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The Return Of Crypto Ponzi? Bitconnect To Launch New Project

20 May 2019 09:29, UTC
The notorious Bitconnect project announced its return under the “Bitconnect 2.0.” name. The message on Twitter says that the new project will be launched on July 1, 2019.

Bitconnect which also had a lending platform and cryptocurrency exchange closed down in January 2018. The cryptocurrency Bitconnect Coin (BCC) was considered a Ponzi scheme by most members of the cryptocurrency community: Bitconnect promised to pay 120% per annum for the acquisition of BCC which was suspicious to a lot of crypto enthusiasts.

As a result, the BCC rate sharply collapsed by 87% in 2018, up to $30 from a maximum of $437. The closure of the project took place after a cease-and-desist warning from the Texas State Securities Board and North Carolina Secretary of State Securities Division for illegal securities sales.

While there is no data, what is the target of Bitconnect 2.0 launch. No information is indicated on the project website as well. The crypto community reacted extremely negatively to the post on Twitter: users say that the organizers are planning another scam and no one should fall to their new tricks.

Image courtesy of Blockclr