Philippine SEC Warns Cloud Mining Firm Mining City of Ponzi Scheme
Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: JOSHUA MAPPERSON, reproduced by Odaily with authorization.
Editor's Note: This article comes from
Cointelegraph Chinese (ID: CointelegraphChina)
Cointelegraph Chinese (ID: CointelegraphChina)
, Author: JOSHUA MAPPERSON, reproduced by Odaily with authorization.
The Philippine Securities and Exchange Commission (SEC) has issued an official warning against Bitcoin (BTC) “cloud mining” firm Mining City, advising the public to steer clear of the scheme and others like it. Despite the official condemnation, the prices of the associated cryptocurrencies continued to rise.
The warning called the company an unlicensed entity in the Philippines and said it was operating “not in accordance with the guidelines for virtual currency exchanges,” stating:
"The above scheme used by Mining City clearly shows that this may be a Ponzi scheme in which new investor funds are used to pay 'false profits' to those who invested first."
The notice also states that Mining City CEO Gregory Rogowski, team leader Anthony Aguilar, and Facebook page administrator Jhon Rey Gray are key individuals involved in the scheme and will all be reported to the IRS for tax investigation.
