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BitConnect


A promoter of the controversial cryptocurrency platform BitConnect was arrested on August 19, according to a local news outlet in India. Former BitConnect India head Divyesh Darji was arrested at Indira Gandhi International Airport in New Delhi on Sunday, the India Express reported. The Criminal Investigation Department of Gujurat police announced they arrested Darji after …

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Digital media giant YouTube has been named in class action lawsuit tied to the collapse of BitConnect, the cryptocurrency lending platform widely accused of fraud. BitConnect’s shutdown in January – which followed a series of warnings from U.S. investors – triggered a number of investor lawsuits, including one filed in late January in Florida. BitConnect’s …

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Comedian John Oliver tried to explain Bitcoin March 11 – with the help of a fake BitConnect promoter Carlos Matos and Don Tapscott comparing the Blockchain to a Chicken McNugget. In the latest episode of the US-based host’s Last Week Tonight television show, Bitcoin, Blockchain and investing in cryptocurrency all came under the spotlight. The …

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Former Bitconnect investor and promoter Trevon James is now claiming he spoke to the FBI about the now-defunct exchange and his involvement with the project. In a YouTube video posted Monday, James further confirmed that he will be testifying about his role with the project in 10 days, though he did not specify what type …

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The U.S. Securities and Exchange Commission (SEC) has denied a Freedom of Information Request (FOIA) regarding the BitConnect cryptocurrency investment scheme, citing an exemption usually applied to records tied to law enforcement. The FOIA was sent by Florida lawyer David Silver, who though the law firm Silver Miller is representing clients in one of a …

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Yet another lawsuit seeking class-action status has been filed in Florida against BitConnect, constituting the third legal action of its kind to be initiated in the state and the fifth overall in the U.S. Florida residents Andrew Kline, Dusty Showers and Lena Hunt, along with Rhode Island resident Charles Mabra, filed the lawsuit in the U.S. …

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A temporary restraining order (TRO) freezing BitConnect’s assets has been granted in the U.S. after a second lawsuit was filed against the cryptocurrency exchange and lending platform on Monday. The order – granted by Chief District Judge Joseph McKinley, Jr. at the U.S. District Court, Western District of Kentucky  – requires the parties to disclose …

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A new lawsuit has been filed in connection with the controversial BitConnect cryptocurrency investment scheme, the second such case to be filed in the past month. The lawsuit, filed on behalf of Kentucky resident Brian Page, names BitConnect International, BitConnect LTD, Bitcoinnect Trading LTD and Ryan Maasen as defendants. Submitted on Monday, Page is seeking …

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Former BitConnect investors have filed a class action lawsuit Wednesday, Jan. 24, seeking compensation from the company that was found out to be a Ponzi scheme and has shut down on Jan. 17. The class action complaint states that BitConnect issued cryptocurrency tokens that were actually unregistered securities and collected additional funds via a “wide-ranging …

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Just a week after the abrupt closure of BitConnect’s lending and exchange platform, investors are seeking legal action to claim back their funds, according to public document. The class action case (see below), filed with the Southern District Court of Florida on Jan. 24, alleges that BitConnect issued cryptocurrency tokens that were effectively unregistered securities …

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The price of BitConnect’s controversial cryptocurrency has cratered following Tuesday’s news that its lending and exchange operation is shutting down – and investors have been unable to sell their tokens despite claims the site would stay online this week. The closure of BitConnect’s lending and exchange platform was a major development given that its sales …

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Bitconnect has formally closed its lending platform and cryptocurrency exchange following warnings from Texas and North Carolina regulators. The Bitconnect Coin (BCC) digital currency is down 87% today and 93% from its December 29 high of $437. At press time, BCC is trading for just $30. Ponzi-like Many in the digital currency community have called …

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The company behind the controversial cryptocurrency BitConnect has announced that it will close down its lending and exchange platform. BitConnect’s lending service will be shuttered, effectively immediately, while its exchange platform will close in 5 days, according to a post on its website published Tuesday. “In short, we are closing lending service and exchange service while BitConnect.co …

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BitConnect’s planned initial coin offering (ICO) has attracted another cease-and-desist letter from U.S. state regulators, marking the second time this month. In a release dated Jan. 9, the regulators from the North Carolina Securities Division outlined the temporary cease-and-desist, stating that BitConnect hadn’t registered to deal or sell securities in the Tar Heel State. According …

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The Texas State Securities Board (TSSB) has ordered the blockchain-based financial system startup BitConnect to cancel a token sale it had planned to start on January 10. According to a news release published on the regulator’s website, BitConnect was claiming to offer tokens with 100% annual returns, which the TSSB determined qualify as unregistered securities. …

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The Texas Securities Commissioner today issued an Emergency Cease and Desist Order against Bitconnect for the selling of unlicensed securities. According to the Texas State Securities Board news release: “The Securities Commissioner found that the BitConnect investments are securities, but were not registered as required by the Texas Securities Act and State Securities Board Rules …

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The days of mining Bitcoin in your bedroom on a desktop computer are long gone. It used to be that a small network of staunch Bitcoin supporters would mine the cryptocurrency on individual systems, more as a hobby than anything else. But as time went by, this became more and more of a challenge. At …

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While some have made millions investing in digital currencies, others would call it degenerate gambling. If you’re reading this, then you know how exciting and unpredictable the crypto world is. Fortunes are built and demolished in seconds, new and exciting technology pops up every day, and controversy rules the land. It’s pretty much the Wild …

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