Mining City announced a new Ponzi shitcoin launch while the Ontario Securities Commission issued a securities fraud warning

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The Ontario Securities Commission, Canada issued a stock fraud warning against the Mining City Ponzi project, in fact, the Ontario Securities Commission added Mining City to the warning list on December 14.

The Ontario Securities Commission has issued a Mining City Ponzi securities fraud warning

Mining City is a Ponzi cryptocurrency project, which transfers investment services on its website, is not registered in Ontario when participating in stock trading. Mining City is said to be owned by Eyal Avramovich. The company is run remotely from Poland by former Avramovich employee Gregory Rogowski.

This warning from the Ontario Securities Commission is equivalent to securities fraud warnings issued in other jurisdictions.

In October, the Philippines SEC banned Mining City, confirming that both were committing securities fraud and implementing a Ponzi scheme. At the moment, Mining City is currently operating mainly in South Africa, Japan, and Argentina. Even so, similar web traffic data shows that the number of visitors to Mining City’s website dropped starting mid-September.

This coincided with the Philippine Mining City’s first stock fraud warning, issued on September 10.

The project announced a new shitcoin launch

Although the previously unsuccessful Bitcoin Vault (BTCV) Ponzi launch, Mining City has announced a new Ponzi shitcoin launch called Electric Cash. The name was first mentioned on December 12.

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It seems the introduction of Electric Cash is an attempt to persuade Mining City affiliates to keep their worthless BTCVs.

Mining City’s CEO, Gregory Rogowski, said:

“Electric Cash, like BTCV, is being developed by Mining City owner Eyal Avramovich. In which, BTCV will play a huge role in the initial application of Electric Cash.You can stake your BTCV for a given amount of time and receive. Electric Cash absolutely for free. ”

Stake is code for park BTCV with Mining City. In return for not cashing out, Mining City investors will be rewarded with Electric Cash, which costs Mining City little to nothing to generate on-demand.

According to Rogowski, Mining City will continue to support BTCV. However, unless the recruitment of the associated investor is well received, it is not clear how the company will fund withdrawal requests. Without new investors, the actual funds used for BTCV will sooner or later run out.

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