Amit Bhardwaj Accused Of Running A Bitcoin Ponzi Scheme
The rente ter bitcoins is enhancing day by day te India but so are controversies surrounding them. Ter the latest, Amit Bhardwaj, founder of two bitcoin companies – cloud mining operation Gainbitcoin and China-based mining pool GBMiners – has bot accused of running a Bitcoin Ponzi scheme.
More than a year has passed and Suresh claims that he is still awaiting Bitcoin withdrawals. According to the petition, Bhardwaj has also not responded to the claims.
He goes on to state, “I requested for my very first withdrawal after Trio weeks and now even after one and a half years – my withdrawals are still pending. I contacted the support n number of times. Result: No Response. I e-mailed Amit. Result: No Response. Two Months straks after a meeting with a duo of top names te the Indian BitCoin Community, I told them about my practice with Amit and they told mij more about him – He is a fraud!”
Spil vanaf his LinkedIn profile, besides GBMiners and Gainbitcoin, Amit Bhardwaj is also the founder of AmazeMiners, an alt-coin mining company, since December 2016. He had also founded HightKart, which he claims to be India’s very first Bitcoin-based ecommerce sites, but it closed te early 2016.
Meantime, spil vanaf gegevens on Blockchain.informatie, GBMiners’ mining pool controls about Two.8% of the network hashrate.
Interestingly, today Bhardwaj has also announced the launch of his e-book, ‘Cryptocurrency for Beginners.’
Unravelling Amit Bhardwaj’s Alleged Ponzi Scheme
Doubts about Amit’s alleged Ponzi scheme were raised ter an article on the cryptocurrency news webpagina Coinjournal back ter January this year, which stated, “Many bitcoin cloud mining schemes have turned out to be Ponzi schemes overheen the years, and GainBitcoin is no different.”
Similar concerns were raised ter an article ter The Caravan by Aria Thaker ter March this year after she interviewed Bhardwaj for a story on Bitcoins. Spil vanaf the article, “He repeatedly contradicted himself and wasgoed evasive about the relationship inbetween GBMiners and Gainbitcoin. He also admitted, with casual ease, that he had liedje to his investors about crucial information regarding Gainbitcoin’s investments (“They feel good, right? When they get high information,” he told mij about his customers, after admitting to using inflated figures on Gainbitcoin’s webstek.) Bhardwaj has bot proclaimed a defaulter te one of the six India-based entities he directs. For two of thesis companies, he has flouted the law by never filing annual balance sheets with the ministry of corporate affairs.”
The same facts were also highlighted ter a report by FactorDaily today.
Last month, Aria ter hier tweet also brought to light the fact that all the seven fresh team member profiles listed on GBMiners webstek are fake. She stated that Bhardwaj himself is the foot contributor to almost all of the ‘crunchbase’ profiles of thesis “new employees.” They are otherwise wit and have no social media footprint.
Amit is also associated with a few other Bitcoin and cryptocurrency-based companies/products. Thesis include Bitcoin wallet service CoinBank and Bitcoin payment processor PayBitz. He is also said to be an investor ter Satoshi Studios, which is said to be an incubator for blockchain startups te Southeast Asia.
Wij have reached out to Satoshi Studios’ founders and Amit’s corporate communication team for a comment.
Interestingly, Bitcoin startup Zebpay has made it clear several times on their webstek and Facebook pagina that cloud-mining companies such spil Gainbitcoin , which ensure stationary comebacks, are very likely scams. Gainbitcoin assures a 10% terugwedstrijd on investments into their cloud mining scheme vanaf month.
Bitcoin is witnessing a lotsbestemming of rente from Indian users but the government is still to determine on whether it should make it legal te India. Till now, the RBI has maintained a cautionary stance on cryptocurrency stating that anyone using them does so at their own risk. The decision on legalising cryptocurrency is expected to be announced by the end of July.
Amit Bhardwaj and the alleged scam are an significant marker spil to why the murky and undefined world of cryptocurrency, blockchain, and bitcoin needs clarity and regulation – both from within the industry and from an outside authority.
Postbode publishing the article, Nikunj Jain, co-founder of Satoshi Studios, reached out to Inc42 and informed us that originally Satoshi wasgoed involved spil the technology vendor for GBMiners but once they realised that they did not fully understand the fundamentals of the business, they ended their involvement with GBMiners. He also stated that Satoshi has returned the money they had raised from Amit Bhardwaj after they snapped ties with him last April.
An earlier version of this article wrongly stated that wij had reached out to Amit for his comments on this story. Wij had reached out to Amit’s corporate communication team. The same has bot updated ter the story.