It’s not difficult. “Recruitment decreased. We are unable to pay you until you go out and find more fools because we ran out of money.
Eyal Avramovich, Mining City’s owner, won’t acknowledge that his Ponzi scheme has failed after repeatedly dragging Mining City through exit-scams.
Investors are still left dangling, with promised future withdrawals acting as a constant bait.
Avramovich did a webinar a few weeks ago to discuss Mining City’s fallen status.
Naturally, it fell like a house of cards.
Through MineBest, Mining City is managed. Despite owning both businesses, Avramovich (right) hired Greg Rogowski, a former MineBest employee (aka Grzegorz Rogowski).
Approximately five months have passed since Rogowski vanished. This was first justified by the claim that Rogowski had a heart attack in November of last year.
[9:20] Avramovich: Unfortunately, Greg genuinely did have a heart attack. four months almost ago?
Beginning of November, according to Rogowski.
Avramovich was now left in charge of the webinar.
[25:31] What’s going on with Mining City, people wonder?
I observe folks who have lost cash. For us, it’s quite painful. We committed errors.
I committed errors. I’m sorry. Since I accepted responsibility, I did not flee. Guys, I didn’t steal your cash. I’m not wealthy.
the justifications followed.
In Mining City, no one had any MLM experience [11:12]. I would argue that Mining City had a number of difficulties as it quickly rose.
Greg and I relied heavily on the top leaders who joined first because we had no prior expertise with multilevel marketing. how to construct the system
[43:24] This MLM business strategy requires that you proceed with extreme caution.
We lacked any prior knowledge on how to handle it. Additionally, the leaders who contributed to the system’s development lacked corporate insider knowledge. how to construct it properly.
leaders of Mining City to blame
The leaders of Mining City don’t exactly win Aval Avramovich over. However, they serve as a handy scapegoat for the dearth of updates.
[2:30] We have been in contact with Mining City’s senior leaders for a long time, but it appears that not everybody of the community has been informed of recent developments.
And many others came and said, “Why are you being so quiet? They don’t know anything,” But in reality, we speak with the most important decision-makers at least once every week. yet, it is obvious that they are not conveying the messages.
[12:59] The question “Is this a scam? “Is this an exit-scam?” considering there are several omissions,
Leaders in Mining City are reportedly partly to blame for the suspension of withdrawals.
[11:58] Mining City has some sort of pay structure. The commission rates on the system keep rising.
Greg spent years discussing this with senior officials, but I think they rejected the best course of action.
Additionally, the system overload rewarded officials hundreds of millions of dollars.
People here are also claiming that “no commissions were received.” The company, which paid its leaders additional sums totaling hundreds of millions of dollars, has been in business for three years.
Affiliates of Mining City are to blame [22:50] This business strategy of mining our own coin, then you guys pushed this coin to individuals who are actually not traders—those who are your family, friends, and neighbors.
These folks purchased the coins once, and they now own them. And the result is that you develop a big market cap. However, you don’t produce liquidity when you create value. With this type of person, you don’t develop markets, trade, buy, and sell on exchanges.
You don’t always strive to establish a market similar to what you see with the most popular currencies, like dogecoin.
[35:28] When the binary tree system started paying out more than 35%, our firm was no longer lucrative.
Additionally, those who were scheduled to get money from Mining City were unable to do so since other users who registered several accounts at various levels actually withdrew more than 35% of their balances.
Therefore, I would argue that this is a genuine legal and financial matter that needs to be resolved legally.
And the Mining City team’s approach was to combine the several accounts into a single account.
[39:49] The attorneys came up with this solution as being the most lawful and, in terms of the business model, the healthiest.
When visitors arrive and comment, “This is garbage. It’s forbidden. We may argue, “This is mine money. What’s yours?”
Everything over that is not your money if the company’s business plan is to pay no more than a 35% sales commission.
especially considering that you guys broke the rules. You were a system abuser.
Theft of mining equipment in China [6:11] Some events happened beyond our control. as the theft of the Chinese mining equipment, for instance.
Unfortunately, incidents of this nature do occur. Cryptocurrencies, especially in this market. the fact that it isn’t always regulated.
[26:23] I can confirm that the events in China gave me nightmares during the past year.
The fact that assets worth millions of dollars and more were stolen from us hurt me a lot.
You people are the second- or third-level victims in this situation; I’m the victim. Additionally, Mining City is a victim.
Kazakhstan is to blame [27:41] You may have recently heard of a development that occurred in Kazakhstan.
because there is no energy in Kazakhstan to power the mining equipment. In reality, the Chinese government is to blame for this.
China accounted for over 70% of the world’s bitcoin mining activity. The Chinese government then outlawed mining.
Many Chinese businesses began looking for answers outside of China, and many of them visited Kazakhstan as well.
And they linked a lot of mining equipment independent of governmental oversight.
The authorities began to notice significant issues in this area and expressed serious concerns about the lack of energy. Therefore, they made the decision to really halt mining for excellent firms like ours as well.
This is regrettable. We cannot oppose the government because we are only regular individuals. I am unable to take on Kazakhstan’s or China’s governments.
Cyprus is to blame [31:45] Regulative changes in Cyprus unfortunately occurred in October. And Mining City has to follow these rules as well.
