GainBitcoin
Rug PullFund · born 2015 · ✝ 2018
10% monthly bitcoin returns, until the mining was a Ponzi.
GainBitcoin was an Indian cloud-mining scheme run by Amit Bhardwaj promising investors 10% monthly returns in bitcoin. It collapsed as one of India's largest crypto scams, wiping out thousands of investors and leading to multiple arrests.
- Peak
- India's largest crypto scam
- Cause
- Rug Pull
- Year of death
- 2018
☠️ Cause of death
The promised mining returns were unsustainable and paid from new deposits, making it a Ponzi that imploded once inflows dried up, triggering criminal cases against its operators.
📓 Lessons left behind
- —Fixed double-digit monthly returns are a Ponzi tell.
- —'Cloud mining' contracts often mine nothing but deposits.
- —Charismatic founders are not a substitute for proof of operations.
🌱 The idea that survived
Yield skepticism
Reinforced that guaranteed high crypto yields demand verifiable on-chain proof of where returns come from.
#fund#ponzi#cloud-mining#india