Can you get money back from BitConnect?
Bitconnect guaranteed investors up to a 10 percent total return per month on their investment, following a tiered-investment system based on the sum of an investor’s initial deposit.
How much money did BitConnect get away with?
BitConnect founder indicted for $2.4 billion cryptocurrency Ponzi scheme.
How do you know if Bitcoin goes up or down?
The value of cryptocurrency is determined by supply and demand, just like anything else that people want. If demand increases faster than supply, the price goes up. For example, if there’s a drought, the price of grain and produce increases if demand doesn’t change.
Is BitConnect a Bitcoin?
BitConnect is an alleged fraudulent cryptocurrency investment platform that reached a peak market capitalization of $3.4 billion.
What happened to BitConnect?
On January 17, 2018, Bitconnect shut down, and BCC prices crashed by 92% immediately after. Bitconnect announced it would refund its loans. However, the Bitconnect X website remained open and operational, having just begun its ICO and allowing users to purchase BCCX coins with their BCC coins.
How long was BitConnect around?
BitConnect, over its close to two years of existence, managed to defraud thousands of investors out of an estimated $2.2 billion.
Did BitConnect get caught?
BitConnect caught the attention of regulators in Texas and North Carolina beginning in early 2018, prompting Kumbhani to announce days later that the Lending Program was being shut down. The value of BCC plummeted.
Is BitConnect legit?
In reality, the DOJ says it was all a scam — BitConnect used money from new investors to pay old ones (otherwise known as a Ponzi scheme), and its advocates built pyramid schemes where they would get a cut for convincing others to invest by promising them the same deal.
Who is the owner of BitConnect?
BitConnect founder Satish Kumbhani, charged criminally in the U.S. last week with a $2.4 billion Ponzi scheme, has vanished from his native India, officials said.
Is BitConnect closed?
BitConnect closed its exchange in January 2018 after getting cease-and-desist letters from state regulators in Texas and North Carolina.