Crypto Investment Scam AWS Mining Collapses While Promising ‘AWS Capital’ Emergence in Dubai
AWS Mining is a platform that describes its mission as “to promote financial freedom through the use of cryptocurrency.” The platform helps those interested in mining to start their own mining operation and contracts start at $40.
According to a report by Behind MLM, AWS Mining is a Ponzi scheme that has collapsed and instead of paying investors, the platform explained that presented a story about fire damage. After making the announcement, it seems that AWS Mining’s Facebook page has been flooded with complaints, which can also be viewed in the report.
Rather than addressing the complaints, AWS Mining directed people to contact its “help center” to receive support. Moreover, AWS Mining released an announcement that it will be returning to offer its mining services as soon as May 1, 2019.
The announcement also explains, in part,
“AWS MINING will now become AWS CAPITAL bringing a whole new range of solutions to the crypto world! Besides the anticipated announced services of Commerce and P2P, which will provide you with an extra income stream by taking these services to your friends, small and medium businesses, there will also be the introduction of crypto loans, trading subscriptions and solutions, pre-paid cards and much more coming in the next few months. The best of all is that any product and service offered by AWS CAPITAL will provide some sort of revenue stream for our affiliates.”
Moreover, the announcement also shares that it had received a cease and desist order from Texas, there has been a sudden drop of crypto value, and its corporate staff, partners, and leaders have been working on developing solutions for the platform’s business model. According to Behind MLM’s report, the platform did not respond to the cease and desist order and instead, the platform stopped paying investors.
AWS’s statement further shows questionable practices. It indicates,
“should an existing contract become unprofitable as per the terms and agreement, we are preparing options and that will allow these customers to purchase the latest equipment at a discounted rate so that they can continue to earn.”
Essentially, this suggests that if a participant experiences a loss, the platform will just present more products to buy rather than seek a viable solution.
The platform also shared that it is looking for a “new home” and that it has “strategically chosen Dubai” as its new jurisdiction.