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24 October 2020

Philippines Regulator Warns Investors to Steer Clear of Mining City's Bitcoin Vault Ponzi | Bitcoin News

Philippines Regulator Warns Investors to Steer Clear of Mining City's Bitcoin Vault Ponzi | Bitcoin News


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There’s a mining contract scheme people are discussing and making the rounds on the web called “Mining City” or “Bitcoin Vault.” The Philippines SEC recently put out a warning against the operation and the alleged masterminds behind the project.

Mining City claims to have an offsite datacenter filled with mining rigs and the project sells cloud mining contracts to investors.

Mining City sells cloud mining contracts in packages of multi-year terms and depending on the hashrate purchased packages can run up to over $12,000+ a contract.

On September 10, 2020, the Philippines Securities and Exchange Commission (SEC) published a warning about Mining City’s operations.

The Philippines SEC calls Mining City a blatant Ponzi and says the “so-called smart contracts or Mining City Contracts partake of the nature of securities in the form of investment contracts under the regulatory jurisdiction of the Commission.”.

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