It is not difficult. “Recruitment decreased. We ran out of money and cannot pay you until you go out and find more fools.”
Despite dragging Mining City through many exit scams, Eyal Abramovich, the scheme’s owner, refuses to acknowledge that his Ponzi scheme has failed.
Future withdrawals continue to be dangled in front of investors as a constant temptation.
Abramovich did a webinar a few weeks ago to discuss the collapse of Mining City.
It felt like a ton of bricks.
Mining City is governed by MineBest. Greg Rogowski, a former MineBest employee, was hired by Abramovich (right), who owns both firms, but who placed former MineBest employee Avram Abramovich ( (aka Grzegorz Rogowski).
Rogowski has been missing for almost five months. This was initially explained by Rogowski suffering a heart attack in November of last year.
[9:20] Abramovich: Greg suffered a genuine heart attack, regrettably. More than four months ago?
Rogowski: Around the start of November.
Thus, Abramovich was left to do the webinar.
[25:31] People are wondering, “What is happening in Mining City?”
I saw individuals that lost money. It is quite distressing for us. We made errors.
I made errors. I sorry. I did not flee; I accept responsibility. Guys, I did not steal your money. I’m not wealthy.
Then followed the justifications…
[11:12] No one in Mining City has MLM experience. I would argue that Mining City faced various obstacles as a result of its rapid growth.
Greg and I had no prior expertise with multilevel marketing, so we depended heavily on the top leaders who joined the company first. How to construct the system.
[43:24] This MLM business concept must be approached with extreme caution.
We have no prior knowledge of how to accomplish this. In addition, the leaders who helped create the system lacked expertise from within the organization. How to construct it properly.
Accusing Mining City officials
Aval Avramovich dislikes the leaders of Mining City. They are a handy scapegoat for the lack of updates, though.
[2:30] We’ve shared a great deal of information… with Mining City’s highest-ranking officials for a very long time, but it appears that the last month’s updates are not reaching the rest of the population.
And many others came and said, “They know nothing; why are you so quiet?” However, we converse with the top leaders at least once every week… However, they are not communicating well.
[12:59] People inquire, “Is this a fraud? Because many details are not provided, one may wonder, “Is this a scam?”
The authorities of Mining City are equally responsible for the blocked withdrawals.
Mining City has some sort of compensation program… The system pays an increasing amount of commission.
I would argue that Greg discussed this with high officials for years, but leaders did not approve the correct remedy.
In addition, the system overload rewarded officials with hundreds of millions of dollars.
And individuals here state “no commissions received.” They are discussing three years of the company’s existence during which its leaders were paid hundreds of millions of dollars more.
Attributing fault to Mining City affiliates [22:50] This business concept of mining our coin was then marketed to non-traders including family, friends, and neighbors.
These individuals purchased the coins once and still own them. And the result is some type of large market capitalization. You generate value but you don’t create liquidity. You do not engage in market creation, trading, or buying and selling on the exchanges with these individuals.
You should not attempt to build a market similar to that of the most popular currencies, such as Dogecoin.
[35:28] Once the binary tree system paid more than 35%, we no longer had a successful business.
In addition, those who were meant to get money from Mining City were unable to do so because other users, who registered many accounts in different tiers, withdrew more than 35%.
Therefore, I would consider this a genuine legal and financial matter… that required legal resolution.
And the solution proposed by the Mining City team is to consolidate many accounts into one.
[39:49] This is the most legal solution devised by the attorneys, as well as the healthiest solution according to the company model.
When individuals state, “This is nonsense. It is unlawful. We might argue, “This is my money,” but what is your money?
If the company’s business plan stipulates that sales commissions cannot exceed 35%, anything over that is not yours.
Especially considering that you breached the terms and conditions. You mistreated the system.
Theft of mining equipment in China [6:11] Certain circumstances were beyond our control. An example is the theft of mining equipment in China.
Unfortunately, such events do occur. Especially prevalent in this market are cryptocurrencies. That it is not constantly controlled.
[26:23] I can tell you that the events in China have given me nightmares throughout the past year.
It was very difficult for me to accept the theft of assets worth millions of dollars and more.
I am the victim, and you are the second or third-level victim in this scenario. Mining City is also a casualty.
Blaming Kazakhstan [27:41] In the past several months, you may have heard of a new development in Kazakhstan.
In Kazakhstan, there is no electricity to connect the mining machinery. This is a direct outcome of the Chinese government.
China was responsible for almost 70 percent of all bitcoin mining worldwide. The Chinese government then prohibited mining.
Many Chinese enterprises began to explore for answers outside of China, and a significant number of them also arrived in Kazakhstan.
And they connected several mining machines without official oversight.
The authorities began to notice significant issues and were rather concerned about the lack of energy… Therefore, they decided to cease mining for all enterprises, including us.
This is regrettable. We are ordinary citizens who cannot oppose the government. I cannot fight the Chinese or Kazakh governments.
