BitConnect @ BehindMLM

Over the last month we’ve covered the addition of YouTube as a defendant in the BitConnect class-action filed in Florida. Here’s our July update on the other BitConnect cases filed across the US.

A third amended complaint has seen YouTube added as a defendant in the ongoing BitConnect fraud class-action.

BehindMLM first reported on an FBI investigation into BitConnect back in March, following confirmation from top-investor Trevon James. Following the disappearance of BitConnect Director John Bigatton’s wife, authorities have confirmed the FBI investigation is ongoing.

As it stands there are currently five active lawsuits filed against BitConnect and top investor defendants in the US. Here’s an update on their current status as of June 16th, 2018.

In a May 25th press-release addressing digital tokens, the Singapore government has singled out OneCoin and BitConnect as Ponzi pyramid schemes.

It appears BitConnect, a Ponzi scheme with losses potentially running into the billions, was launched to skirt newly introduced demonetization law in India.

A builder in India has been arrested as part of a Rs. 1.5 billion bitcoin extortion bust ($22.7 million USD). Three months ago local builder Shailesh Bhatt had filed a complaint with the Gujurat Criminal Investigation Department. In his complaint Bhatt alleged extortion by the Amreli police. Amreli is a district in Saurashtra, Gujurat. Upon [Continue reading…]

Before he turned to the MLM cryptocurrency niche to scam people through, Frank Dilullo ran a Ponzi scheme through his failed Holey Donuts venture. As part of Chapter 7 proceedings, a court-appointed bankruptcy Trustee sued Dilullo for running a Ponzi scheme. The Holey Donuts Ponzi scheme saw Dilullo (right) continue to solicit new investors even [Continue reading…]

Three months after its collapse, the Ontario Securities Commission has issued an investor warning against BitConnect.

On February 22nd Baltazar Avalos filed a proposed class-action lawsuit against BitConnect. In the lawsuit Avalos sought to hold defendants BitConnect, Joshua Jeppesen, Glenn Arcaro, Trevon Brown (aka Trevon James), Ryan Hildreth, Craig Grant, Nicholas Trovato (aka CryptoNick) and Ryan Maasen liable for $110,000 in losses. On March 14th Avalos informed the Californian Northern District [Continue reading…]