The Collapse Of Omnia Tech And The Rise Of A New Trading Ponzi scheme
Omnia Tech ventured into the cryptocurrency market as a mining services provider promising lucrative returns on investments. It has held up its end of the bargain the past year and a half, but it is now in the cold as its 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 unceremonious of ways: through Facebook. The company’s official Facebook page featured a post that explained that the ongoing bear market had forced its mining pool out of business.
Bitcoin has been losing its value since May when the bear market began. Prices have dipped as low as $3,500 and there are concerns that they may dip even further. This has been alarming for everyone, including miners. Bitcoin mining is rewarded using Bitcoin. The depreciation of BTC means that users have to settle for smaller rewards in spite of the sky-high cost of mining equipment and energy utilities. To this end, many miners are laying their tools down as they hope that BTC prices will rebound.
As such, the explanation by Omnia Tech may be true – it may also be just another convenient excuse for scammers to hide behind.
A Fraud from the Start
Omnia Tech has been reviewed by several platforms in the past, and most of them, including Behind MLM, labeled it a scam. The platform’s initial securities were unregistered and unregulated. The individuals on its back-end also seemed unfit for the job. This is why the platform’s move to blame its collapse on the current bear market may be just a convenient excuse.
Nevertheless, Omnia Tech is still holding on tight – in its words, the recent development does not amount to a total collapse but just a halt in activities in anticipation of better times ahead. In fact, the company is now offering a new set of products; apparently at discounted prices.
A Shady Offer
Omnia Tech is now urging its clients to buy new two-year trading packages for 25% off – the promotion is apparently limited and will not last long, according to the company.
However, these “new” packages are not different from the ones that just collapsed. In fact, they are just as fraudulent as details are not forthcoming. The only difference is that they are cheaper, but that doesn’t matter considering that they will likely fail too. If Omnia Tech was indeed honest about its new offer – which is meant to “console” initial investors, then it would have regulated the new mining packages or, better still, initiated a refunds program. To this end, prudence dictates that you stay away from all Omnia Tech products and services for the time being.