Sunday, February 24, 2019

The BitConnect Ponzi Scam - Trevon (Brown) James

On July 14, 2016, BitConnect LTD was incorporated as a private limited company by the Registrar of Companies for England and Wales. An ICO for BCC began on Nov 15, 2016. 4.8m BCC was sold for over 467 bitcoins. Despite the threat of dissolution, BitConnect’s market capitalization was valued at over $2.5b by the middle of Dec 2017. Dissolution of the company was finalized on Mar 3, 2018. On Jan 3, 2018, the Texas State Securities Board classified BitConnect as a Ponzi scheme.
Bitconnect was the first lending platform in the cryptocurrency space. It promised big returns with investments over $1,010 and daily returns for investments starting at $100 to $1,000. Trevon (Brown) James did daily updates on Bitconnect using his YouTube channel.
No criminal charges have been filed against the company, yet. That stands to change as the FBI is gathering evidence.
BitConnect announced that it would be shutting down its exchange on Jan 16, 2018. Its assets were temporarily frozen on Jan 31 when a judge in Kentucky filed a restraining order against the company. A dozen suits were brought together in a single Class Action against BitConnect in Florida. The case has yet to be resolved.

The BitConnect 'token' crashed and no longer trades. Customer losses were estimated at "more than $1 billion."