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Bitconnect – SCAM ALLERT

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Bitconnect was an open-source cryptocurrency high-yield investment program. It was a Ponzi scheme and the value of the coin dropped from $500 to under $1. The platform owners refunded all users’ investments. The goal of Bitconnect was that users could lend the value of Bitconnect Coin to receive daily interest. The height of the interest was determined by a trading bot. 

bitconnect

Why was Bitconnect considered to be a Ponzi scheme?

Bitconnect’s multilevel marketing structure and high payouts were reasons to suspect Bitconnect was a Ponzi scheme. The U.S. Securities and Exchange Commission sued Bitconnect in September 2021. The SEC alleged that Bitconnect had defrauded investors for over $2 billion. 


Methodology
Business24-7 aims to help those interested in cryptocurrency make safe and informed investing decisions. We are dedicated to offering our readers unbiased reviews of leading cryptocurrency exchanges for traders at all levels. Cryptocurrency exchanges are included in our reviews if they are safe, liquid, regulated by proper authority, or decentralized. 

Disclaimer
All trading involves risk. More than 80% of investors lose in spread bet and CFD trading. As these complex instruments allow for the use of leverage, there is a high risk of losing more money than you have deposited. Before attempting to participate in spread bets and CFDs, consider how well you understand them and if you can afford to lose your money.

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Stefan Grasic (Dipl.-Jur) is the World Wide Director of research for Buisness24-7 and has considerable experience in the financial and investment niche, but also enjoys writing articles for the general readership. Stefan is an active Crypto, Forex and general investment researcher advising blockchain companies at their start up level. He keeps fit by mountain biking, surfing, skiing and lots of other adrenaline sports.

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