The Philippines SEC has released an official warning about Bitcoin (BTC) “cloud mining” company Mining City, advising the public to steer clear of the scheme and others like it. Despite the official condemnation, the price of a related cryptocurrency is on the rise.
The warning describes the company as an unlicensed entity in the country and said it was not functioning “in accordance with guidelines for virtual currency exchanges,” stating:
“The aforementioned scheme used by Mining City clearly shows an indication of a possible Ponzi scheme in which new investor money is used to pay ‘bogus profits’ to those who invested first.”
The notice also identified Mining City’s CEO Gregory Rogowski, team leader Anthony Aguilar, and Facebook page admin Jhon Rey Grey as key personnel involved in the scheme — all of whom will also be reported to the Bureau of Internal Revenue for investigation regarding their tax assessments.
The scheme offers cloud mining packages in the