BitConnect: A Ponzi Scheme and the Platform’s Founders are On the Run

Perhaps one of the most serious issues facing the cryptocurrency industry, especially when it comes to investments, is the risk of scamming that is involved. One of the latest bits of news concerning cryptocurrency schemes has to do with BitConnect.

BitConnect is being accused of being a Ponzi scheme that has allegedly lost billions of dollars. The platform was originally launched to find a loophole around recent demonetization laws in India – however, it seems that the platform has been used for something much more negative.

According to India’s Crime Investigation Department, BitConnect was founded by Satish Kumbhani, Divyesh Darji, and Gautam Lathiya. These individuals are accused of using this platform to cheat individuals out of their money in a multi-level Ponzi scheme. After the CID’s investigation revealed BitConnect’s owner’s names to the media, the entire platform collapsed.

Unfortunately, any funds that have been accumulated illegally through the Ponzi scheme have yet to be recovered.


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