Four of six U.S.-based promoters of the notorious BitConnect Ponzi scheme have reached settlement agreements with the SEC.
Now defunct, Bitconnect operated as a platform that advertised significant profits in tandem with lending activities around Bitcoin and the Bitconnect coin, BCC.
A number of people advocated for the project through various channels, such as social media, receiving affiliate rewards. The project, however, closed in January 2018, taking off with many users’ funds. Bitconnect’s price dropped in value, from hundreds of dollars to nearly zero. During Bitconnect’s active time on the market, multiple regulatory authorities demanded the outfit halt its operation. The Bitconnect scam has been referred to as a Ponzi scheme, and a number of legal developments surfaced following the project’s demise.
The SEC says five individuals "promoted a global unregistered digital asset securities offering."47964
The Australian is facing six charges that carry penalties of between 2-10 years in prison.7507
John Bigatton has been barred from providing financial services in Australia for seven years for his involvement with the BitConnect Ponzi scheme.4665
Crypto worth billions upon billions of dollars has been lost to fraud. But what are the most common scams, and can they be stopped?2474
Experts share their insights on how to best avoid crypto exit scams, highlighting the biggest red flags investors should look out for.9167
With a new AML report describing 2019 as the year of the exit scam, Cointelegraph looks at the biggest alleged scams to date and how to spot one...4662
Indian police have discovered an alleged multi-million dollar cryptocurrency scam involving a BitConnect promoter.7602
The FBI is attempting to investigate the movements behind the failed alleged ponzi scheme, which at one point was worth $2.5 billion.4975
Scams and frauds were still prevalent in 2018 despite a decline in the cryptocurrency market value.14158
The Federal Court of Australia has imposed a travel ban and frozen the funds of John Bigatton, a promoter of $2.6 billion alleged Ponzi scheme Bitconnect.5839
Cointelegraph investigates the murky web of incidents connected with the Bitconnect heist, from Texas to Gujarat.11608
Two U.S. states have asked Indian authorities to seize the property of the promoters of alleged BTC Ponzi scam BitConnect.13526
Indian police have arrested a man who was allegedly involved in promoting the Bitconnect investment scam.12923
The Texas State Securities Board has taken emergency action against a network of fraudulent crypto-related firms.17502