As many of our readers may be well aware of, in its heyday, BitConnect boasted of a market cap that was estimated to be worth $2.6 billion as well as a token value of around $400. However, a few weeks into 2018, it started to appear as though there was something fishy going on with the project— primarily because, much like many of the other ponzi scams in the market at the time, the monetary returns being offered by Bitconnect appeared too good to be true.
In the midst of all this, a man named John Biggaton appeared to be at the heart of this entire operation. He was the core representative for the firm’s set up in Australia and was also the person who many claims were responsible for the global fame that was eventually accrued by the company.
It is also worth noting that just a few days after Bitconnect filed for bankruptcy, Bigatton had his assets frozen by the Australian Securities and Investments Commission (ASIC) — a regulator body whose functions are quite similar to those of the US SEC.
The Murkiness Continues
While exit scams such as these are part and parcel of the global economic domain, what’s most distressing about this entire case is that as soon as news of this episode broke globally, Bigatton’s wife Madeline (who was also a shareholder and Director at BitConnect) suddenly went missing.
There are a number of theories currently floating around in relation to her mysterious disappearance, with the most prominent ones being that she either absconded with a chunk of the company’s cash assets or was either murdered by someone who had vested interests in the case.
In the past, Madeline has often defended her husband in relation to matters both public and private. For example, just a few days before her disappearance, she was quoted as saying:
“It really cuts me up as John doesn’t have a single bad bone in his body and would only be involved in something if he truly believed it would be a positive impact in people’s lives.”
In closing out this piece, it should be mentioned that BitConnet’s recent market heist was one of the biggest scandals to hit crypto market since the Mt Gox saga of 2014. However, cases as complicated as this one usually take years to finally resolve. Thus, all we can really do now is wait and watch as to what the outcome of this murky situation will eventually be.