The Indian police recently brought the high-ranking promoter of Bitconnect to justice, arresting him at the Delhi airport for his involvement in the multi-billion dollar Ponzi scheme which is also described as the largest fraud that we have seen on the cryptocurrency scene.
Touted as a multi-level marketing venture, Bitconnect was supposed to work in a simple way – with a trading bot that will generate revenue for investors over time. Users would deposit funds, locked them for a set amount of time and withdraw them with interest. Aside from these, there were big bonuses for bringing new recruits to invest their money.
However, many influencers saw behind the project – and also saw that it could be a scam. Still, they did not do anything to prevent the people investing in the Bitconnect Ponzi scheme.
As soon as the BCC crypto exchange got shut down (after being served with a cease and desist letter), it was all clear that the millions of dollars users invested went to a scam. The head of the Asian division of Bitconnect, Divyesh Darji, was the person arrested by the Indian police at the Delhi airport – after a thorough investigation by the Indian state police force.
Even though Bitconnect still has a market cap of $6 million, it will be delisted from the cryptocurrency exchange that still offers it as a trading pair from this September, making it a dead coin with no liquidity whatsoever.
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Bitcoin’s Ability To Bypass Banks Is A Major Issue According To Traders
“China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue being the dummies who sit back and politely watch as other countries continue to play their games – as they have for many years!”Bitcoin has been on an incredible journey over the past recent months which has also correlated with the failing dollar during the on-going trade war between China and the United States. Gold also reached a six-year high and now traders don’t really see it as a reliable asset because it could be easily manipulated by the government and the government leaders. As noted in the altcoin news previously, a public blockchain-based banking system would unveil hundreds of shady transactions that are still going on, unfortunately. However, the world is dominated by banking scandals, money manipulation, and trade wars so bitcoin’s ability to bypass banks is another issue that the companies and traders should be aware of. Despite the nature of bitcoin, many still prefer it to fiat.
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