Things are not looking good right now for one of the most popular lending exchanges in the crypto space right now – Bitconnect. This is second in the series of class-action lawsuits that comes along with a restraining order that were filed against the UK-based Bitconnect.
The new lawsuit comes from Kentucky, where Brian Paige is suing the company for an undisclosed sum for operating online and ‘contributing to the ponzi scheme’. This is the second such lawsuit filed in a week, with more than 100 members joining the entire action reflecting an amount that is ‘in controversy’ however surpassing $5 million.
Filed in the US District Court of Kentucky, Louisville Division, this lawsuit is being represented by the lawyer Jasper Ward of Jones Ward PLC in Louisville, Kentucky and Abigale Rhodes Green who bears her name.
The complaint states that “Bitconnect scammed thousands of Kentuckians and hundreds of thousands of Americans out of millions and millions of dollars through a website called bitconnect.co”
According to Paige, his invested $100 in November were followed by a $5,010 allocation in December – something that is today worth a few hundred dollars. The entire case points to the defendant Ryan Maasen of Tulsa, Oklahoma as the main leader of the scam who used YouTube videos to promote the company and therefore “convince people to deposit money on its website” which Paige and many other people did.
However, the promises of payouts were never materialized, even though Bitconnect promised fixed returns of as high as 40% monthly and 1% daily. Thanks to this, Bitconnect was forced to shutter the trading and investing platform in a series of lawsuits and orders out of Texas and North Carolina.
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