you have been in the crypto world for quite some time now, it is possible that you have read and seen one of the most famous fraudulent schemes based on the Ponzi scheme, BitConnect.
However, for those newcomers who do not know the project or have forgotten it, BitConnect is one of the projects that offends the Crypto world and builds a negative stereotype.
The BitConnect project was launched in December 2016. It is a platform to lend the currency of the Bitcoin in a decentralized manner and promised the platform to provide high returns for depositing your Bitcoin at the platform. Payouts are paid for their BitConnect and BCC.
The primary objective of the project was to provide investment opportunities and to reserve the users’ BTC and to share profits against these investments. The company claimed to make huge profits thanks to its trading pot and promised investors a monthly income of 40 percent.
With many investors joining the project, the price of BitConnect quickly rose to the top 20 currencies, according to CoinMarketCap data . The market value of the project was $ 2.6 billion in 2017.
Stealing investors’ funds:
In January 2018, Bitconnect team abruptly closed the platform and stole the BTC coins from all investors in one of the biggest frauds in the Crypto world.
Which affected the BCC cryptocurrency, which was canceled from all trading platforms and became worthless as it fell below $ 1 (previously trading at $ 500).
Bitconnect returns the new version:
It has been more than a year since the Bitconnect team stole many Crypto communities, and it seems that the project intends to return again with the same name as Bitconnect 2.0, according to a tweet published yesterday.
Welcome everyone back to Bitconnect 2.0
We will launch Bitconnect2.0 on July 1st
visit our website for more Infoshttps://t.co/xKJ10yeYoP
— Bitconnect2.0 (@Bitconnect2_0) May 18, 2019
The Bitconnect 2.0 project is likely to be another fraudulent process, but unfortunately many gamblers in the crypto industry have a short memory. Therefore, we would like to warn the crypto-communities to stay away of these projects and those who follow the Ponzi scheme.
Please note, that is not a bit of financial advice, nor the WhaleToBe team’s view