An Important Victimization In The BitConnect Case

An important victimization emerged in the case of the BitConnect crypto exchange, which collected billions of dollars with the promise of great profits to investors.

BitConnect was perhaps the most memorable event in 2017, when the world of cryptocurrencies was not yet widely known, but its remarkable rise began. BCC fell from $ 500 to 40 cents, and thousands of investors were defrauded. BitConnect exchange made the biggest hit with its lending program. The assets of each new investor who tied their assets to the platform with the promise of 40 percent monthly earnings were distributed as earnings to previous investors. The actual earnings were transferred to the wallets of the owners of the platform. BitConnect, which was advertised with worldwide influencers, experienced a rapid growth. However, after the Department of Justice closed the platform on the accusation of a ponzi scheme, a great victimization emerged. It is stated that investors have lost around 2.4 billion dollars. The second blow was with the BCC cryptocurrency. BCC, which exploded in parallel with the popularity of the crypto exchange, increased to around $ 463 with the effect of manipulation and reached a market value of $ 3.6 billion. The Department of Justice decided to prosecute Indian Satish Kumbhani, the founder of the crypto exchange, on charges of fraud, pyramid scheme, unlicensed money transactions, money laundering, manipulation, with a total of 70 years.