UK Court Orders Closure of BTCMining Over Fraud Allegations

According to PANews, a UK-based cryptocurrency mining platform, BTCMining, has been ordered to shut down by the court due to allegations of international fraud. The company, which offered 'cloud mining' services to clients in various countries, failed to deliver promised returns and blocked users from withdrawing funds. An investigation by the UK Insolvency Service revealed several violations by the company, which was established in January 2024. These include a falsified registered address, the disappearance of its sole director, and the closure of its website. Victims from countries such as Estonia and Mauritania have reported losses exceeding $18,000, although the actual amount defrauded may be higher. The Manchester High Court made the decision to close the company following a hearing on April 28.