The recently shuttered cryptocurrency lending and exchange platform BitConnect has been hit with a class action lawsuit from six investors claiming losses exceeding $770,000.
All BitConnect investors who suffered losses resulting from the company’s activities and platform closure are entitled to join the lawsuit as Class Members. The complaint lists BitConnect’s three corporate entities in the UK and fourteen individuals, including ten of unknown names, as defendants. The individuals include California-based Glenn Arcaro, the director of BitConnect International PLC, and prominent affiliates and recruiters promoting BitConnect on social media platforms such as Youtube and Facebook.
BitConnect, widely suspected in the crypto-space of being little more than a Ponzi scheme, allowed investors to lend money to BitConnect, which the company would then use to trade in the volatile cryptocurrency market using advanced trading software. It promised investors 40% returns per month and 1% returns per day, regardless of market conditions.
All ponzi schemes work like that. They promise you the world, they deliver it and when they filled they belly they fuck off with all the money. This is not a real example for Bitconnect as they gave the money back (in worthless coins). From what I know 2 big YouTubers that were promoting Bitconnect were CryptoNickk and Trevon James. I really liked the way Trevon handled it after. However, CryptoNickk was and is a little bitch.
I will definitely get hate for this comment, but I don't care. I'm speaking my mind like everyone should do.
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