Class Action Lawsuit Filed Against BitConnect

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Following the Crash of BitConnect, Investors File Class Action Lawsuit.

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48 thoughts on “Class Action Lawsuit Filed Against BitConnect

  1. What if we find out the government was behind bit connect to place further restrictions and regulations on the community? Would it surprise anyone?

    1. Jet fuel can’t melt steel beams… Bitconnect was a ponzi started by a few people that wanted to get really rich quick and easy. They decided to cut and run when they got government attention and the price of Bitcoin started falling. They weren’t the only ponzi in crypto and won’t be the last to draw in a bunch of suckers.

  2. They came under a DDOS attack, I work in systems security and have never in my life seen an attack as big as that. I was worried once I saw Glenn Arcaro delete every single video off of his channel after the cease and desist letter. Bitconnect was under attack by every government going. I still to this day do not believe bitconnect was a Ponzi scheme but the founders did lack basic economic understanding because once they released people’s coins the price dropped 95%. The only way they were making money was from fees. How the hell did they make money if only so many BCC coins had been mined and most of the investors had the BCC coins?

    1. Dominic Easton do u really think they shut down simply because they couldnt afford more servers and bandwidth when their market cap was near 3billion at one point? Are u that dumb?

    2. The DDOS attack was 3mb a packet, throwing a 1000 packets a second. Do you understand what kind of stress that puts on servers? They were being threatened with another attack. It would take weeks for them to reestablish servers only for those servers to be taken out again. A servers CPU’s cannot handle that kind of data transfer.

    3. I agree that this is incredibly odd the way they went about it but how did they make money exactly? That’s the question I’ve been asking everyone. How did they sell BCC coins and then manage to give those BCC coins back? They gave the BCC coins back at what the amount you would of had in your wallet at $350.

    1. Yes, are you? This crime wave with rulers didn’t start (for us, at least) until the agricultural revolution. Most everyone (Incas, Aztecs, Mayans possibly excepted) outside the agricultural revolution had the same relationships with each other that people like you almost certainly have with your friends and family.

    2. Weldopedia Anarchist Believe in rules. Not Laws and rulers. Because rulers use their power for corruption.
      Just look at most all governments. Lobbyist. Politicians. They’re all into it for themselves. Oh and let’s not forget about the law enforcers using their power to corrupt / harass / and collect…

    3. Chris Beamis Most people don’t really know the truth about an anarchist from the brainwashing from government definition. Welcome to: The United of Snakes…!!!!!

    4. ozrkmountainspeedway Rules don’t exist without a person to rule over the “rule breaker(s)” and violate their will by administering punishment. If its the entire community agreeing that said “rule breaker(s)” deserve to be punished, that community is simply being ruled over by a corporate-person. See how unsustainably flawed the concept of anarchy is? It only exists in fiction.

  3. I don’t feel bad for anyone who lost money to this blatant ponzi scheme. There have been constant warnings about it for as long as its been around! People just don’t care, they’d rather get that quick buck and pretend like they won’t be the one left holding the hot potato. Well now they get what they deserve for being stupid especially the people who went all in.

  4. Ah, Bitconnect is not a Ponzi. It’s an entirely different beast. It’s a Cryptolendzi. They tried to do the right thing by returning investments, but they simply failed at the attempt.

    1. Wrong. You had the choice of exchanging it for their own coin which was worth about $350 and would rise with Bitcoin and then you would lend those Bitconnect tokens to bitconnect and receive dollar value in returns from them trading the BCC coin against BTC.

    1. Casinos lol stealing everyones money. bitconnect got shutdown because they were in direct competition with the banks. I hope they learned their lesson and decentralize their next platform.

    1. It dropped 95% after they released everyone’s coins at once. They would of been better selling all the BCC coins for BTC but of course that would involve selling billions of dollars worth of their own coin which is pretty difficult.

