FBI seeking out BitConnect victims
Lost money in BitConnect? Want to get back at Glenn Arcaro, Craig Grant, Trevon James, Crypto Nick, Ryan Hildreth and the rest of the BitConnect gang?
Now’s your chance…
As part of an ongoing investigation into the BitConnect Ponzi scheme, the FBI is reaching out to victims.
What’s particularly interesting about this latest initiative, is it provides insight into the tone of the US regulatory investigation.
For a majority of BCC’s existence, the only place to purchase, trade, or sell the cryptocurrency was through the proprietary exchange hosted by Bitconnect.
By mid-December 2017, BCC boasted a market cap of over $2.5 billion.
Bitconnect guaranteed investors up to a 10 percent total return per month on their investment, following a tiered-investment system based on the sum of an investor’s initial deposit.
The entire market for BCC crashed in late January 2018, after two U.S. state-level securities regulators issued public letters warning investors of the Ponzi-type nature of Bitconnect.
This led to Bitconnect completely shutting down its exchange for BCC, eliminating the market for the cryptocurrency and stranding investors with near-worthless cryptocurrency.
By referring to BitConnect as an “Ponzi type investment system” and “seeking potential victims”, securities fraud, wire fraud and money laundering come into play.
There are lesser counts both on a criminal and civil level but those are the main ones.
Beyond that it looks like we’re going to have to wait and see how this plays out.
BitConnect victims willing to assist the FBI with their investigation can do so on the FBI’s website.
Your responses are voluntary but would be useful in the federal assessment of this matter and to identify you as a BCC investor and/or potential victim.
Based on the responses provided, you may be contacted by the FBI and asked to provide additional information.
Update 12th September 2023 – The FBI is redirecting BitConnect victims to the DOJ website.
This article originally contained a link to an FBI website claim form, which I’ve now disabled.