Tagged: bitconnect

November 21, 2021 @ 4:24 pm By Omar Faridi  |  

The team at Blockstream notes in a report that Bitcoin is on track for its worst weekly drop in over 6 months. Blocktream writes in a blog post that declines this past week looked to be driven by “continued deleveraging and perhaps also exacerbated by… Read More

November 19, 2021 @ 11:18 am By Tony Zerucha  |  

A review of the Securities and Exchange Commission’s (SEC) enforcement actions in this fiscal year show a growing threat posed by cryptocurrency and decentralized finance (DeFi) scammers. The year ended Sept. 30. The SEC filed 434 new enforcement actions in FY2021, and that is a… Read More

September 1, 2021 @ 3:26 pm By JD Alois  |  

Remember Bitconnect? If you do, well, it was fun while it lasted. If you need a reminder,  just watch this video below. https://www.youtube.com/watch?v=lCcwn6bGUtU BitConnect is emblematic of the pomposity and absolutely ridiculous heyday of the initial coin offering boom and ensuing bust. The whole thing… Read More

May 28, 2021 @ 7:14 pm By JD Alois  |  

Digital asset exchange BitConnect is the most recent crypto marketplace to gain the scrutiny of the Securities and Exchange Commission, Division of Enforcement. In a public statement, the SEC announced an enforcement action against five individuals alleging the promotion of a global unregistered digital asset… Read More

November 17, 2020 @ 11:19 am By JD Alois  |  

Bitconnect, a legendary crypto scam that was exemplified by a viral video, has emerged once again as the Australian Securities and Investment Commission (ASIC) has announced charges against Bitconnect promoter John Bigatton following a long investigation. From August 2017 to January 2018, Bigatton was said… Read More

July 27, 2019 @ 2:52 pm By Cali Haan  |  

Another alleged principle promoter of the failed $4 billion USD Bitconnect cryptocurrency Ponzi (now attempting resurrection) has been arrested in India, India Times reports. Rakesh Savani was arrested in the coast city of Sujat in northwest India last Friday. Authorities have also seized property and… Read More

May 21, 2019 @ 5:40 pm By JD Alois  |  

Yes, it appears to be true. Bitconnect, a poster child for crypto hubris and scams, seems to be poised to be reanimated as a crypto exchange in Bitconnect 2.0. While it is not clear who is behind the new site hopefully the sequel is far… Read More

March 20, 2019 @ 3:29 pm By Cali Haan  |  

The man accused of killing 50 people at a New Zealand mosque and hospitalizing dozens more, including a 2-year-old child, claims in his lengthy “manifesto” that he made money from Bitconnect, a now-collapsed cryptocurrency Ponzi scheme that ripped off participants for billions of dollars. In… Read More

February 23, 2019 @ 6:02 pm By Cali Haan  |  

The FBI is seeking information from “potential victims” of Bitconnect, a cryptocurrency Ponzi that bilked investors across the globe out of billions of dollars. People with information they wish to submit to the FBI can do so via a special online form set up by… Read More

February 9, 2019 @ 8:52 am By Cali Haan  |  

The latest enforcement report from the Texas State Securities Board states that the regulator issued cease and desist orders against 16 unlicensed crypto ventures soliciting investors in Texas in 2018. The most noteworthy of those ventures is Bitconnect, a massive global crypto Ponzi scheme that accumulated… Read More

January 8, 2019 @ 10:04 pm By Cali Haan  |  

John Bigatton, a licensed Australian finance professional who promote, Bitconnect, an apparent $2.6 billion USD cryptocurrency Ponzi scheme that collapsed last January, has had his assets frozen by an Australian federal judge and has been banned from traveling, The Sydney Morning Herald reports. Bigatton is… Read More

December 23, 2018 @ 9:55 am By Cali Haan  |  

Cybercrime police in the Indian city of Pune have arrested 10 individuals accused of defrauding 8000 investors in a Bitcoin-related Ponzi scheme called “GB21.” According to The Times of India, the leader of the scheme, Amit Bharadwaj, and his brother Vivek, ran a company called Gain Bitcoin,… Read More

November 21, 2018 @ 6:55 am By Cali Haan  |  

A court case brought against the Central Bank of India for advising Indian banks to stop serving cryptocurrency exchanges has forced the Indian government to produce an affidavit that includes a timeline on when sector regulations can be expected, Quartz reports. The advisory to stop… Read More

October 19, 2018 @ 3:34 pm By Cali Haan  |  

Florida law firm Silver Miller has combined six class action cases against BitConnect into one case, and the case will be pursued in the U.S. District Court for the Southern District of Florida, Coindesk reports. Silver-Miller has asked for a jury trial. The case not… Read More

September 26, 2018 @ 10:21 am By Cali Haan  |  

Google will reduce the extent of its ban on cryptocurrency ads this October by allowing regulated crypto exchanges to advertise on the platform to US and Japanese audiences only, CNBC reports. In the spring and early summer of this year, Google, Facebook, Twitter and SnapChat… Read More

August 29, 2018 @ 10:30 am By Cali Haan  |  

Three companies ordered by the Colorado Securities Commissioner Gerald Rome to justify their ICOs (initial coin offerings) in a live hearing before commissioners August 24th failed to appear, according to notice by the Colorado Department of Regulatory Agencies. Expectations are there likely won’t be another hearing…. Read More

August 20, 2018 @ 11:08 pm By Cali Haan  |  

The man accused of leading the Bitconnect cryptocurrency pyramid scheme in India was arrested this weekend at an airport in New Delhi, Financial Express reports. Divyesh Darji was en route to Ahmenabad, the capital of the Indian state of Gujarat, from Dubai, where he had… Read More

July 15, 2018 @ 8:59 am By Cali Haan  |  

  Youtube, “failed as a gatekeeper to protect its users,” by allowing affiliates of the Bitconnect cryptocurrency ponzi scheme to post 70 000 hours of promotional video, lawyers for plaintiffs in a class action claim. Bitconnect used multilevel marketing to boost operations and several Bitconnect… Read More

February 12, 2018 @ 9:49 am By JD Alois  |  

Sure. There are plenty of legitimate initial coin offerings and cryptocurrency platforms. But for every business that is attempting to operate a real business there are a handful that should have never existed at all. BitConnect is one of those companies and it is no… Read More

January 7, 2018 @ 4:44 pm By JD Alois  |  

The regulatory drums are getting louder when it comes to initial coin offerings (ICOs). The first shot across the virtual bow was the Securities and Exchange Commission (SEC) Report addressing the DAO and the fact it was an unregistered security. Since last July, there have been… Read More