  5. Jeff, I see you are also going along with some of the false info about Bitconnect. They never promised 40%. It was up to 40%. Bitconnect wasn’t a Ponzi either. Their token increased over 270,000% in 2017 which did allow them to pay some very good returns. Bankers have been calling Bitcoin a Ponzi and I know that word has been weaponized.   After Bitconnect passed Dash on coinmarketcap they were made to come up with a circulating supply # which other tokens didn’t have to do and I’m sure Bitcoin doesn’t have a circulating supply of 16 million. So this put them down to #23 from #5. Then on twitter this @bccponzi guy asked Ethereum creator what if a company guarantees 1% daily returns what would you call that and he said he didn’t know about Bitconnect but said that would have to be a Ponzi.  Again Bitconnect never guaranteed 1%. But then you have all these “news articles” coming out claiming that the founder of Ethereum calls Bitconnect a Ponzi. Then you have Jsnip4, Bix Weir, Cliff High and others get on the band wagon and say that Bitconnect is a Ponzi and is going to be seized by the queen of England and close down in December and all assets were going to be confiscated. By this time even some in the community started to get nervous and stopped holding BCC coins and when they got paid would cash out to Bitcoin and off the platform. There was a drop in BCC price and Bitconnect bought BCC to keep the price up like a company would buy their own stock. This worked. Then the C&D for TX and NC were issued because of complaints calling it a Ponzi. (Not by people in it but by these same attackers I assume. Nobody in it has ever lost any money). Then they got hit by a DDOS attack and people were not able to get on the system and when they opened many started cashing out like a bank run. Then after looking at the entire situation and seeing the community even giving up they closed down their lending service and released everyone’s funds to BCC which then crashed the price. Bitconnect is still up and says they are going to do what they can to lift the price. Now you have people saying, see we told you it was a Ponzi. This whole thing is so sad because Bitconnect was really helping the entire Crypto Currency community and getting so many into Crypto for the first time. People would then earn BTC and take it to the exchange and lift up Alt-coins. Maybe this is just another reason we are in this slump. Even though Bitconnect had 1.5 million user accounts they had less than 150,000 people using their lending service. This was found out because after all capital was released to BCC wallets the # of addresses went up from about 80,000 to 153,000. Some are just saying that 1.5 million people lost their money. Not true again. Now I can see the bankers continue their attack on crypto and start saying we told you Bitcoin was a Ponzi and then those that bought above $12,000 will tell their stories of all the money they lost and how they were listening to these crypto experts and were scammed. So don’t get so excited and pile on this attack on Bitconnect.

    1. Theres no way on knowing…they were competing with banks so no surprise they got shutdown. Maybe they were legit maybe not. The lesson is if it is not decentralized than the risk is huge. Same for exchanges. The time has come to be worried of centralized platoforms.

  6. Great video.
    My highly analytical & logical mind has instilled the following thoughts deep within my soul, so I know these words are true…
    It is obvious that crypto-currencies are the wave of the future.
    Therefore, it won’t be that long before mammoth companies like Amazon have no choice but to welcome Litecoin and other cryptos into their game plan.
    When they do, all present crypto holders will become millionaires.
    Now, if those words don’t help you to buy and HODL then take them, and make them your own until they work for you.
    The first step to riches is to develop a money consciousness. As Jim Rohn once said, “if you want to be wealthy, study wealth.”
    Start today by imaging the possibilities, and by using the law of assumption, and you will be forever changed.
    http://www.bookstoselfhelp.com/the-law-of-assumption/

  7. the sad thing is, had Bitconnect actually used Trading Bots along with purchasing Hashing Power and used both as incoming revenue streams, they would have never had to pull the plug.. They simply lied their asses off about using such instruments, which is flat out fraudulent. If an actual lending platform were to actually use trading bots and hashing power, they would end up being better than Bitconnect and could actually accept BCC as payment..

    There’s nothing wrong with the BCC token itself. It’s a stable coin with a decent blockchain and it can be staked as well.. It’s just the assholes behind Bitconnect is what did it in..

  8. i truly love your channel.. i got on the eos train the night dan larimer was on your show..believe me when i say i am a true supporter… but stop being lazy and put up more real content…this minute long or less crap blows….

  9. These idiots are ruining the lending space for the rest of us! Nobody forced anybody to lend with Bitconnect , if these clowns didn’t see the writing on the wall it’s their own fault!

  10. Even though I lost money during this, i am glad that it happened. This will just make the crypto world more strong and stable so it can move to the next level. Its velocity will increase and more companies will start offering it as payment. For now the USSA does not allow hourly payment so it will be a long time before we can use it as such.

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