Bitconnect is a cryptocurrency-based platform that has described itself as a self-regulated financial system that would brings big benefits to its investors. The Bitconnect coin was a cryptocurrency designed to provide funding for the maintenance of the platform. Strong marketing made Bitconnect’s price one of the fastest growing on the market and the Bitconnect coin hit $463 in December 2017. Large amounts of earned funds were spent on promoting the currency through numerous events, ads, etc. A video of speech by Carlos Matos at one of those events has gone viral and became the source of a Bitconnect meme. However, pretty soon, Bitconnect started to be described as a Ponzi scheme and was ordered to cease and desist by regulators of North Carolina and Texas. On January 2018, Bitconnect experienced a major crash and the Bitconnect exchange shutdown. Bitconnect stopped publishing news, closed their development and almost lost the entire price of the Bitconnect coin.
Crypto worth billions upon billions of dollars has been lost to fraud. But what are the most common scams, and can they be stopped?
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Indian police have discovered an alleged multi-million dollar cryptocurrency scam involving a BitConnect promoter.
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The FBI is attempting to investigate the movements behind the failed alleged ponzi scheme, which at one point was worth $2.5 billion.
FBI Solicits Information From Bitconnect Investors With Voluntary Questionnaire
New Year Special
Scams and frauds were still prevalent in 2018 despite a decline in the cryptocurrency market value.
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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.
Australian Federal Court Imposes Travel Ban, Fund Freeze on Bitconnect Promoter