The Indian police recently brought the high-ranking promoter of Bitconnect to justice, arresting him at the Delhi airport for his involvement in the multi-billion dollar Ponzi scheme which is also described as the largest fraud that we have seen on the cryptocurrency scene.
Touted as a multi-level marketing venture, Bitconnect was supposed to work in a simple way – with a trading bot that will generate revenue for investors over time. Users would deposit funds, locked them for a set amount of time and withdraw them with interest. Aside from these, there were big bonuses for bringing new recruits to invest their money.
However, many influencers saw behind the project – and also saw that it could be a scam. Still, they did not do anything to prevent the people investing in the Bitconnect Ponzi scheme.
As soon as the BCC crypto exchange got shut down (after being served with a cease and desist letter), it was all clear that the millions of dollars users invested went to a scam. The head of the Asian division of Bitconnect, Divyesh Darji, was the person arrested by the Indian police at the Delhi airport – after a thorough investigation by the Indian state police force.
Even though Bitconnect still has a market cap of $6 million, it will be delisted from the cryptocurrency exchange that still offers it as a trading pair from this September, making it a dead coin with no liquidity whatsoever.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post