• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Buy SilverTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

FBI Seeks to Speak with Bitconnect Victims as Part of Investigation

Rick Delafont by Rick Delafont
2 years ago
in Cryptocurrency news
Reading Time: 2min read
FBI Seeks to Speak with Bitconnect Victims as Part of Investigation
Advertisement

The US Federal Bureau of Investigation is looking to speak to those investors burned by what has perhaps become the best known scam in cryptocurrency history, Bitconnect.

The word Bitconnect is now synonymous with scams targeting the cryptocurrency community. It was not only one of the more brazen efforts but also one of the most successful, creating many victims after its collapse.

Could the End of the Bitconnect Story Finally be in Sight?

Bitconnect (BCC) was first launched by an initial coin offering (ICO) in December 2016. The project purported to be part open-source cryptocurrency and part high-yield investment scheme. However, its multi-tiered marketing strategy caused many to call it out early as a Ponzi scheme.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The company claimed to generate a massive 40 percent return for its largest investors through its lending platform. Additionally, a unique trading bot would multiply those Bitcoin investments made into Bitconnect – or so it was claimed.

In the profit-hungry environment of 2017, Bitconnect attracted many investors. BCC tokens even managed to get into the top 20 coins listed on Coinmarketcap, before the whole pyramid came crashing down.

In January 2018, Bitconnect announced that it was shutting its lending and exchange platform down via its now-defunct website. This caused the price of the BCC token to plummet.

The BCC price dropped hard after the service was terminated.

According to The Next Web, the official reason given for the abrupt decision to cease business was “bad press”. However, most of this was caused by a list of legal troubles from several different jurisdictions – themselves a direct response to the legitimacy of the claims made about the profitability of the scheme.

Over a year after Bitconnect shut down, the FBI is finally doing a thorough investigation into those behind the scam. According to a post on the government organisation’s official website, those who invested in Bitconnect are encouraged to contact the government investigation organisation with regards their involvement.

In addition to generic contact details, the questionnaire requests that victims of the scam answer some questions specific to their investment in Bitconnect. These include: how they heard about it, how much was invested in the scheme, and their account details at Bitconnect.

The full scope of the investigation into the scam is unknown for now. However, some are expecting the FBI to go after more than just the top brass at Bitconnect.

Shit just got real when it comes to Bitconnect. Now it's full blown Criminal case building, no longer just civil. Youtube promoters and bloggers who shilled this ponzi will finally get made examples of,through criminal prosecution by the FBI #cybercrime https://t.co/Ibctx9iBI1

— Digital Forensics Indonesia ?? (@DFI_Indonesia) February 20, 2019

Of course, Bitconnect’s sudden rise through 2017 was aided by many cryptocurrency influencers. YouTube channels shilled the project to their followers, along with an army of promoters paid by Bitconnect to hawk the “investment opportunity” across social media. Some of those singing its praises have since disappeared. The whereabouts of others is reported in the following video:

Whether the investigation will target those shilling BCC to their followers remains to be seen at this early staff. However, if you got involved in Bitconnect as an investor, you can find the FBI questionnaire here.

 

Related Reading: Move over Twitter: Crypto Scams Have Infiltrated Facebook

Featured Image from Shutterstock.

Tags: bitconnectFBIponzi
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Related Posts

Blockchain is Finally Becoming What Was Promised

Blockchain is Finally Becoming What Was Promised

16 hours ago
Chainlink Paints Golden Cross as BlockFi Announces LINK Support

Chainlink Paints Golden Cross as BlockFi Announces LINK Support

20 hours ago
Web Developer Claims Ripple Allegedly Sued Him Over Fidget Spinners

Web Developer Claims Ripple Allegedly Sued Him Over Fidget Spinners

20 hours ago
Binance, Binance Coin, Binance Smart Chain, BNBUSD, BNBBTC, BNBUSDT, BNB

Binance Coin (BNB) Bull Run: Analyst Makes Bold Case for $500

22 hours ago
Upside Potential in NFTs is Massive Says Gary Vaynerchuk

Upside Potential in NFTs is Massive Says Gary Vaynerchuk

1 day ago
Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

Saylor Sees Bitcoin Regulation as Greenlight For More Institution Inflows

1 day ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

ECOMI to List OMI Tokens with BitMax

March 3, 2021

eToro and DS TECHEETAH Change Face of Sponsorship With Unique Profit Only Deal

March 2, 2021

Easyfi Network introduces Staked Derivative Assets Money Markets on Layer 2 DeFi

March 1, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Buy Silver

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.