Like many scams (related to cryptocurrency or not), Bitconnect promised high returns of up to 10% (which is huge!). It is also believed that the scheme was originally started to popularise Bitcoin, that said after the ICO it appears that Bitconnect focused solely on people buying BCC.īefore it had even launched Bitconnect attracted a lot of negative attention from those involved in the cryptocurrency community. What is known is that the company BitConnect Ltd. The origins of the Bitconnect scam are not completely clear, though it is widely believed that it started in India. Quite simply, Bitconnect (or, as it is sometimes written, BitConnect or bitconnect) was a Ponzi scheme that leveraged an open-source cryptocurrency that used the BCC ticker symbol. In this article, we’ll look at what the Bitconnect scam was, how it affected the cryptocurrency market and how you can keep away from such scams. In the space of a couple of years, Bitconnect tricked thousands of people into investing up to $3 billion before being shut down, devastating the lives of many.īitconnect also serves as a warning to us of how damaging scams can be not just to the victims, but to the whole industry. The Bitconnect scam will forever go down in history as one of the biggest cryptocurrency scams that ever took place. The Bitconnect Scam: The Biggest Price Plunge In Crypto History
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