At the moment, there are five different active lawsuits against BitConnect, but there has been an update on June the 16th.
Websites online were able to make a few important updates and summaries on the latest news regarding BitConnect, which is arguably cryptocurrencies' biggest scam to date.
Argiro vs BitConnect International PLC et al
Back in May 24th, an Order of Dismissal has been filed, ending Patrick Argiro’s case. There was no explanation about the dismissal, or why it was provided. Apparently, it seems that the defendants offered an ineffective service.
Kine et al vs BitConnect et al
There have been an appearance by an attorney for defendant Ryan maasen on June the 7th. And there was also a filing related to a previously filed motion for lead plaintiff appointment and selection of counsel, on June the 6th.
Information about Andrew Kilne’s, Dusty Showers’, Lena Huna’s, and Charles Mabra’s lawsuit were published in February 2018.
Long et al vs BitConnect International, PLC et al
The case has been transferred to a different Judge on June 11th. The details about Paul Long’s and Kiandra Love’s lawsuit were published in February 2018.
Mengesha vs BitCoinnect International PLC et al
A status report that was filed on June the 6th suggested consolidation between the different BitConnect class actions that were filed in the US. Moreover, on June the 14th, an order appointed ALbert parks and Faramarz Shemirani, as the ‘BitConnect Investor Group’, as lead plaintiffs.
Additionally, the selection of counsel, which spans three law firms. The details of Patricia Mengesha’s lawsuit were published in February 2018.
Paige vs BitConnect International PLC et al
A proposed order was filed consenting to appointment of the BitConnect investor group as lead plaintiff. At the moment, the motion is waiting for approval from the court. All the details were published back in January 2018.
Wildes et al vs BitConnect International PLC et al
An attorney for Ryan Maasen filed an appearance on June the 7th. Glenn Arcaro requested a time extension to file a response and avoid an amended complaint that was filed on June the 13th.
The details of the lawsuit have been published earlier this year in January.
What Happened With BitConnect?
BitConnect was an important lending and investment platform that promised very high returns to the investors that placed their money with them. BitConnet had also a cryptocurrency known as BCC – or BitConnect coin – that lost more than 97% of its value (if not more).
In January, the company decided to finish its operations after it has been warned by regulators from all over the world. Moreover, BitConnect explains that they have closed the platform because of the negative comments from the press and because they received two Cease and Desist letters from the Texas State Securities Board. Additionally, they received another letter from the North Carolina Secretary of State Securities Division.
The company explained that the BitConnect X ICO was still functional and that they were building an exchange on the BitConnect X website.