Review on BitConnect by Abraham Jeremiah
A major ICO scam that went down Crypto history
While setting up my review on the Bitconnect client wallet, I went knee deep in research about the Bitconnect project BCC and was able to uncover the biggest ICO scam in the history of cryptocurrencies. The project which started off with a successful ICO went into the business of building a Ponzi scheme to fool people into investing in it's BCC coin. The whitepaper usually accompanied with a crypto project was not made available and it's use cases were just so unrealistic to say the least with promises of investment yields for holding the coin. With a website that had spelling errors, one would surely begin to question the reliability of the project. The beginning of its Ponzi business began when it signed off a trading bot that promises no losses and a lending market with over 500% yearly returns. In users sending their Bitcoins in buying BCC and sending to its lending market, the BCC coins are meant to buy USD and use in trading on the bot but instead, the project creators chooses to hoard the coins and create an upsurge in price to over $400
The start of its exit scam began after a dumping of its coin value to around $200 and a subsequent news release from it's founders about their discontinuing of the project development plunged it's price further down to lows not seen in a long time. The coin continued being traded till its final delisting from all the exchange platforms.
The project left a lot of people hopeless and suicide threats flowed in. Death threats against it's founders were also levied and court proceedings against YouTubers supporting and advertising the project were in full swing. The project even attempted a return to the market by bringing in it's rebranded form called Bitconnect X with an ICO of $150 per coin which failed. Seeing a project that came out to fully swindle people saddens me and shows the need for users to Do their own research before venturing into a crypto project.
Pros
- Promised high investment yield and am sure some investors caught wind of the price value before it's crash
Cons
- Bitconnect had the largest ICO scam in history. With over $2.6 Billion stolen, it's sure will be a major ringer tingling in the ears of investors
- Had a false referral pyramid scheme
- Made a lot of false promises to investors and many fell victims to
