GainBitcoin
An India-based Bitcoin Ponzi launched in 2015 by Amit Bhardwaj, promising 10% monthly returns for 18 months via an MLM model. India's Enforcement Directorate alleged ~80,000+ BTC was collected; loss estimates vary widely. Bhardwaj was arrested in 2018 and died in 2022.
Also known as: GainBitcoin, GBMiners, Amit Bhardwaj, MCAP
Summary
GainBitcoin was an India-based Bitcoin Ponzi scheme launched in 2015 by Amit Bhardwaj (alongside the mining brand GBMiners). It promised investors a 10% monthly return for 18 months on Bitcoin "mining" investments, paid in Bitcoin, through a multi-level-marketing model. [1][2]
Scale and aftermath
India's Enforcement Directorate alleged the operation collected around 80,000+ BTC from thousands of investors; loss estimates vary widely (from roughly $300 million to, by some later accounts, far higher). When Bitcoin ran short, investors were pushed into an in-house token, MCAP, listed mainly on Bhardwaj-controlled venues. Bhardwaj was arrested in 2018 and died in 2022; proceedings against associates have continued. [1][2][3]
Bracketed numbers refer to the numbered sources listed below.
People & entities involved
Sources (3)
See also
- Loci (LOCIcoin)TokensA 2017–2018 ICO for 'LOCIcoin' tied to the InnVenn IP-search platform. The SEC charged Loci and CEO John Wise with fraud for raising $7.6M on false claims about revenue, headcount, and user base; Wise also misused investor funds. Settled with a $7.6M penalty and an officer/director bar.
- Blockchain Terminal (BCT)TokensA 2017–2018 ICO (BCT tokens, ~$30M) for a 'Blockchain Terminal' — a Bloomberg-style crypto trading terminal. The SEC and DOJ said convicted ex-hedge-funder Boaz Manor secretly ran it under a fake identity ('Shaun MacDonald'), using associate Edith Pardo as a front, and lied about the product's adoption.
- Crowd Machine (CMCT)Tokens
This page was last updated on Jun 8, 2026. View revision history.