And if Mining City didn’t follow the new rules, there were a lot of hazards to the business, the managers in charge, and the staff.
Avramovich claims that Mining City stopped making withdrawals in October as a result of purported changes in Cyprus law.
The ensuing KYC snafu was documented by us. As far as I’m aware, Mining City’s KYC issues still exist, and withdrawals are still not working.
Investors in Mining City take offense when “the market” (BTCV) is blamed for the Bitcoin Vault in that city following the traditional Ponzi shitcoin trajectory.
They believe they were promised wealth but were instead left holding the bag.
[13:44] You know, someone posted on my Facebook that “Bitcoin Vault is a hoax and we will expose you,” while I was scrolling through it.
And I said to myself, “Look at what the market is doing.” The general public is unaware of what occurred. And they believe we produced some sort of fake currency.
Even the general populace believes that I dumped the market by selling my coins. This, however, doesn’t make sense.
I remain here. I have been working all these years; I did not vanish.
Avramovich could still be alive, but it doesn’t imply he made a lot of money.
[14:55] Unfortunately, someone or some people quickly sold a large number of coins. Because there weren’t enough buyers, the price of the coins naturally decreased.
The market became frightened as a result of this, which had a snowball effect.
Yes, they are the first investors that received BTCV for a pittance. This occurs in each MLM shitcoin Ponzi scheme.
[15:15] Now, we just sold the amount of coins we actually needed to operate; we didn’t sell many coins. In this manner does the project rise.
For eight months, it was rather healthy.
[16:04] You are a con artist, Eyal, writes someone in this thread. The penny was rug-pulled by you. Hearing this makes my heart hurt a great deal.
There is no proof of this since it never happened.
Then there is the assertion that commissions totaling “hundreds of millions” had been paid. If we accept that at face value, Mining City received many more hundreds of millions of dollars.
Try to guess which pocket a sizable portion of the cash ended up in.
Avramovich has future intentions to rename Mining City and link idle mining machinery.
[17:58] The next stage, in my opinion, would be to continue expanding the project’s social media presence and persuade powerful influencers to publicize Bitcoin Vault.
Release of the Bitcoin Vault on the major exchanges will come after that.
[24:22] You might notice the progress of this project after some company growth, marketing, and partnership with reliable individuals, influential figures, and reputable large corporations.
Time will tell, but in my opinion, as long as we continue to work here, we have a chance to rebrand the project, implement decentralization, collaborate with major influencers, meet them in person, and demonstrate to them that we are not frauds but rather genuine hard-working individuals with excellent technology and the best transactions.
I think other projects have experienced it, and we can too. Of course we’ll need your assistance.
[30:06] In the next weeks, it is intended to transport the mining equipment from Kazakhstan to safer places. beginning next week, in stages.
And, so, we’ll begin by gradually integrating the bitcoin miners into the network.
response of an investor in Mining City
The general feeling seems to be that no one believed Avramovich’s justifications.
The leaders most definitely weren’t, which is why they didn’t send information about Mining City to their subordinates.
Although I was unable to view the webinar conversation, it seems to have been inundated with fraud claims.
[21:49] I often see folks simply writing “scam scam scam.” Here, I’m attempting to describe the circumstance.
Of course, you are free to leave if you don’t want to hear.
[41:40] Guys, stop spreading incorrect information and falsehoods; we didn’t take any bitcoin. You won’t benefit from it.
We don’t have your money if you try to steal it from us. Future hard labor will be the source of all worth.
If you guys are slandering us, you’re just doing yourself harm. Consider a scenario where firm personnel are unmotivated to assist you in solving the problem.
You won’t receive your value from a bitcoin vault, electric money, or mining equipment.
Avramovich lost it 53 minutes into the webinar.
[53:00] I’m not used to having my face written on. Scam, liar, folks, this isn’t serious.
What frauds and liars? What? Tell me what I defrauded you of. Have I ever made you a promise?
Therefore, I kindly ask you folks to respect themselves and refrain from writing nonsense. Fraudster, liar, thief, and where is my money.
Do you guys have any proof that I took even one bitcoin from you? When you speak in this way?
So just try to relax. In order to resolve this issue, we must cooperate.
Unknown are the total investment losses in Mining City. The company’s social media sites are overflowing with demands for withdrawal access and KYC approval.
These inquiries should be made to a Telegram group by Mining City support. Affiliates don’t seem to be receiving what they want there, though.
Operating Mining City from Poland are Avramovich and Rogowski. Polish regulators have not yet expressed a desire to look into the business.
Warnings about Mining City regulatory fraud have been released in both Canada and the Philippines.
At the time of writing, Alexa lists Bolivia (24%), Colombia (22%) and Egypt (12%) as the top three countries from which visitors come to Mining City’s website.
Updated on July 3, 2022. Greg Rogowski has made a move to conceal the wreckage of Mining City.
Rogowski and Eyal Avramovich were featured in the webinar, to which I had supplied a link. The YouTube video that was referenced by the link is now back;
As a result of Grzegorz Rogowski’s copyright claim, this video is no longer accessible.
It is presumed that Rogowski followed Avramovich’s instructions when acting.
The webinar link that was previously present in this post has been deleted.