Back in October Mining City initiated its exit scam by blocking withdrawals via KYC.
As revealed in a new communication sent out to affiliate investors, Mining City’s exit scam just got worse…
The bad news for Mining City affiliate investors is that KYC has been further delayed.
The KYC and compliance process is an intensive operation and will take a few more weeks because of the technical challenges.
Supposedly anyone who has been approved for KYC (anyone? Bueller?), will be able to
access compensation plans and Binary Points, even before the compliance process is finalised.
There is no mention of withdrawals.
Although I can’t imagine anyone is still actively promoting Mining City, the company also advised from December 3rd it was
End(ing) to the sale of new BTCV (Bitcoin Vault) and ELCASH (Electric Cash) mining plans.
Increas(ing) the electricity cost (service cost) from USD 0.0475 to USD 0.06 per KWH for already purchased and new BTC Mining Plans due to increases in energy prices.
Reduc(ing) the amount of offered TH/s per each new purchased mining plan by half due to increases in the cost of equipment on the market.
(Increasing the) waiting time for actual mining to start extended from 10 to 30 days because it is taking longer to supply and connect equipment to the mining farms abroad.
To summarize, Mining City is not selling any new mining plans (no more new investment), is increasing fees, further reducing payouts and, delaying initial monopoly money rewards… for mining plans it’s also no longer selling?
What a mess.
On the back of further screwing its investors over, Mining City states that pending completion of its KYC rollout;
We will be making other changes which will mean you can promote the products and withdraw sales commissions.
This will allow us to adapt to market changes and make sure we can supply mining products to new users.
So if Mining City has canned new BTCV and ELCASH investment plans, what are they selling?
Why, a new shitcoin of course…
Wrapped ELCASH, or wELCASH is an ELCASH clone launched as a BEP-20 token. That is to say, it took a few minutes to set up.
Mining City affiliates are being encouraged to exchange the ELCASH they can’t cash out to wELCASH.
Mining City provides no mining plan specifics on its public-facing website.
Mining City, BTCV, ELCASH, and wELCASH are all owned by Eyal Avramovich (right). Avramovich runs his Ponzi empire through MineBest.
Together with his Mining City CEO sidekick Greg Rogowski, Avramovich is based out of Poland.
To date, Polish authorities have not taken any action against Mining City or its executives.
Alexa traffic rankings suggest Mining City’s victims are primarily from South Africa, Bolivia, and Colombia.