Based on information gathered by the SEC, Mining City solicits investments from the public through its Facebook page or its own website.
It is led by its CEO Gregory Rogowski while its Philippine team leader is Anthony Aguilar.
As posted on its website, Facebook page and video uploaded on YouTube, you can start a business by registering first, then you can choose from any of the three bitcoin vault plans —Primary BTCV($300 orP16,500), Standard BTCV($600 or P33,000), Bronze BTCV($1,200 or P66,000), Silver BTCV ($2,400 or Php132,000), Gold BTCV($4,200 or P231,000) and Platinum BTCV ($12,600 or P693,000).
Under the scheme, investors could supposedly earn as much $92 or P5,000.00 daily for 1,100 days depending on what plan they get.
Investors may also earn from direct referral and indirect referral from 5% up to 10% and for direct binary and indirect binary $200 or $10.
Mining City claims that its program will continue to function even if its website “www.miningcity.com”is closed for any reason.
“It even implied that the government cannot shut it down because it is decentralized and thus free from any authority,” SEC said.
According to the SEC, Mining City is not registered with the Commission and is not authorized to solicit investments from the public.
Apart from this, Mining City does not appear kong the registered banks, exchanges or companies engaged in digital assets with the Bangko Sentral ng Pilipinas.
Moreover, the said scheme employed by Mining City clearly shows indication of a possible Ponzi Scheme where money from new investors are used in paying “fake profits” to prior investors and is designed mainly to favor its top recruiters and prior risk takers and is detrimental to subsequent members in case of scarcity of new investors.