Bitconnect is facing litigation from six individuals accusing the company of operating a Ponzi scheme in addition to numerous violations of securities laws. The six plaintiffs collectively invested approximately $771,000 USD into Bitconnect, and are seeking recourse following the sudden removal of the company’s lending platform that immediately led to a more than 90% loss […]
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The Commodity Futures Trading Commission (CFTC) has filed a lawsuit against “a virtual currency know as My Big Coin (MBC).” The CFTC alleges that the company raised more than $6 million USD by making false and misleading claims regarding the cryptocurrency’s utility and backing. Also Read: Vouching Bitfinex and Tether’s Bank Accounts Hold Nearly $3 Billion […]
Benebit, one of this year’s most hyped ICOs, has pulled an exit scam, making off with a reported $2.7 million of investor funds. Other estimates put the figure as high as $4 million. The fraud only came to light after someone noticed that the team photos had been stolen from a school website. Once the […]
It was the best of times, it was the worst of times. From the hubris and excess of the North American Bitcoin Conference to the gloominess of the crypto markets, it’s been a feel-o-coaster of a week. Fear, uncertainty and doubt were the overarching emotions amidst a turbulent seven days, but there was also space […]
The fall of Bitconnect was as certain as night follows day. A pyramid scheme wrapped inside a Ponzi with a side order of WTF, Bitconnect was as crazy as it was calamitous. The only miracle was that the racket lasted so long. When the ringleaders shut up shop on Wednesday, causing the token to plummet […]
We have seen quite a few ICO projects designed to make fun of the entire business model. People will gladly throw money at any initial coin offering without doing the slightest research. This is why projects such as Super Cool Awesome Money – or SCAM – exist. It is clearly a scam and advertises itself as such, yet people will undoubtedly buy into this ICO. This shows just how little research some people do when it comes to cryptocurrency. The SCAM ICO has Arrived One could easily argue the vast majority of current cryptocurrency ICOs are either scams or far too ambitious
Ponzi lending smart bot scam Bitconnect finally did what most sane observers predicted long, long ago. It went splat. And it didn’t collapse due to government pressure, nor flurries of bad press, and certainly not from DDoS hacking attacks. The story is more of a ballad, a great object lesson, and it is the lie […]
For naive investors who invested in BitConnect (BCC), today marks an exponentially bigger loss than the general cryptocurrency downtrend. After discontinuing its “lending” program, BCC instantly plummeted over 90% from the day’s high, dropping from over US$330 to a low of just under $20. While most of the community warned about the blatant scam presented by BitConnect’s lending program, the ponzi still rose to a top market cap of almost US$3 billion. With the lending program, individuals could deposit USD or Bitcoin onto their BitConnect accounts, where they would then stake their holdings for daily interest for a predetermined period
In a move that will surprise few observers, Bitconnect has announced that it is closing its lending and exchange platform. The company has widely been accused of operating a Ponzi scheme and was recently rocked by cease and desist notices in two US states. Immediately after the firm declared its intention to wind things up, […]
If the internet truly is for porn, it only makes sense for the latter industry to have its own cryptocurrency. Several such projects have been created in recent years, although none of them gained any major traction. Fantasy Market’s investors will realize by now that the creator of this project has ripped them off completely. More specifically, the CEO has seemingly disappeared with their money, and no one has been refunded to date. What is the Deal with Fantasy Market? The concept of Fantasy Market was pretty interesting, to say the least. At its core, the project focused on building a new cryptocurrency designed