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
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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News
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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The SEC says five individuals "promoted a global unregistered digital asset securities offering."
SEC charges 5 for illegally promoting $2 billion Bitconnect Ponzi scheme
Andrew Thurman
2021-05-28T22:48:42+01:00
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News
The Australian is facing six charges that carry penalties of between 2-10 years in prison.
Aussie Bitconnect promoter faces prison following ASIC investigation
Turner Wright
2020-11-17T23:52:00+00:00
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