Investors File Class Action Suit against Bitconnect

in #altcoins4 years ago

 The recently shuttered cryptocurrency  lending and exchange platform BitConnect has been hit with a class  action lawsuit from six investors claiming losses exceeding $770,000. 

 All BitConnect investors who suffered  losses resulting from the company’s activities and platform closure are  entitled to join the lawsuit as Class Members. The complaint lists  BitConnect’s three corporate entities in the UK and fourteen  individuals, including ten of unknown names, as defendants. The  individuals include California-based Glenn Arcaro, the director of  BitConnect International PLC, and prominent affiliates and recruiters  promoting BitConnect on social media platforms such as Youtube and Facebook. 

 BitConnect, widely suspected in the  crypto-space of being little more than a Ponzi scheme, allowed investors  to lend money to BitConnect, which the company would then use to trade  in the volatile cryptocurrency market using advanced trading software.  It promised investors 40% returns per month and 1% returns per day,  regardless of market conditions.  


All ponzi​ schemes work like that. They promise you the world, they deliver it and when they filled they belly they fuck off with all the money. This is not a real example for Bitconnect as they gave the money back (in worthless coins). From what I know 2 big YouTubers​ that were promoting Bitconnect were CryptoNickk and Trevon James. I really liked the way Trevon handled it after. However, CryptoNickk was and is a little bitch.
I will definitely​ get hate for this comment,​ but I don't care. I'm speaking my mind like everyone should do.

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