GBMiners Loses Software Vendor Because of Connection to Ponzi Scheme

GBMinersPrior this year, an association between the generally new bitcoin mining pool GBMiners and India-based, bitcoin-centered Ponzi conspirant GainBitcoin was found. The aftermath from this revelation has now prompted GBMiners’ product seller, Darwin Labs, finishing their association with the bitcoin mining pool. A while ago when the association amongst GBMiners and GainBitcoin was initially uncovered, Darwin Labs CEO Sahil Baghla had no remark on the matter.

The association amongst GBMiners and GainBitcoin is Amit Bhardwaj, who is the originator of GBMiners and is a key promoter of GainBitcoin. Notwithstanding the GBMiners mining pool, Darwin Labs was additionally working with Bhardwaj on a bitcoin wallet, known as Coinbank; a subsidized venture, known as the Bitcoin Growth Fund; and Satoshi Studios, which is depicted as a blockchain incubator in Southeast Asia.

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It’s misty if Darwin Labs knew about the GainBitcoin Ponzi conspiracy while working with GBMiners and Bhardwaj. With an end goal to demonstrate the Darwin Labs innocence, Baghla has delineated the organization’s disjoined association with GBMiners and Amit Bhardwaj in a current post.

While Baghla claims Darwin Labs is misty of the connection amongst GainBitcoin and GBMiners, there was clear video proof of Bhardwaj touting GainBitcoin as a speculation accessible on YouTube. The recordings were erased after the first investigative piece on GBMiners and GainBitcoin was. In spite of the fact that Darwin Labs has made blockchain incubator Satoshi Studios, they claim to not be specialists in the range of bitcoin mining, which they indicate as the purpose behind their contribution with Amit Bhardwaj.

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As per Baghla’s post, Satoshi Studios has given back the assets raised from Bhardwaj and different speculators, and the venture is currently financed by Darwin Labs. As indicated by the Satoshi Studios site, understood figures in the Bitcoin people group, for example, unique Mt. Gox originator Jed McCaleb and BitAngels prime supporter Michael Terpin, are as yet included with the venture as counselors. As specified already, Darwin Labs likewise chipped away at the Bitcoin Growth Fund and Coinbank, which guarantees 1 percent returns for each month on bitcoin stores.

Get the latest in Asian Bitcoin news here at Coin News Asia.

  • Wazza Rooney

    What became of Satoshi studios after this exposé?

  • Wazza Rooney

    What became of Satoshi studios after this exposé?

  • yami sharam

    Darwin Labs is a separate company focused more on applications of blockchain tech. I think they are still alive because of their other blockchain projects.

  • info darwinlabs

    Darwin Labs is a separate organisation which is involved in various blockchain projects.Darwin Labs was associated with GBMiners only as a software vendor. The moment it got to know about GBMiners’ fraudulent practices, it detached itself completely from that organisation. Darwin Labs now has no association with GBMiners whatsoever now.