Monday, October 25

SEC accuses 5 people involved in BitConnect

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bitconnect

Five backers of BitConnect, a ponzi, have been accused by the US Securities and Exchange Commission of violating federal securities laws.

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It is also claimed that people who support the program broadcast on YouTube in order to attract more investors.

Lara Shalov Mehraban, the agency’s deputy district director, claims that those who illegally take advantage of the public interest in cryptocurrencies will be held responsible:

“We claim that these defendants illegally sold unregistered digital asset securities by actively promoting the BitConnect loan program to retail investors. We will continue to hold accountable those who profit illegally by leveraging the public’s interest in digital assets.”

This $2 billion scam exploded on January 17, 2018, and then ended its lending and trading services. The BCC token had collapsed over 90% within hours at that time.

The BitConnect platform has earned a reputation as a platform that allows its customers to lend cryptocurrencies to generate large amounts of revenue. However, it was soon revealed that this was a fraud.

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