Bitconnect Exit Scam
Today I will explain how people are still getting scammed by Bitconnect and a Director, Glenn Arcaro and people under him are getting into peoples heads once again to make sure they are never accused of anything. Please note that I wasn't against Bitconnect and I supported it, but the information given by some of these people were very misleading because they were planning this all along and destroying the evidence soon before Bitconnect shutting down. They planned the exit scam perfectly and I'll explain how and why it is.
Bitconnect stated that these were the reason why they chose to shut down the platform.
- The continuous bad press has made community members uneasy and created a lack of confidence in the platform.
- We have received two Cease and Desist letters, one from the Texas State Securities Board, and one from the North Carolina Secretary of State Securities Division. These actions have become a hindrance for the legal continuation of the platform.
- Outside forces have performed DDoS attacks on the platform several times and have made it clear that these will continue. These interruptions in service have made the platform unstable and have created more panic inside the community.
Are people actually believing this?
Texas State Securities Board says that they must register the Bitconnect Coins. Why not do it and keep the platform going? They failed to show evidence and prove the existence of the Trading Bot and the Volatility Software. I really thought they had something like a GunBot running and making 3-5% a day and giving 1% to users and doing all the technical work to keep it up and making a profit. Unfortunately, they didn't have a bot or a software, but just gave out percentage based on the lends made daily.
Bitconnect didn't respond to the request of simple things such as the information of people in connection with Bitconnect, a physical address, proof or evidence that the trade bot and volatility software exist, and where the funds are coming from to pay investors their daily interest. This is why they got an "Emergency Immediate Cease and Desist Order".
Funny thing is that Glenn Arcaro made a video when I believe is when they got the request letter from Texas. They had a "Promotors" meeting in Dubai in December. Who the hell has a promotor meeting in Dubai? Glenn stated that (very randomly too) it is very smart and safe to not disclose who the owner(s) of Bitconnect are and it is in the best interest of the community to protect their money... This was very misleading and VERY RANDOM why he said this in a video during the "Promotors Meeting" when no one asked him about the owners. In his videos, he would also randomly let his viewers know that he is a Texas resident when he is clearly not and had been living in California all his life.
Then a month later while the Bitconnect site was having "DDoS Attacks" they announced the emergency cease and desist order from Texas SSB. This is when Glenn Arcaro deleted his YouTube videos and said because he is a Texas resident, the Texas Government took down his site "FutureMoney.io". This was planned to let everyone know he's a Texas resident and that the government took FutureMoney.io down which made everyone believe he was too a victim. He then made his people under him (Craig Grant and Trevon James) to also make a "sad" video on how the Texas Government took down FutureMoney.io and made Glenn close his Youtube channel. He's always been a Californian... and still is.
Now everyone thinks he's a Texas resident and a victim of the events that occurred which then no one will ever accuse him of being a part of this.
Now onto the fake DDoS... they started saying they had DDoS attacks at the perfect time (Bitcoin price dropping) which led to Bitconnect Users putting A LOT of "Buy" orders on the Bitconnect Exchange. I mean there was A LOT because it went down to $200, leading people to think Bitcoin will go back up and Bitconnect Coin will go right back to $400, so everyone had buy orders in right before the "DDoS"and the cease and desist order. The so-called "DDoS Attack" kept happening and not allowing anyone to log in and Bitconect temporarily froze the exchange. Remember there are still A LOT of "Buy" orders stuck on the Bitconnect Exchange and no one can log in to cancel these because of the DDoS Attacks. This is when they used the DDoS as an excuse and sold all their Bitconnect Coins wiping out all the "Buy" orders and no one actually being able to see it because everyone was not allowed to log in for a few days right before the shutdown. No one knew it was happening and no one cared about their "Buy" orders and all they care about was who was attacking Bitconnect and whether or not Bitconnect will keep running or not. Then shut down after they purchased all coins and the exchange was closed as well making people believe everyone bought the Bitconnect Coins before the DDoS Attack when they put up "Buy" orders not thinking or accusing Bitconnect and Glenn of what really happened. They then release announced that the useless Bitconnect Coin ($15-$20) will be worth $150 when using it to buy the useless Bitconnect X ICO Tokens. They are like Ponzi scamming a ponzi scam and people are BUYING and selling this thing out in seconds daily. They can't even prove they have a superior exchange in the making.
Glenn Arcaro fooled everyone and might get away with a multi-billion dollar ponzi scam because everyone believes he didn't do anything and that he was a victim.
Will Glen Arcaro get away with all of this? Will anyone do anything about this? Who knows. But only a handful took big losses which ultimately might lead to nothing happening to these scammers.
- Craig Grant is a known scammer for decades.
- That girl Yuliana or whatever was on ABC 20/20 for being part of a Russian scam along with Craig Grant.
- Trevon James looks like Craig's son that Craig had with Yuliana and shouldn't be blamed because his dad made him do this.
- Glenn Arcaro who didn't get anywhere in his Hollywood career, lived in Moorpark, CA most his life. (Valley / SoCal area). How do I know? I'd rather keep it anonymous for now.
- Glenn's mother whos in Burbank, CA now didn't want to comment.
This whole Bitconnect thing that happened might be a Hollywood Movie that Glenn Arcaro was trying to make and failed so he just made it into a reality. I'm not kidding either. Might have been a good movie...