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ID:

bitconnect-260

Date:

Status:

Incident Count:

August 21, 2021

Verified

1

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REKT

Contributor:

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zerofriction.io

KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

2,000,000,000

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Recovered:

-

Rewards:

Currency:

USD

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Investment

Scams

Extended Method:

Ponzi scheme

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Days in Operation:

0

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In May of this year, the SEC filed a lawsuit against five people suspected of promoting BitConnect. The SEC believes that BitConnect is an unregistered digital asset securities product, and the program has raised more than $2 billion from retail investors through the promoter network. BitConnect is a cryptocurrency investment plan with the characteristics of a Ponzi scheme launched in 2017. Its token BCC was one of the 20 most valuable cryptocurrencies at the time, with a market value of more than 2.6 billion U.S. USD. In September, the founder of BitConnect, Glenn Arcaro, admitted to participating in a fraud scheme, which was allegedly amounting to US$2 billion.

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