Bitconnect has hogged the limelight recently when the SEC (United States Securities and Exchange Commission) sued the founder of Bitconnect, the now defunct cryptocurrency exchange platform. The SEC has charged BitConnect founder Satish Kumbhani of raising around US$2 billion from thousands of retail investors. They alleged that Satish had lied about the ability of BitConnect to generate profits and violated registration laws, protecting investors. The Bitconnect fraud is considered to be one of the biggest scams among all the cryptocurrency frauds.
As the top US promoter of BitConnect, the SEC has also charged promoter Glenn Arcaro and his firm Future Money Ltd in a Manhattan federal court lawsuit for fraudulently receiving over US$24 million in terms of "referral commissions" as well as other sums.
In a criminal wire fraud conspiracy charge, Arcaro has already pleaded guilty before US Magistrate Judge Mitchell Dembin in San Diego. His sentencing is going to take place on November 15, 2021. Reports say that the SEC lawsuit wants to:
Bitconnect exchange has also created BitConnect Coin, a digital token, which you can exchange for Bitcoin. BitConnect Coin, denoted as BCC, is a popular proof of stake (PoS) cryptocurrency.
The US Securities and Exchange Commission said in its lawsuit that the Bitconnect exchange told investors that their "lending program" (through BitConnect Lending Platform) was capable of using a "volatility software trading bot" (bot and volatility software) to generate 40% per month returns and a fictitious 3,700% annualized gains. The securities watchdog also underscored that investors lost most of their money after the BitConnect Coin BCC price tanked by -92% on January 16, 2018.
Prosecutors called BitConnect a classic example of "textbook Ponzi scheme" that took money from new investors to pay earlier investors.
On May 28, five other promoters of BitConnect were also sued by the SEC. Judgements have been obtained by the SEC, which required Michael Noble, Joshua Jeppesen, and the fiancee of Jeppsen to make payments of over US$3.5 million and 190 bitcoins.
The now defunct ponzi scheme BitConnect Coin (which was launched in February 2016) was used for investing in the BitConnect scheme and also receiving payouts. The Bitconnect price hit an all-time high in December 2017 at US$471 (with the market cap reaching US$2.5 billion). However, its value dropped to zero after the project’s investors exited the scheme after legal problems arose for the BitConnect project.
BitConnect’s website has been offline since the scam (ponsi scheme shuts down) went public and its value dropped to zero. The project and the exchange, don’t exist now. The BCC coin is not tradeable anymore.Buy Bitcoin, Cryptocurrencies, Stocks, and Gold for a Better Return (ROI)If you are ready to invest in stocks and cryptos or buy Bitcoins through online brokerage accounts of centralized or decentralized cryptocurrency exchanges, you can do so in a legit way by investing through stock investing and cryptocurrency apps. You have to open an account with such an exchange or online broker (including trading apps and investing apps such as TD Ameritrade). Then verify your details (including basic personal information) and fund your stock or cryptocurrency and bitcoins trading account.
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You can also check the savings calculator to know how much you should save on a weekly, monthly, or yearly basis. Check the financial news to learn more about the prospects of various assets so that you can build long term wealth.
If you are bullish on the future prospects of gold, stock and ETF trading, the crypto market, Bitcoin BTC, Ethereum ETH, Bitcoin Cash BCH, Litecoin LTC, Ethereum Classic ETC, Bitcoin SV, Wrap Bitcoin, and other altcoins, you can start investing in stocks, gold, Bitcoin, and other altcoins with USD. Once purchased, transfer them to:
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Get better guidance on improving your personal finance, retirement planning, management of cash flows or capital gains, and investment ideas from financial advisors, investment managers, and wealth managers, especially the ones who are not averse to cryptocurrencies such as Bitcoin and others.
While day trading, you should always try to invest only that much money which you can afford to lose. When you do margin trading, be very careful. Financial protection must always be there in your mind while you make cryptocurrency trades. That’s why having a secure financial plan is so important.
Invest money in stocks, gold, and other cryptocurrencies through centralized or decentralized exchanges and reliable online brokers.
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