philippines announced that they have identified a Bitcoin mining ponzi scheme, which could affect millions of the users. According to it, the mining city is not registered under the commission and does not possess the necessary licenses or authority to collect, accept or take investment and placements from the investors. Moreover it is not authorised to issue investment contracts and other forms of securities.
CEO and Major Workers of the Company Have to Report the Bureau
Mining city, is a Bitcoin cloud mining business and it seems like they weren’t following the general policies regarding the virtual currency exchanges. The announcement further explained that this could be a potential Ponzi scheme in which the investments are consumed by them to give profits to the early investors. Consequently, the CEO of Mining City, Gregory Rogowski, group leader Anthony Aguilar, and Facebook page admin Jhon Rey Grey were all identified as top workers of the plans. All of them are supposed to report to the Bureau of Internal Revenue in order to testify all the examinations regarding the tax evaluations.
The Promoters Would be Forced to Give Fines and in Worse Case Imprisonment
The commission has strictly advised all the users to not invest on any sort of plans or smart contracts offered by the mining company. Moreover, any promotions of their services can lead to fines up to $100,000 or even jail time of up to 21 years. The company has been accused of launching its own mining schemes where the hash power offered to financiers are somewhat worth $300 up to $12,600 and promises daily supply returns of up to $92. Mining City apparently has a partnership with MineBest who are again the creators of Bitcoin Vault (BTCV) which is a fraud. The investors get their revenues from these BTVC tokens.
Similar Announcements of an Ethereum Based Ponzi Scheme
Moreover the price of the BTVC token plunged by 75% from $425 on Aug 23, to $100 on Sep 10 just a few weeks before the announcement was made. The SEC of Philipines had previously made a similar announcement regarding an Ethereum based ponzi scheme Forsage. However, it had a much larger user base of 390,000 users to be precise.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
