A UK-registered cryptocurrency company has been shut down following a wave of international complaints alleging fraud and unfulfilled services.
BTCMining Limited, which claimed to offer cryptoasset mining services, was officially wound up at the High Court in Manchester on 29 April 2025. The company purported to provide customers with returns from crypto mining activities in exchange for upfront payments. However, complaints received by Action Fraud revealed that customers never received the promised services or returns and were often asked for additional payments.
The Insolvency Service launched an investigation after receiving reports from victims in Estonia, Mauritania, Iran, New Zealand, Poland, and Romania. Many reported being unable to recover their funds or contact the company.
Investigators discovered that BTCMining Limited had no legitimate UK address, and all attempts to reach the company via email or phone failed. Websites linked to the business were either inactive or did not provide valid contact information.
The sole director of the company, Stibich Martins Yhaicha Luzia, a 25-year-old believed to be from Germany, was unresponsive and did not cooperate with the investigation. The payment for the company’s registration in January 2024 originated from an account in China. His registered address turned out to be a private residence, and the occupants had no knowledge of the business or had granted any permission to use their address.
A review of six complaints submitted to Action Fraud estimated losses of more than £15,000, though officials fear the true financial damage may be significantly higher. BTCMining Limited is not associated with any other business of a similar name or nature.
David Usher, Chief Investigator at the Insolvency Service, emphasized the importance of swift action in cases like this:
“The fact that BTCMining Limited was attracting customers from around the world made our intervention especially critical. We acted before the fraud could spread further and impact more individuals. Protecting the public — both in the UK and abroad — remains our top priority.”
Anyone with questions about the company or affected by its closure is advised to contact the Official Receiver of the Public Interest Unit at:
Address: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Photo by Jorge Franganillo, Wikimedia commons.