The famous words of the Carlos Matos, the mind behind the ‘brilliance’ of what was Bitconnect.
Bitconnect is now cryptos most infamous pyramid scheme and was a hot topic for discussion after the hilarious ‘press conference’ earlier in the year. Media outlets were quick to slam the cryptocurrency as well as memes being made overnight of the exaggerating and unprofessional like attitude from Carlos Matos. Even popular YouTuber PewDiePie made a video dedicated to the man himself.
However, for those who aren’t aware, the platforms business model was very similar to that of a pyramid scheme (referral commissions, 1% daily rewards etc.). Yet still, so many people were victimised to the unrealistic expectations pushed by the company as well as trying to involve others to invest too.
Fortunately, there were less naive people that took to social media to let people know that Bitconnect was a scam and so eventually, the india-based company collapsed. The business behind Bitconnect failed to pay out the promised returns which led to the announcement in that the service was forced to close its doors.
However, even after the project was officially named to be scam a few lesser known exchanges still offered still supported for the cryptocurrency. One of the exchanges that supported the failed crypto was TradeSatoshi who has delisted Bitconnect on 10th September.
Despite all this, Bitconnect still hasn’t been taken off CoinMarketCap as can be seen below:
US regulators have encourages Indian authorities to seize Bitconnect related properties. As reported by The Times Of India, the legal case surrounding this scam has recently developed with regulators in Arizona.
A comment made by the India-based Crime Investigation Department regarding the case said:
“Those who invested in this virtual currency company after demonetisation are suspected of laundering black money. We will write to the enforcement directorate and income tax authorities to probe such investors.”
Nevertheless the Bitconnect saga has officially come to an end and soon we should no longer see it CoinMarketCap or any of the lesser known exchanges.