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Detail Analysis

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Date:

Status:

Incident Count:

August 21, 2021

Verified

1

Contributor:

zerofriction.io

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KYC By:

KYC:

None

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Audit By:

Audits:

None

Loss Amount:

2,000,000,000

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Recovered Amount:

-

Currency:

Dollars

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Key Indicators

Platform:

Type:

Category:

Method:

Data Sources:

Investment

Scams

Extended Method:

Ponzi scheme

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In May of this year, the SEC filed a lawsuit against five people suspected of promoting BitConnect. The SEC believes that BitConnect is an unregistered digital asset securities product, and the program has raised more than $2 billion from retail investors through the promoter network. BitConnect is a cryptocurrency investment plan with the characteristics of a Ponzi scheme launched in 2017. Its token BCC was one of the 20 most valuable cryptocurrencies at the time, with a market value of more than 2.6 billion U.S. dollars. In September, the founder of BitConnect, Glenn Arcaro, admitted to participating in a fraud scheme, which was allegedly amounting to US$2 billion.

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DISCLAIMER: While Zero Friction LLC has used the best efforts in aggregating and maintaining this database, Zero Friction LLC makes no representations or warranties with respect to the accuracy or completeness, and specifically disclaim any implied warranties of merchantability or fitness for any particular purpose. 

Under no circumstances, shall Zero Friction LLC be liable for any loss of profit or funds, any regulatory or governmental penalties, any legal costs, or any other commercial and non-commercial damages, including but not limited to special, incidental, consequential, or other damages from any or all usage of the dataset or information derived from our database.