BitConnect Community Promoters Vote For Token To Be Listed On Aiodex Crypto Exchange
BitConnect, which was known as one of the largest Ponzi schemes in the crypto market, has re-emerged recently and it was voted by 10 people to be listed on the Aiodex crypto exchange platform. This next exchange will be launched in the next few days.
Before it was shut down, BitConnect was accused of being a scam and a Ponzi scheme. The majority of the cryptocurrency community was against it or at least suspicious of it. Even the co-founder of the Ethereum Network, Vitalik Buterin, accused it of being a Ponzi scheme.
A Popular Ponzi Scheme
The platform promised unrealistic returns for the investors like up to 120% yearly with the help of a proof of stake minting algorithm. The platform stated that the users had to hold their coins on the wallet of the company to earn profits.
One of the parts of the scheme that was very popular was the multilevel referral feature. This practically made the platform famous as a pyramid ponzi scheme because many youtubers and famous social media users made their followers hop onto the bandwagon by asking them to sign up on the company’s platform and use their referral code for rewards.
According to BitConnect, the returns were generated by using a trading bot and minting. This way, the platform could get returns of at least 1% daily. BitConnect company had to shut down after it received a Cease and Desist order from the Texas State Securities Board and a United Kingdom’s Government notice to provide the authenticity of the business. The exchange then decided to shut down.
After the news erupted and the Ponzi scheme was shut down, the token, which was ranked on the Top 20 tokens at the time, went from $463 to $5 USD in just a few days. The scheme was actually so famous that the market remembers it until today.
Is BCC Back?
Some members on Reddit seemed very divided about BCC tokens making a comeback. One of them stated that it was unbelievable that people were still trying to get the token listed while others stated that the token had a strong sense of community and that their blockchain was still alive. Some people called it stupid and unbelievable, though.
It does not seem like BCC is making a comeback, though. The Head of BitConnect India, Divyesh Darjit, was arrested on his way back to India recently and the promoter Calion Powell, which was very active in the scheme, was detained by the FBI. The token is going to be delisted from the last exchange in which it still exists, Trade Satoshi, on September 10.