BitConnect @ BehindMLM

The leading theory behind BitConnect is that it was run by Indian scammers looking to launder funds, following devaluation of specific banknotes in late 2016. This theory is increasingly looking probable, following a request to Indian authorities by their US counterparts.

Despite being served notice of a BitConnect class-action in which he’s a named defendant, Trevon James has failed to file a response. James, whose actual name is Trevon Brown, was initially served notice of the class-action on April 12th. He was then served again after a third amended complaint was filed. As of the date [Continue reading…]

Glenn Arcaro has moved to dismiss a class-action lawsuit filed by BitConnect victims. Arcaro, who went into hiding just before BitConnect collapsed earlier this year, dismisses victims of the multi-billion dollar Ponzi scheme as “disappointed gamblers”.

A top Indian BitConnect investor was arrested at Delhi airport on Saturday. Divyesh Darji was apprehended following a look-out notice issued as part of an ongoing investigation.

Things are getting serious for BitConnect’s top promoters, as “Crypto Clover” found out upon returning to the US. Crypto Clover (real name: Calen Powell), promoted BitConnect through his YouTube channel until it collapsed. How much money Powell stole from BitConnect victims is unclear. Powell refers to himself as a “crypto nomad”, having sold most of his assets [Continue reading…]

Top BitConnect investor Craig Grant uploaded a YouTube video a few hours ago, in which he confirms an SEC investigation into the company is underway.

Following no response from BitConnect, a cease and desist issued against the company by North Carolina has been ordered permanent.

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.