Mr Amit Bharadwaj crypto currency guru accused of running A Ponzi scheme.

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Posted On : 04th, July 2017

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Mr Amit Bharadwaj crypto currency guru accused of running A Ponzi scheme.

04th, July 2017    -    News

Bitcoin is a cryptocurrency and a digital payment, realised as open source software in 2009. The interest on Bit coin is increasing throughout world and India has gained momentum in bit coin trading. 

In the latest Amit Bhardwaj, founder of two bitcoin companies – cloud mining operation Gainbitcoin and China-based mining pool GBMiners – has been accused of running a Bitcoin Ponzi scheme.

The petition appeals for Bharadwaj ‘s arrest for his allegedly fraudulent schemes came in surprise. Zakil Suresh a Gainbitcoun user has started a petition on . According to Mr Zakil , he is finance student, living in Kerala who, after getting interested in Bitcoins and Amit’s startup Gainbitcoins, flew to Delhi to meet him. He ended up investing in Bitcoins but when he tried to withdraw Bitcoins from the service, he could not. 

He states ‘I requested for my first withdrawal after 3 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. 2 Months later after a meeting with a couple of top names in the Indian BitCoin Community, I told them about my experience with Amit and they told me more about him – He is a fraud!’ 

Amit Bharadwaj is founder of GBMiners and Gainbitcoin and AmazeMiners, an alt-coin mining company, since December 2016. He had also founded HightKart, which he claims to be India’s first Bitcoin-based ecommerce sites, but it closed in early 2016. 

The beginning on unrevealing the story: 

Doubts about Amit’s Ponzi scheme were raised in an article on the cryptocurrency news site Coinjournal back in January this year, which stated, “Many bitcoin cloud mining schemes have turned out to be Ponzi schemes over the years, and GainBitcoin is no different.”

The same facts were highlighted in a report by FactorDaily today. 

Last month, Aria in her tweet also brought to light the fact that all the seven new team member profiles listed on GBMiners website are fake. She stated that Bhardwaj himself is the sole contributor to nearly all of the ‘crunchbase’ profiles of these “new employees.” They are otherwise blank and have no social media footprint.

Amit is also associated with a few other Bitcoin and cryptocurrency-based companies/products. These include Bitcoin wallet service CoinBank and Bitcoin payment processor PayBitz. He is also said to be an investor in Satoshi Studios, which is said to be an incubator for blockchain startups in Southeast Asia.

Interestingly, Bitcoin startup Zebpay has made it clear several times on their website and Facebook page that cloud-mining companies such as Gainbitcoin, which guarantee fixed returns, are very likely scams. Gainbitcoin guarantees a 10% return on investments into their cloud mining scheme per month.

Amit Bhardwaj and the alleged scam are an important marker as to why the murky and undefined world of cryptocurrency, the blockchain, and bitcoin needs clarity and regulation – both from within the industry and from an outside authority.

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