At their latest conference they did share with the participants where the money goes. 50% of it gets put into a pool that goes long BTC and long BitConnect tokens. Which is a blatant omission it is a pyramid scheme, just that is according to them, a pyramid scheme that gambles on BCC and BTC tokens. Clearly, though, if BCC or BTC tanked, since at least 50% of the funds are invested there (according to them), there would be absolutely no way to repay investors.
Start at 0:55 - "They amass huge amounts of bitcoin and are trading with it."
Video at 1:40 - they put 50% into BCC tokens
Source from a conference attendee:
I watched this gentleman's video last week, thought it was a great overview. As always, caveat emptor.