It’s not laborious. “Recruitment slowed down. We ran out of cash and except you exit and lure new suckers in, we are able to’t pay you.”
Regardless of dragging Mining Metropolis by means of a number of exit-scams, proprietor Eyal Avramovich refuses to confess his Ponzi scheme has collapsed.
Buyers proceed to be left hanging, with future withdrawals the ever perpetually dangled carrot.
Just a few weeks again Avramovich held a webinar to handle the collapsed state of Mining Metropolis.
Naturally it went down like a ton of bricks.
Mining Metropolis is run by means of MineBest. Avramovich (proper) owns each corporations however positioned former MineBest worker Greg Rogowski (aka Grzegorz Rogowski).
Rogowski has been MIA for the previous 5 months or so. This was defined away early on by the use of Rogowski allegedly having a coronary heart assault final November.
[9:20] Avramovich: Greg truly skilled an actual coronary heart assault, sadly. Virtually 4 months in the past?
Rogowski: Initially of November.
This left Avramovich to run the webinar.
[25:31] Persons are asking, “What’s occurring with Mining Metropolis?”
I see folks they misplaced cash. It’s very painful for us. We made errors.
I made errors. I apologize. I didn’t run away, I take accountability. I didn’t steal your cash guys. I’m not wealthy.
And so got here the justifications…
No person in Mining Metropolis had MLM expertise
[11:12] I’d say Mining Metropolis skilled a number of challenges with going up very quick.
Greg and I, we didn’t have expertise with the multilevel advertising, and we relied so much (on) the highest leaders that joined first. Find out how to construct the system.
[43:24] This enterprise mannequin of MLM, (you) have to do it in a really very cautious approach.
We didn’t have expertise in easy methods to do it. And in addition the leaders that helped to form the system, they didn’t have expertise from the within of the corporate. Find out how to construct it accurately.
Blaming Mining Metropolis leaders
Aval Avramovich isn’t a fan of Mining Metropolis’s leaders. They do nonetheless make a handy scapegoat for the shortage of updates.
[2:30] (For a) very long time we communicated many issues … with high leaders of Mining Metropolis, and apparently the data within the final month will not be happening to the remainder of the neighborhood.
And many individuals got here and stated, they don’t know something, why are you so quiet? However truly we’re speaking not less than as soon as per week with the highest leaders … however you’ll be able to see that they aren’t delivering the messages.
[12:59] Persons are asking, “Is that this a rip-off? Is that this an exit-scam?”, as a result of many issues will not be communicated.
Mining Metropolis’s leaders additionally apparently in charge for halted withdrawals.
[11:58] Mining Metropolis has some type of compensation plan … the system pays increasingly fee.
Greg communicated this with high leaders for years however leaders didn’t approve the precise resolution I’d say.
And the system overload paid tons of of tens of millions of {dollars} to leaders.
And folks listed below are saying “no commissions obtained”. They’re speaking about three years of lifetime of the corporate that paid tons of of tens of millions of {dollars} extra to the leaders.
Blaming Mining Metropolis associates
[22:50] This enterprise mannequin of mining our personal coin, you then guys promoted this coin to folks which might be your loved ones, your pals, neighbors, that really will not be merchants.
These folks purchased one time the cash they usually maintain them. And what occurs is you create some type of a excessive market cap. You create worth however you don’t create liquidity. You don’t create market, buying and selling, purchase and promote on the exchanges with these type of folks.
(You) don’t the whole lot attempt to create a market like what you see with most profitable cash, like dogecoin.
[35:28] As soon as the binary tree system paid greater than 35%, we had a enterprise that’s not worthwhile.
And greater than that, customers that have been purported to get cash from Mining Metropolis, couldn’t get it as a result of different customers, that opened many a number of accounts in lots of ranges, truly withdraw greater than 35%.
So that is, I’d say, an actual authorized and monetary scenario … that wanted to be solved in a authorized approach.
And the answer that got here out for Mining Metropolis workforce, is that to merge the a number of accounts into one account.
[39:49] That is essentially the most authorized approach that the attorneys got here up with … and in addition essentially the most wholesome approach based on the enterprise mannequin.
When folks come and say, “That is garbage. It’s unlawful. That is my cash.”, we are able to argue, what’s your cash?
If the enterprise mannequin of the corporate is to pay not more than 35% gross sales fee, the whole lot above it isn’t your cash.
Particularly while you guys violated the phrases and situations. You abused the system.
Mining tools stolen in China
[6:11] Some issues went out of (our) management. Like, for instance, the theft of the mining machines in China.
Sadly these type of issues occur. Particularly on this market, cryptocurrencies. That it’s not all the time regulated.
[26:23] I can let you know that within the final yr I had nightmares with what occurred in China.
It was very laborious for me that belongings price tens of millions of {dollars} and extra, (have been) stole(n) from us.
I’m the sufferer, you guys are the second degree victims right here, or third degree victims. Mining Metropolis is the sufferer additionally.
Blaming Kazakhstan
[27:41] You will have heard a few current growth in Kazakhstan, in the previous few months.
That there isn’t any electrical energy to attach the mining machines in Kazakhstan. It is a outcome truly of the federal government of China.
About 70% of all of the bitcoin mining on the earth was in China. After which (the) authorities of China banned mining.
Loads of Chinese language corporations began to search for options outdoors of China, and lots of of them got here additionally to Kazakhstan.
And so they linked numerous mining machines with out the management of the federal government.
The federal government began to see huge issues right here and have become just about involved that they don’t have sufficient electrical energy … in order that they determined to really cease the mining for additionally good corporations, like us.
That is unlucky. We’re simply regular folks, we can’t combat (the) authorities. I can’t combat the federal government of China or Kazakhstan.
