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 time it’ll provide insight into how people get wrapped up in MLM Ponzi schemes.

Carlos Matos claims to be from New York and is a BitConnect investor.

Last October Matos attended a BitConnect event in the US. As someone willing to front the Ponzi scheme, Matos was paraded on-stage as an example of a BitConnect success story.

Right off the bat, it was pretty obvious Matos was somewhat of a “unique” individual.

After enthusiastically greeting fellow BitConnect investors in attendance, Matos goes on to reveal that since June, 2017, he’d generated over $140,000 off a $25,610 initial investment.

And let me tell you that I am actually earning around one hund- I mean around one thousand and four hundred dollars on an everyday basis seven days a week.

Matos dismisses concern BitConnect is a Ponzi scam, by falling into the trap of “getting paid means it’s not a scam”.

He even goes on to deride his wife, who appears to be much more tuned into what due-diligence into an investment should involve.

My wife still doesn’t believe in me. I’m telling him but honey listen this is real. “Oh nonononono, that’s a scam.”

I said “but wait I’m gonna go to the bank, I’m gonna get my bitcoins, I’m going to actually put it into dollars.

Here they are right on the table.” “Nooo, that’s money they took from another account.” I say “what am I gonna do?”

Then I said to myself, “you know what, when I am starting to put ten thousand dollars a day on her, right on her, you know, on her table, then she’s gonna say “WOOOOOAAAHHH, ha ha ha, ye ye ye ye ye okay that’s real.” ha ha ha ha ha.”

While Matos’ story of investment into a Ponzi scheme and receiving money isn’t unique, his delivery certainly is – and ultimately makes for some of the most bizarre Ponzi promotion I’ve ever seen.

If you’re asking yourself how did people get sucked into BitConnect in the first place, look no further than Matos and the people he convinced to sign up under him.

It’s this level of rabid enthusiasm which in itself is harmless but when applied to financial fraud, can be devastating.

Even more so when you have business models that dangle the carrot of reinvestment on the prospect of larger returns further down the line (which is pretty much every MLM cryptocurrency offering right now).

The above is from thirteen weeks ago, making it extremely unlikely that Jeanne O-Keefe has recovered her “first deposit”.

Purportedly earning over a thousand dollars daily by his own admission, depending on how much he re-invested Matos himself might be among BitConnect’s top net-winners.

In the wake of BitConnect’s collapse earlier today and the value of BCC plummeting by over 85%, Matos has yet to surface. Spare a thought for his wife…