BitConnect Scam: $2.00B Reported Loss
In May of this year, the SEC filed a lawsuit against five people suspected of promoting BitConnect.
- Reported loss
- $ 2,000,000,000
- Attack category
- Scam
Incident Overview
The SEC believes that BitConnect is an unregistered digital asset securities product, and the program has raised more than $2 billion from retail investors through the promoter network. BitConnect is a cryptocurrency investment plan with the characteristics of a Ponzi scheme launched in 2017. Its token BCC was one of the 20 most valuable cryptocurrencies at the time, with a market value of more than 2.6 billion U.S. dollars. In September, the founder of BitConnect, Glenn Arcaro, admitted to participating in a fraud scheme, which was allegedly amounting to US$2 billion.
Sources & References
This record presents information attributed to the linked sources. Incident dates describe the original event, not a new report. Reported loss figures reflect the source record and are not current market valuations.