THELOGICALINDIAN - Theres a mining arrangement arrangement bodies are discussing and authoritative the circuit on the web declared Mining City or Bitcoin Vault The Philippines SEC afresh put out a admonishing adjoin the operation and the declared masterminds abaft the project
**Update: After some analysis and research, our aggregation has accepted that Gregory Rekowski has no affiliation to the BTCV project. Further, the BTCV badge and Mining City are not the aforementioned projects, as Mining City alone leverages BTCV for payments.
One affair is for sure, there’s been a cardinal of crypto Ponzi operations over the years, and they about allure a lot of users afore they crumble. However, as the adventure goes with any pyramid arrangement back the activity crashes, alone the top leaders accomplish off with all the money.
One accurate declared pyramid arrangement alleged “Mining City” is a billow mining operation that pays users in a badge alleged Bitcoin Vault or BTCV. Mining City claims to accept an offsite datacenter abounding with mining rigs and the activity sells billow mining affairs to investors.
Mining City sells billow mining affairs in bales of multi-year agreement and depending on the hashrate purchased bales can run up to over $12,000 a contract. Those shilling the activity on crypto forums and amusing media platforms affiance investors $100 a day in allotment paid out in BTCV.
**The Mining City and BTCV schemes were purportedly invoked by the project’s CEO Gregory Rogowski, Philippines accumulation baton Anthony Aguilar, and Jhon Rey Grey. BTCV’s value is listed on the bread bazaar cap aggregator, Coingecko and the badge affected an best aerial of $489 on August 1, 2020. Mining City’s badge is bottomward -85.27% back again and now trades for $72 per BTCV.
There’s a cardinal of reports and studies that appearance the Mining City activity is a pyramid arrangement and the allegation announce a countless of red flags. On September 10, 2020, the Philippines Securities and Exchange Commission (SEC) published a warning about Mining City’s operations.
The Philippines SEC calls Mining City a arrant Ponzi and says the “so-called acute affairs or Mining City Affairs partake of the attributes of balance in the anatomy of advance affairs beneath the authoritative administration of the Commission.”
The Philippines SEC adds:
The regulator additionally stresses that investors “should not invest” in Mining City or to “stop investing” in the project. The SEC reminds investors it will not be able to assure them back the Ponzi operation crumbles because it is “not covered by prudential and bazaar conduct requirements.”
Despite the accusation from the Philippines SEC, the agreement “Bitcoin Vault” or “Bitcoin Vault Price” are blemish searches on Google Trends. Moreover, the tech giants like Twitter, Facebook, and Youtube acquiesce the Mining City Ponzi to flourish, as bags of posts and videos can be begin on these platforms.
According to Mining City representatives, the activity aboveboard refutes the claims fabricated by the banking regulator. In one accurate article, Mining City leaders adduce the “[Philippines SEC] advertisement seems to accept appear as a aftereffect of misinformation acquaint by individuals in the Philippines.”
The Philippines SEC warning, however, says that the regulator may additionally accompany bent accountability adjoin the Youtube approach alleged “Crypto Knight Miner.” Moreover, if answerable the Mining City operators could face fines of up to bristles actor pesos (over $100K) and 21 years of imprisonment.
What do you anticipate about the contempo admonishing from the Philippines SEC about Mining City? Let us apperceive what you anticipate in the comments area below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Philippines SEC,
