Bitconnect News

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.

News
The millions will be distributed among the select number of victims, but thousands more were impacted by the $2.4 billion fraudulent scheme.
800 victims of ‘massive’ Bitconnect fraud to receive $17M restitution
Jesse Coghlan
2023-01-13T04:42:59+00:00
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The Indian police launched an investigation into BitConnect co-founder Satish Kumbhani months after the U.S. SEC said he had relocated from India.
Indian police launch probe into BitConnect founder wanted by US SEC
Helen Partz
2022-08-17T14:32:47+01:00
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BitConnect founder is being sued for illegally raising funds and defrauding American investors of over $2 billion.
SEC unable to locate BitConnect founder convicted in $2.4B fraud case
Prashant Jha
2022-03-01T12:52:11+00:00
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A San Diego-based federal grand jury charged Kumbhani for orchestrating an alleged Ponzi scheme via BitConnect’s “Lending Program” among other allegations.
DOJ indicts BitConnect’s Indian founder for $2.4B crypto Ponzi scheme
Arijit Sarkar
2022-02-26T06:00:18+00:00
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News
The superior court has reversed a lower court’s decision, making it possible for a class action to proceed against the promoters of one of crypto’s most infamou...
Appellate court decision allows Bitconnect class action to proceed
Brian Newar
2022-02-23T04:41:45+00:00
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“This liquidation is the largest single recovery of a cryptocurrency fraud by the United States to date,” said the Justice Department.
US Justice Dept is selling $56M in crypto to compensate victims of BitConnect’s fraud
Turner Wright
2021-11-16T20:31:15+00:00
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Former BitConnect promoter Glenn Arcaro has pled guilty to his role in the saga, but the whereabouts of the firm’s founder, Satish Kumbhani, are unknown.
BitConnect promoter pleads guilty over Ponzi scheme as platform faces new SEC charges
Brian Quarmby
2021-09-02T03:13:41+01:00
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Four of six U.S.-based promoters of the notorious BitConnect Ponzi scheme have reached settlement agreements with the SEC.
SEC closes in on settlements with US BitConnect promoters for millions
Samuel Haig
2021-07-08T03:25:39+01:00
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