Blaming Cyprus [31:45] Unfortunately, in October of last year, legislation in Cyprus changed. And Mining City was likewise required to comply with these rules.
And if Mining City did not comply with the new requirements, it would pose several problems to the firm, its management, and its employees.
Abramovich links Mining City’s suspension of withdrawals in October to supposed changes in Cypriot laws.
We recorded the ensuing KYC chaos. As far as I am aware, Mining City continues to experience KYC issues, and withdrawals remain blocked.
Among Mining City investors, blaming “the market” (BTCV) for Bitcoin Vault’s usual Ponzi shitcoin trajectory is a sore subject.
They believe they were promised wealth but were instead left empty-handed.
[13:44] Someone commented on my Facebook page, “Bitcoin Vault is a fraud, and we will expose you.”
I thought to myself, “Look at what’s happening on the market.” People do not comprehend what occurred. And they believe we developed some sort of fraudulent currency.
Even some believe I sold my coins and orchestrated a market dump. But um, this doesn’t make sense.
I’m still here. I have not vanished; I have been working all these years.
Abramovich’s continued existence does not imply that he cashed out.
[14:55] Unfortunately, someone or some people quickly sold a large number of coins. And because there were not enough individuals to purchase these coins, the price naturally decreased.
This caused a snowball effect and frightened the market.
Yes, they are the early investors who obtained BTCV for pennies. This occurs in each MLM shitcoin Ponzi scheme.
[15:15] Now, we did not sell a large number of coins; we merely sold the amount required for functioning. This is how the project is constructed.
For eight months, it was in good shape.
[16:04] Someone has written here, “You are a con artist, Eyal.” You deceived the currency.” This is quite terrible for me to hear.
There will be no trace of this since it did not occur.
Then there is the assertion that “hundreds of millions” in commissions have been paid. Taking this at face value, additional hundreds of millions of dollars were invested in Mining City.
Whose pocket did a big portion of that money end up in?
Abramovich intends to rename Mining City and reconnect idle mining equipment in the future.
[17:58] The next stage would be to continue expanding the project’s social media presence and to encourage major influencers to endorse the bitcoin vault.
The subsequent stage is to release the bitcoin vault on the major exchanges.
[24:22] After some business development, marketing, and partnership with trustworthy individuals, influencers, and large organizations, this initiative may develop.
And I believe, time will tell, that as long as we are here working, we have the opportunity to rebrand the project, decentralize it, work with big influencers, meet them face-to-face, and prove to them that we are not scammers, but rather genuine hard-working people with great technology and the best transactions.
I believe this occurs with other projects and that we can do so as well. We will need your assistance.
[30:06] In the coming weeks, it is planned to relocate the mining equipment from Kazakhstan to more secure areas. Beginning next week in stages.
And we’ll begin connecting the Bitcoin miners to the system gradually.
Investors in Mining City’s response
The general view is that nobody believed Avramovich’s justifications.
The leaders were not, as evidenced by their failure to provide Mining City updates to their subordinates.
The webinar chat looks to have been overwhelmed with charges of fraud, however, I was unable to view it.
[21:49] Many individuals just type “scam scam scam” I am attempting to clarify the problem.
If you do not choose to listen, you are free to leave.
[41:40] Guys, we did not take bitcoin; stop circulating false information. It is not helpful.
We do not have your money if you attempt to steal it from us. In the future, all value will come through laborious effort.
If you guys speak negatively about us, you are essentially harming yourselves. Imagine that firm personnel would lack the drive to assist you in solving the problem.
You will not receive your value from the bitcoin vault, electronic currency, or mining devices.
At 53 minutes into the webinar, Abramovich lost his temper.
[53:00] I’m not used to having people write on my face. Swindle, liar, this is not serious, gentlemen.
Which fraud, which liars? What? What did I do to con you? Did I ever commit to you?
So please, men, have some self-respect and don’t just write nonsense. Swindler, liar, where is my money, criminal.
Do you have any proof that I took even one bitcoin from you? When do you speak in this manner?
So please be calm. We must collaborate to address this problem.
Unknown are the total investment losses in Mining City. The social media pages of the firm are flooded with demands for KYC approval and withdrawal access.
Support for Mining City forwards these queries to a Telegram group. However, it looks like affiliates are not receiving what they desire.
From Poland, Abramovich and Rogowski manage Mining City. Polish authorities have shown little interest in probing the corporation yet.
Regulatory fraud alerts for Mining City have been issued in the Philippines and Canada.
At the time of writing, according to Alexa, the top three traffic sources for Mining City’s website are Bolivia (24%), Colombia (22%), and Egypt (12%).
Update, July 3, 2022 – Greg Rogowski has sought to conceal evidence of the collapse of Mining City.
I supplied a link to Rogowski and Eyal Avramovich’s webcast. The link led to a YouTube video, which now returns;
This video is unavailable as a result of a copyright claim by Grzegorz Rogowski.
Rogowski is presumed to have acted under Abramovich’s instructions.
Originally, this article had a link to the webinar, which I have since removed.