Fairly than admit they’ve run out of cash to repay current traders, AWS Mining got here up with an elaborate hearth injury story.
It’s with remorse that AWS MINING informs {that a} hearth has destroyed one in every of our Crypto Mining Farms in Paraguay.
Though the explanation behind this devastating hearth stays unknown, it’s sure that there will probably be heavy financial losses for the corporate.
In keeping with the assertion issued by the farm supervisor in Ciudad del Este, the fireplace befell on Friday, March twenty ninth, between 2pm – 4pm, and destroyed 1000’s of machines and servers inflicting an estimated whole lack of almost $5 million {dollars}.
As a consequence of the fireplace AWS Mining operating out of cash, the corporate has not paid traders for weeks.
The newest has seen AWS Mining quit on paying traders again. As a substitute the corporate needs to wipe the ROI slate clear and reboot as AWS Capital.
AWS Mining’s announcement comes on the again of a barrage of complaints on its official Fb web page.
As a substitute of addressing investor complaints of little to non-existent ROI payouts, AWS Mining is directing traders to contact “assist facilities” for assist.
In keeping with AWS Mining’s announcement, the corporate hopes to introduce its AWS Capital reboot by Could 1st, 2019.
Versus hearth injury, the corporate cites the Texas stop and desist and “sudden drop of crypto values” for its collapse.
Our company employees, companions, leaders and world consultants have been working intensively to seek out options for our Enterprise Mannequin.
We have now adjusted our Enterprise Mannequin following the necessities of a few of the hardest regulators in existence in order that our clients will be protected when selling AWS MINING services and products to others.
Our purpose is to ship a worthwhile, clear and progressive product to our clients.
As a part of AWS Mining’s dedication to regulatory compliance and transparency, the corporate has introduced a company transfer to Dubai – a jurisdiction with little to no regulation or company transparency necessities.
The primary requirement was to decide on our new house. And for that we’ve got strategically chosen Dubai as our new jurisdiction.
Dubai has an open economic system with beneficial enterprise rules, corresponding to adopting open insurance policies for crypto pleasant companies and blockchain expertise.
To be clear, neither cryptocurrency companies or blockchain expertise are unlawful within the US.
Passive funding schemes like AWS Mining nonetheless are strictly regulated.
The rationale for that is in order that traders believe firms like AWS Mining are literally doing what they are saying they’re doing, versus committing funding fraud.
When AWS Mining obtained its Texas securities fraud stop and desist discover, all they needed to do was register with the TSSB and supply proof of exterior income getting used to pay associates.
Fairly than do that, AWS Mining didn’t reply to the discover and ultimately stopped paying traders.
As a result of y’know, transparency.
AWS Capital funding plans have but to be launched. However what we do know is AWS Mining victims trying to get better their losses will probably be requested at hand over extra money.
Ought to an current contract develop into unprofitable as per the phrases and settlement (learn: we cease paying you), we’re getting ready choices and that may enable these clients to buy the newest gear at a reduced fee in order that they’ll proceed to earn.
Dubai is a reasonably rip-off pleasant jurisdiction, so don’t rely on authorities there policing AWS Capital’s funding fraud.
Whereas the supply of “getting in on the bottom flooring” of a Ponzi reboot would possibly sound attractive, take into consideration how you’re feeling proper now having misplaced cash.
As a result of as an AWS Capital investor, floor flooring or no, you’ll be inflicting that very same feeling in those that be a part of after you.