Bitconnect: The Wannabe Bitcoin Ponzi Scheme | Multi Level Mondays
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BitConnect - A Great Example of a BitConnect Downfall
The UK government issued a BitConnect notice saying that they just had two months to prove their legitimacy or be dissolved and have their assets confiscated. They closed the crowd sale on 30 December, but Connect only raised 468 Bitcoins worth around $410,000 at that time. The guaranteed returns were too high. Anything invested could be tied up for 299 days. Their growth was driven by referrals, plus the website itself looked shady, riddled with grammar and spelling mistakes. There weren't really any actual proof or raw trade history that the trading bot they used even existed.
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