BitConnect Is Active Again, Following Crypto Market’s Biggest Exit Scam During Last Bull Run

  • BitConnect 2.0 is offering consumers a Ponzi-style scam to earn more funds with recruiting others.
  • Users from BitConnect 1.0 are warning future users, but there is already over $40,000 invested through the platform.

The cryptocurrency world is full of scams, and one of the most notable has been BitConnect. Though the platform was out of the spotlight for a brief time, it is now back with a new endeavor that they claim will offer dividends on all investments, thank to the use of a reward system that is founded in a smart contracts.

With this new system, the BC2 bag holders are paid out dividends from future sales and purchases, which Be In Crypto states is a major scam. With this referral-style scam to bring in more consumers, the holders of BC2 then have the chance to generate a master node link for recruitment, and this link will give them 30% of the profits.

The generosity of the payment system that the first BitConnect project offered was one of the big reasons that the platform ended up being successful. Just like the first version, the platform does not list the operators, which is the sign to the publication that this project is nothing more than a scam. Even with this roadblock, the project states that it is created by an “established and experienced team supported by a passionate community.”

With the Bitcointalk announcement, it does not look like the community is passionate in the way that the company hoped for. Instead, the community is passionately against the platforms, as users from the last scam reminded the public about what the platform did with their last project. For anyone that does not remember, BitConnect pulled a massive exit scam just last year.

The smart contract said that the development team for BitConnect is comprised of “seasoned, professional developers and has been audited by veteran solidity experts.” The company adds that there are hundreds of people who engaged in the testnet, finding “not a single point of failure.” However, the platform refrains from offering any proof of this testnet, which could be due to the claims being completely false.

So far, there have been over $40,000 in investments to BitConnect 2.0, and the project says it has already put out over 140 ETH to the token holders. The cost of purchasing BC2 is 0.00256 TH, while the sale price is 0.002098 right now. Still, as more buy and sell orders are logged, these numbers will likely change.

Anyone that has some questions about the source code can see it online, though there is no third-party audit to have taken place yet. However, Be In Crypto alleges that there are some coding or other protocols established in the source code that makes it possible for the developers to pull the whole balance for themselves.

Even though there is a little nod from the creators that implies that they are the creators of BitConnect 1.0, having a team that completely matches is not likely. Last year in August, alleged owner Divyesh Darji was arrested for his work. However, there’s still a chance that BitConnect 1.0’s hype man – Carlos Matos – is involved with this iteration.

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