Cryptocurrency Crime: Bitconnect

Written by Evgenia Sidorova
Written by
Investing reporter
ECOS brand manager....
< 1   min.
Actual news 
Cryptocurrency crime

BitConnect promised investors up to 40% monthly profits, its cryptocurrency grew to almost $500, and on January 16, 2018, it fell into the abyss. Investors were left with a nose, the founders – with 325 thousand bitcoins worth more than $ 2 billion. We tell the story of the grand BitConnect scam.

Investors were told that BitConnect uses a special smart program to trade the volatile bitcoin rate against the US dollar. Investments in the form of bitcoins were put into separate bitcoin wallets, which were controlled by the founders of the exchange themselves. They promised that the funds would be frozen there for a period of 120 to 299 days, while all accruals and interest could be used without problems. True, there was one caveat.

BitConnect had a referral program. The more new investors you bring, the more bonuses and deductions you will receive. You brought one investor – get 7% of his contribution to your virtual account. And if the brought person brought others, then you are guaranteed another 3% of his catch.

On January 16, 2018, BitConnect announced the closure, which instantly brought down the value of its cryptocurrency by 99%. Investors rushed to withdraw money, but could not enter the site and personal accounts.

Click to rate this post!
[Total: 27 Average: 4.9]
Investing reporter

Notify of
Inline Feedbacks
View all comments

Crypto investment platform
Download the free app on android and ios
Scan the QR-code with your smartphone to download app