BTCMining, a UK-based crypto mining service, has been shut down following global complaints from customers who reported unpaid returns and blocked withdrawals. The company, which claimed to offer crypto mining services, was found to lack a legitimate registered address, raising concerns about its operations.
The UK Insolvency Service launched an investigation after receiving complaints from users in Estonia, Mauritania, Iran, New Zealand, Poland, and Romania. Customers alleged that they had paid for mining services but never received the promised financial returns.
BTCMining’s sole director out of reach
Authorities discovered that BTCMining’s sole director, Stibich Martins Yhaicha Luzia, could not be contacted, and attempts to reach the company via email and phone were unsuccessful. The company’s website was also inactive, further fueling suspicions of fraudulent activity.
A winding-up hearing was held at the High Court in Manchester on April 28, 2025, leading to the company’s closure. Investigators found that BTCMining had been soliciting payments from customers while failing to deliver any mining services.
The company’s fraudulent activities resulted in customer losses exceeding £15,000, though authorities fear the actual amount could be much higher. The case highlights the risks associated with unregulated crypto businesses, particularly those operating without proper oversight.
Regulators are urging investors to conduct thorough due diligence before engaging with crypto mining services, emphasizing the importance of verifying a company’s registration, transparency, and operational legitimacy.
Shogun Lin
