It’s not arduous. “Recruitment slowed down. We ran out of cash and until you exit and lure new suckers in, we are able to’t pay you.”
Regardless of dragging Mining Metropolis by 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.
A couple of weeks again Avramovich held a webinar to deal with the collapsed state of Mining Metropolis.
Naturally it went down like a ton of bricks.
Mining Metropolis is run by MineBest. Avramovich (proper) owns each firms 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 means of Rogowski allegedly having a coronary heart assault final November.
[9:20] Avramovich: Greg really skilled an actual coronary heart assault, sadly. Nearly 4 months in the past?
Rogowski: Originally of November.
This left Avramovich to run the webinar.
[25:31] Individuals are asking, “What’s occurring with Mining Metropolis?”
I see individuals 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 reasons…
No one in Mining Metropolis had MLM expertise
[11:12] I might 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 marketing, and we relied quite a bit (on) the highest leaders that joined first. Find out how to construct the system.
[43:24] This enterprise mannequin of MLM, (you) must do it in a really very cautious approach.
We didn’t have expertise in find out how to do it. And likewise 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 appropriately.
Blaming Mining Metropolis leaders
Aval Avramovich isn’t a fan of Mining Metropolis’s leaders. They do nevertheless make a handy scapegoat for the shortage of updates.
[2:30] (For a) very long time we communicated many issues … with prime leaders of Mining Metropolis, and apparently the knowledge within the final month will not be happening to the remainder of the group.
And many individuals got here and mentioned, they don’t know something, why are you so quiet? However really we’re speaking at the very least as soon as every week with the highest leaders … however you possibly can see that they aren’t delivering the messages.
[12:59] Individuals 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 accountable for halted withdrawals.
[11:58] Mining Metropolis has some sort of compensation plan … the system pays an increasing number of fee.
Greg communicated this with prime leaders for years however leaders didn’t approve the fitting resolution I might say.
And the system overload paid a whole lot of thousands and thousands of {dollars} to leaders.
And folks listed below are saying “no commissions acquired”. They’re speaking about three years of lifetime of the corporate that paid a whole lot of thousands and thousands of {dollars} extra to the leaders.
Blaming Mining Metropolis associates
[22:50] This enterprise mannequin of mining our personal coin, then you definately guys promoted this coin to individuals which are your loved ones, your pals, neighbors, that truly will not be merchants.
These individuals purchased one time the cash and so they maintain them. And what occurs is you create some sort 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 sort of individuals.
(You) don’t all the things 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 had been alleged 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, really withdraw greater than 35%.
So that is, I might say, an actual authorized and monetary state of affairs … 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 probably the most authorized approach that the attorneys got here up with … and in addition probably the most wholesome approach in keeping with the enterprise mannequin.
When individuals 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, all the things above it’s not your cash.
Particularly if you guys violated the phrases and situations. You abused the system.
Mining gear 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 sort of issues occur. Particularly on this market, cryptocurrencies. That it’s not at all times regulated.
[26:23] I can let you know that within the final 12 months I had nightmares with what occurred in China.
It was very arduous for me that belongings value thousands and thousands of {dollars} and extra, (had been) stole(n) from us.
I’m the sufferer, you guys are the second stage victims right here, or third stage victims. Mining Metropolis is the sufferer additionally.
Blaming Kazakhstan
[27:41] You’ll have heard a couple of current growth in Kazakhstan, in the previous couple of months.
That there isn’t any electrical energy to attach the mining machines in Kazakhstan. This can be a outcome really 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.
Plenty of Chinese language firms began to search for options outdoors of China, and plenty of of them got here additionally to Kazakhstan.
They usually linked a variety of mining machines with out the management of the federal government.
The federal government began to see large 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 firms, like us.
That is unlucky. We’re simply regular individuals, we can’t struggle (the) authorities. I can’t struggle the federal government of China or Kazakhstan.
Blaming Cyprus
[31:45] Sadly what occurred final October was that rules in Cyprus modified. And Mining Metropolis needed to additionally comply to those rules.
And there have been a variety of dangers to the corporate and to the managers behind it, to the staff if Mining Metropolis wouldn’t comply to the brand new rules.
Avramovich attributes alleged modifications in Cyprus regulation to Mining Metropolis stopping withdrawals final October.
We documented the next 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 had been promised riches however as a substitute had been left bagholding.
[13:44] You recognize I used to be taking a look at my FaceBook and somebody mentioned, “Bitcoin Vault is a rip-off and we’ll expose you”.
And I mentioned to myself, “Look what’s going on available in the market”. Individuals don’t actually perceive what occurred. They usually assume that we created some sort of rip-off coin.
Even individuals assume that I offered my cash and created a dump available in the market. 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 individuals, offered a variety of cash in a short while. And there weren’t sufficient individuals to purchase these cash and the worth in fact went down.
(This) created some sort of snowball impact and scared the market.
Yeah, this may be the early buyers who received BTCV for peanuts. This occurs in each MLM shitcoin Ponzi.
[15:15] Now we didn’t promote a variety of 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’re 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 “a whole lot of thousands and thousands” have been paid in commissions. If that’s taken at face worth, many extra a whole lot of thousands and thousands had 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 gear.
[17:58] I might say the following step could be that to proceed rising the social media of the undertaking, and persuade large influencers to advertise bitcoin vault.
And the following step after that’s to launch bitcoin vault on the massive exchanges.
[24:22] After some enterprise growth, advertising and marketing … collaboration with trusted individuals, influencers, trusted large firms, you can see growth of this undertaking.
And I imagine, time will inform in fact, that so long as we’re right here working, we’ve this opportunity that we are going to do the rebranding of the undertaking, decentralization, work with large influencers, meet them nose to nose, present them we’re not scammers, we’re actual hard-working individuals with nice know-how, the very best transactions, after which, that is our objective.
I imagine it occurs with different tasks and we are able to additionally do that. After all 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
Common consensus seems to be no person 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 nevertheless it 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 making an attempt right here to elucidate the state of affairs.
For those who don’t wish to hear you might be welcome to depart in fact.
[41:40] We didn’t steal bitcoin guys, cease spreading false data and lies. It’s not serving to you.
For those who attempt to take your cash from us, we don’t have it. All the worth will come from arduous work sooner or later.
For those who guys are saying dangerous phrases about us you’re really hurting your self. As a result of think about that workers of the corporate won’t 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 individuals 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 will 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 prime sources of visitors to Mining Metropolis’s web site as Bolivia (24%), Colombia (22%) and Egypt (12%).
