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

Spread the love

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.

RECOMMENDED READ:  Chainlink, Cosmos, Enjin Price Movement Analysis for 24th February 2021

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.

 316 Interactions,  2 today

READ ALSO:
Bitcoin Price Movement Analysis for 17th April, 2021

Following reports that Turkey's central bank had placed a ban on crypto-holders using their digital currencies for payment, Bitcoin fell Read more

RECOMMENDED READ:  Why Ethereum CME futures will be affect by Eth2, DeFi and Bitcoin rates.
What is the concept of Crypto Arbitrage? – Earn Money With Cryptocurrency

Where there is a price gap between two or more exchanges, there is an opportunity for cryptocurrency arbitrage. Arbitrage is Read more

Central Bank of Nigeria (CBN) and Nigeria’s SEC iin talks about crypto regulation, 2020 crypto guidelines  suspension unchaged.

The Securities and Exchange Commission (SEC) of Nigeria has reported that discussions with the Central Bank of Nigeria (CBN) about Read more

Bank of Korea’s Governor is the first to criticize the “limitations” of crypto-assets.

In South Korea, there has recently been a large increase in crypto-investments. Unlike in the United States, regulatory authorities in Read more

Bitcoin Price Movement Analysis for 16th April, 2021

Today, the Bitcoin price is plummeting as buyers race to win after it hit an all-time high of $64,945. Bitcoin Read more

The Nigerian Securities and Exchange Commission (SEC) claims that the central bank’s crypto ban has caused business disruption.

The Nigerian Securities and Exchange Commission says it is collaborating with the central bank to develop a regulatory system for Read more

Romanian university intends to consider cryptocurrency payments for admissions fees.

The academic college, which has about 11,000 students, stated that the inclusion of crypto payments was part of a campaign Read more

Bitcoin Price Movement Analysis for 11th April, 2021

Is Bitcoin nearing its peak? It's unlikely. Many on-chain measurements revealed that, although Bitcoin was highly bullish, it had not Read more

Fidelity’s Tom Jessop on why Crypto has reached a “tipping point.”

The crypto market has gained traction as a result of low interest rates and fiscal stimulus, according to a Fidelity Read more

How arrests for attempting to obtain a hitman and a nuclear bomb demonstrate that the dark web is not always anonymous.

Paying with cryptocurrency does not guarantee your safety. Most of the criticisms levelled at cryptocurrencies is that its difficult-to-trace existence Read more

Bitcoin, BTT, Dogecoin Price Movement Analysis for 7th April, 2021

Bitcoin was expected to remain above the $55,800-support, a level that coincided with its 200-SMA. BitTorrent Token was projected to Read more

Leave a Reply

Contact Us