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.
Up until now all we’ve had to go on are personal recounts by Trevon James and Craig Grant, both of whom played down their respective interrogations.
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 make contact here.
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.
And the main idea of the video is?
1) Cryptocurrency company scams victims, or
2) MLMers scam victims ‘again’, this time using cryptocurrency.
The Indians might have had MLM histories but AFAIK none of the US management/top investors were previously involved in MLM.
Funny thing about Bitconnect:
Coinmarketcap hasn’t received a single valuation of Bitconnect since August 11th, 2018. That implies no ranked exchange has passed a single sale on any price:
I posted a comment to some older Bitconnect post, listing the grim numbers about Bitconnect price (basically from $300 USD to $10 USD in a day, then to less than $1 USD and after that slightly back, $ 8 USD I think).
I got a comment that I should have bought the Ponzi coin while it was cheap (sub $1).
RIIIIIGHT – the 24h volumes were around $1,000 already so I couldn’t have sold for larger sums even if I managed to be the only person on the planet who made sales. And now it would be impossible to sell anything.
Sorry, I didn’t mean particular MLMers, but rather using the act of MLMing to scam victims – again.
Previously, MLMers and owners have used auction bids, VOIP, and banner ads etc., this time the participants and/or owners used cryptocurrency.
The only silver lining is that Carlos Matos meme’s will be trending again.