61 Facts On The BitConnect Crypto MLM Scam From Craig Grant And Glenn Arcaro’s Video Intel

This week, Craig Grant, a BitConnect investor and promoter, had a phone call with the SEC and since, he has presented a plethora of information online that may impact the SEC’s investigation against the company.

At this point, there is no indication that the SEC has filed a complaint, but even then, all information presented by Grant is public and accessible, which means that it can be useful to the SEC at some point.

In an online video, Grant presented online chat logs involving Glenn Arcaro and Trevon James. The chat logs identify the bitcoin wallet balance, BCC token balances, and the money the firm has spent on advertising.


Here are 61 other facts presented by BitConnect:

  1. Arcaro has worked with Satish Kumbhani, who is under his own investigation and is wanted by Indian authorities.
  2. BitConnect reduces its development fund by 33 percent in October 2017.
  3. Grant, James, and Arcarco were concerned in October 2017 when investment in the firm dipped a lot lower. They surmised that the investment volume was impacted by bitcoin’s value and fork. Grant specifically speculated that the dip could have been due to BitConnect moving “affiliates out of our down line to someone else.”
  4. The reduction in new BitConnect investment led to Arcarco to instruct Grant and James to promote the platform with “hyip keywords” on YouTube. HYIP stands for “high yield investment program
  5. From September 2017 onward, Grant spent $500 to $1000 a day from the development fund to advertise BitConnect on Facebook and YouTube.
  6. In October 2017, James spent approximately $8,000 every two weeks to market the platform. At that point, Grant was spending $12,000 a week.
  7. James used development funds, at least once, to enrich himself by investing in BCC tokens.
  8. Around September 2017, Arcaro was staying on an island in Bali, while Grant was at an “all exclusive resort” in Jamaica. When Arcaro was not traveling, he was in Thailand and in other Asian countries. He’s also been to Ukraine, the US, and Dubai.
  9. James’s BitConnect back office showed $133,541 in ROI earnings and $625,1999 in referral commission earnings. The development fund also had a balance of $154,672.
  10. Grant was excited about developing a BitConnect downline in the Philippines because apparently, “Asian culture knowns how to follow instructions.”
  11. Arcarco estimated his time at $5,000 an hour.
  12. In 2017, Vietnam was the second largest source of the platform’s investment funds.
  13. Two promoters from Vietnam stole funds to purchase houses and cars.
  14. Arcarco organized the November California yacht event with the hope of “making so much money” from attendees going “all in . . . both emotionally and financially.”
  15. The event cost BitConnect promotes $1,000 each to attend.
  16. In November 2017, the platforms bank account had $343,801 in it.
  17. In October 2017, Grant generated $1,422,880 of BitConnect downline investment, while James generated $1,955,270.
  18. That same month, Arcaro mentioned that investment volume in the United States was around $7 million.
  19. Also, James generated $400,000 of BitConnect’s investment on average.
  20. Arcaro also hoped to have 1000 bitcoin stashed away by the next BitConnect event.
  21. James did not attend BitConnect’s 2018 event because he would not be making “3x more what [he is] making now.” Grant declined because he dislikes long flights.
  22. In October 2017, James was earning $20,000 a week in referral commissions.
  23. Michael Webber, a serial scammer, was referred by James.
  24. James’s BitConnect marketing efforts allowed him to earn 73 bitcoin through BitConnect. This was the equivalent of $400,000 to $450,000 USD.
  25. Grant’s partner Yuliana promoted BitConnect. James hoped to get his partner to do the same.
  26. Grant last filed income tax in 2002 and has not declared his BitConnect income to the IRS – at least, as far that is known.
  27. In October 2017, James earned around $12,000 a day in Bitconnect referrals. Arcaro claimed BitConnect investment in the US was over $10,000 million.
  28. Grant “like[s] being under the crypto radar, [while] earn[ing] tons of money from regular fork.” Arcarco seemingly agreed with this statement.
  29. In November 2017, James had recruited over 7,000 BitConnect investors beneath him.
  30. Grant earned enough from BitConnect to reinvest $500,000 in one week.
  31. The same month, James held 128 BTC in BitConnect funds in an Exodus exchange wallet. This equated to $836,000.
  32. When James reported to his granddad how much he was earning through BitConnect, his grandad commented that it was more than NFL players were earning.
  33. Grant claimed that he lost 50 BTC when he tried transferring from Exodus.
  34. Arcarco reported to people that Grant and James had “a couple of million [invested] in BitConnect] loans.”
  35. BitConenct promoter alleges that she was a puppet of her “biz mind boyfriend.” Arcarco claims they earned $40,000 in referral commissions.”
  36. Grant claims that “bitcoin can’t be taxed.” James responded “Right!!! No one can prove how many bitcoin I have or don’t have. Not even the FBI.”
  37. Satish Kumbhani was displeased upon discovering Arcarco made a video with details concerning the BitConnect development fund.
  38. Arcaro and Satish worked together to downplay how much top promoters were receiving to promote the platform’s development fund.
  39. In September 2017, Grant published an idea discussing BitConnect potential elimination of the development fund.
  40. Arcaro and Grant also worked to prevent James from talking about the plans to eliminate the compensation plan.
  41. BitConnect management was displeased when Grant discussed other companies in his online videos.
  42. Arcaro described BitConnect to Grant and Brown as: “The goal is to create something that you press a button and money comes in. True push button income. Nobody will be able to compete. The people that leave will be sorry they did.”
  43. Arcaro claimed, in his marketing pitch for his Future Money funnel, BitConnect was an opportunity that “could have you earning up to 8 to 10 percent on your investments . . . per months!”
  44. In addition to promoting unregistered securities, Grant trained “students” under him to promote BitConnect and “build nice downlines.”
  45. Arcaro charged $297 for access to his Future Money BitConnect funnel.
  46. Kevin Black, U Can Fly CEO, wanted to invest in BitConnect.
  47. Arcaro hired Kameron Pollock as a “full time video guy” to travel with him and “run video and photo content for his social media.”
  48. James claims he marketed BitConnect by copying the style of Gary Vaynerchukc.
  49. Jeff Lombardo, a “music, travel and lifestyle photographer” with thousands of instragram followers wanted to speak to Arcaro about his BitConnect investment.
  50. One YouTuber was reluctant to discuss BitConnect, particularly Grant’s claim that he had lost $150,000 in BTC to hackers.
  51. Crypto Clover, also known as Calen Powell, was intercepted by the FBI when attempting to renter the US a few months ago.
  52. Grant and James discussed how Pauline and Tav refused to go to the California Yacht event.
  53. Arcaro made certain unpleasant claims about BitClub Network’s owner.
  54. BitConnect’s marketing campaign features voice overs.
  55. Grant is “terrified to be around people” because he is concerned that he is “gonna get shanked.”
  56. In October, Arcaro suggested Grant an Craig transfer their BitConnect chat to “encrypted channels of communications.”
  57. Grant is also a citizen of Jamaica.
  58. In November 2017, Arcaro was concerned that Jeppersen might try to steal James from his downline.
  59. The same month, Grant claimed “all crypto except for bitconnect is a scam.”
  60. Grant, James, and Arcarco’s second chat ended December 2017.
  61. Arcarco tried to reach out to Grant on Facebook in March 2018 and Grant did not respond.

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