Blaming Cyprus
[31:45] Sadly what occurred final October was that laws in Cyprus modified. And Mining Metropolis needed to additionally comply to those laws.
And there have been numerous dangers to the corporate and to the managers behind it, to the staff if Mining Metropolis wouldn’t comply to the brand new laws.
Avramovich attributes alleged adjustments in Cyprus regulation to Mining Metropolis stopping withdrawals final October.
We documented the subsequent KYC mess. So far as I do know Mining Metropolis nonetheless has KYC issues and withdrawals stay disabled.
Blaming “the market” (BTCV)
Mining Metropolis’s Bitcoin Vault following the standard Ponzi shitcoin trajectory, is a sore level amongst Mining Metropolis buyers.
They really feel they have been promised riches however as an alternative have been left bagholding.
[13:44] You already know I used to be my FaceBook and somebody stated, “Bitcoin Vault is a rip-off and we’ll expose you”.
And I stated to myself, “Look what’s going on out there”. Folks don’t actually perceive what occurred. And so they assume that we created some type of rip-off coin.
Even folks assume that I offered my cash and created a dump out there. However uh, this doesn’t make sense.
I’m nonetheless right here. I didn’t disappear, I’m working all these years.
Whereas Avramovich may nonetheless be round, that doesn’t imply he cashed out.
[14:55] Sadly somebody, or some folks, offered numerous cash in a short while. And there weren’t sufficient folks to purchase these cash and the worth after all went down.
(This) created some type of snowball impact and scared the market.
Yeah, this is able to be the early buyers who acquired BTCV for peanuts. This occurs in each MLM shitcoin Ponzi.
[15:15] Now we didn’t promote numerous cash, we solely offered what we’d like(ed) for operation. That is how the undertaking goes up.
It was fairly wholesome for eight months.
[16:04] Somebody right here is writing, “You might be scammer Eyal. You rug-pulled the coin.” It’s very painful for me to listen to this.
You’ll not discover any proof of this as a result of it didn’t occur.
Then there’s the declare that “tons of of tens of millions” have been paid in commissions. If that’s taken at face worth, many extra tons of of tens of millions have been invested into Mining Metropolis.
Guess whose pocket a big quantity of that stability wound up in.
Wanting ahead
Avramovich plans to rebrand Mining Metropolis and reconnect inactive mining tools.
[17:58] I’d say the subsequent step could be that to proceed rising the social media of the undertaking, and persuade huge influencers to advertise bitcoin vault.
And the subsequent step after that’s to launch bitcoin vault on the massive exchanges.
[24:22] After some enterprise growth, advertising … collaboration with trusted folks, influencers, trusted huge corporations, you might see growth of this undertaking.
And I consider, time will inform after all, that so long as we’re right here working, we’ve got this opportunity that we’ll do the rebranding of the undertaking, decentralization, work with huge influencers, meet them nose to nose, present them we’re not scammers, we’re actual hard-working folks with nice know-how, one of the best transactions, after which, that is our objective.
I consider it occurs with different initiatives and we are able to additionally do that. In fact we’ll want your assist.
[30:06] The plan is to maneuver the mining machines from Kazakhstan to extra secure areas, within the subsequent few weeks. Ranging from subsequent week in steps.
And um, (we’ll) begin slowly connecting the bitcoin miners to the system.
Mining Metropolis investor’s response
Basic consensus seems to be no one was shopping for Avramovich’s excuses.
The leaders actually weren’t, therefore the shortage of forwarding Mining Metropolis updates to their downlines.
I couldn’t see the webinar chat but it surely seems to have been flooded with accusations of scamming.
[21:49] I see many individuals simply write “rip-off rip-off rip-off”. I’m attempting right here to clarify the scenario.
In the event you don’t need to hear you’re welcome to go away after all.
[41:40] We didn’t steal bitcoin guys, cease spreading false data and lies. It’s not serving to you.
In the event you attempt to take your cash from us, we don’t have it. All the worth will come from laborious work sooner or later.
In the event you guys are saying unhealthy phrases about us you’re truly hurting your self. As a result of think about that workers of the corporate is not going to have motivation that will help you to resolve the issue.
You’ll not get your worth, not from bitcoin vault, or electrical money or mining machines.
Fifty-three minutes into the webinar, Avramovich snapped.
[53:00] I’m not used to folks writing me on the face. Rip-off, liar, this isn’t critical guys.
What rip-off, what liars? What? Inform me what did I rip-off you? Did I ever promise you something?
So please guys, respect your self and don’t simply write bullshit issues. Scammer, liar, the place is my cash, thief.
Guys do you may have any proof that I even stole one bitcoin from you? Once you speak like this?
So please relax. We have to work collectively to resolve this example.
Complete Mining Metropolis investor losses are unknown. The corporate’s social media profiles are drowning in requests for KYC approval and withdrawal entry.
Mining Metropolis help direct these requests to a Telegram group. Nevertheless it seems associates aren’t getting what they need there.
Avramovich and Rogowski function Mining Metropolis from Poland. Thus far Polish regulators have proven no real interest in investigating the corporate.
Mining Metropolis regulatory fraud warnings have been issued within the Philippines and Canada.
At time of publication Alexa ranks high sources of site visitors to Mining Metropolis’s web site as Bolivia (24%), Colombia (22%) and Egypt (12%).
Replace third July 2022 – Greg Rogowski have moved to cover proof of Mining Metropolis’s collapse.
I had offered a hyperlink to the webinar that includes Rogowski and Eyal Avramovich. The hyperlink pointed to a video on YouTube, which now returns;
This video is now not accessible attributable to a copyright declare by Grzegorz Rogowski
Rogowski is assumed to have acted below instruction by Avramovich.
This text initially included a hyperlink to the webinar, which I’ve now eliminated.