BitConnect @ BehindMLM

In what appears to be an attempt to cover their tracks, admins of the popular BitConnect Reddit have set the discussion forum to private. Prior to the decision, discussion on the BitConnect Reddit raised the prospect of admins being held legally accountable for promotion of a Ponzi scheme.

Following the collapse of BitConnect, a common question on the mind of those who didn’t get sucked in is “how on Earth did this happen?” I’ve been wanting to cover BitConnect’s bizarre October event in the US for some time. I figure now is as good a time as any, and hopefully at the same [Continue reading…]

In what is believed to easily be the largest MLM cryptocurrency Ponzi collapse, earlier today BitConnect announced they were terminating ROI payments.

As US authorities close in on the BitConnect Ponzi scheme, it appears the top US BitConnect affiliate investor has gone into hiding.

With just hours to go before the launch of BitConnectX, the next incarnation of the BitConnect Ponzi scheme, North Carolina has issued an emergency cease and desist against the company.

The next phase of revenue generation for the BitConnectX Ponzi scheme was to launch BitConnectX as an ICO. Making absolutely no sense considering BitConnect already operates the BCC cryptocurrency, BitConnectX is widely seen as a last-ditch cash grab. Gullible affiliates are buying it though, with most investors willing to ignore warning signs and invest anyway.

The Merkle was founded in 2014 and covers ‘the latest crypto, finance, infosec and tech news‘. The Merkle has a dedicated cryptocurrency news section and also includes a variety of educational articles relating to Bitcoin, you can find anything from how to make money with bitcoin to how to create your own cryptocurrency. Learn about scams, [Continue reading…]

In addition to everyone in the MLM cryptocurrency niche being crypto experts these days, turns out they’re all legal experts too. Trevon James operates a YouTube channel boasting 129,000 subscribers. Within hours of news of the Texas Securities Board emergency cease and desist to BitConnect going live, James uploaded a video to his channel titled [Continue reading…]

While the SEC drags its feet, Texas continues to lead the charge against MLM cryptocurrency fraud in the US. The latest from the Texas Securities Board is an emergency cease desist issued against BitConnect.

BitConnect provide no information on their website about who owns or runs the business. The BitConnect website domain (“bitconnect.co”) was privately registered on February 9th, 2016. As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.