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The collapse of Omnia Tech and the rise of a new Ponzi business scheme
Omnia Tech has ventured into the cryptocurrency market as a provider of mining services promising profitable returns on investment. He kept his end of the agreement last year and a half, but now it is cold when his mining pool, as well as other related services, have collapsed.
Blame the bear market
Omnia Tech made the disturbing revelation on 21st November in the most unusual ways: through Facebook. The company's official Facebook page reported a post explaining that the current bear market had forced its mining pool to close its business.
Bitcoin has lost its value since May when the bear market started. Prices have fallen from $ 3,500 and there are fears that they can plunge further. This was alarming for everyone, including miners. Bitcoin extraction is rewarded with Bitcoin. The depreciation of BTC means that users have to settle for lower premiums despite the very high cost of mining equipment and energy services. To this end, many miners are laying down their instruments because they are hoping that the prices of BTC will rebound.
As such, the explanation of Omnia Tech it may be true – it could also just be another convenient excuse for scammers to hide behind.
A fraud from the beginning
Omnia Tech has been reviewed by several platforms in the past and most of them, including Behind MLM, have labeled it as a scam. The initial titles of the platform were unregistered and unregulated. Even individuals on his back end seemed unfit for work. This is why the platform's move to blame its collapse on the current bear market could only be a convenient excuse.
However, Omnia Tech continues to resist – in his words, the recent development does not represent a total collapse, but only a stop in activities in anticipation of better times. In fact, the company now offers a new series of products; apparently at discounted prices.
A shaded offer
Omnia Tech is now urging its customers to purchase new two-year trading packages at a 25% discount: the promotion is apparently limited and will not last long, according to the company.
However, these "new" packages are not different from those just collapsed. In fact, they are just as fraudulent as the details are not imminent. The only difference is that they are cheaper, but it does not matter, since they will probably fail too. If Omnia Tech were really honest about its new offer – which is bound to "console" the initial investors, then it would have regulated the new mining packages or, even better, launched a repayment program. To this end, prudence requires that we stay away from everyone Omnia Tech products and services for the moment.
Conclusion
Bitcoin has been facing its worst performance for years and everyone is feeling the blow. Miners, included Omnia Tech, can no longer finance their activities. The bear market is certainly putting a strain on the mining industry, but it is not the only reason the Omnia Tech mining pool has collapsed.
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