Hey, Hey, Heyyyyy - Bitconnect's Founder Finally Caught Charges

frens, you may have heard the name Bitconnect a time or 2 especially if you've been in crypto for a while. After its collapse, it quickly became a meme in the crypto space and will always be a part of its history.

Bitconnect Scam

Bitconnect was a huge ponzi scheme that claimed guaranteed returns of over 1% daily via its "Lending Platform". Just like any other ponzi scheme, the early investors were required to recruit new investors to earn off their recruits. Launched in 2016, it allowed users to trade Bitcoin for Bitconnect Coin BCC and lock that coin up for daily returns. The returns were supposedly generated by a "trading bot" that no one ever actually saw in action. Surprise, surprise, it wasn't real. Nor was the lending platform. Bitconnect went viral and its BCC coin skyrocketed from its initial price of 17 cents to over $450. Everyone was talking about it on every social media platform. Especially YouTube, with promotors such as Craig Grant and Trevon James. The craziest part is that Bitconnect never actually existed as an entity so the multiple cease and desist orders over the 2 years never really went anywhere. The BCC coin was a top 20 cryptocurrency on CoinMarketCap back then too, which is kinda mind blowing looking back. They even had this huge event in Thailand, a sort of conference that was the most cringey thing you could imagine. Enjoy this video of Carlos Matos giving a speech there.

The world is not anymore the way it used to be... Mmm, mmm, no no no. I fucking love this video so much. He brags about starting with $25,000 and earning $1,000 per day. Sounds like a scam? No no no. No scam here. He talks about how much of a scam it isn't and it's comedy gold. Everyone else in the video just looks insanely uncomfortable. Like the kind of uncomfortable where you wanna tell them to blink twice if they're in danger. Shortly after this insane conference, the project rug pulled. The price fell from $463 to about 2 cents in a matter of seconds. Everyone that was holding BCC lost their money. People lost their life savings. People lost their houses. But you "didn't lose your money" lol.

This did literally had to testify in court over promoting this shit. So did most of the other big promotors. Rightfully so. They technically sold a scam to their followers to profit in huge ways. Well, 4 years later, the founder has finally caught some charges.

All in all, “Kumbhani is charged with conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodity price manipulation, operation of an unlicensed money transmitting business, and conspiracy to commit international money laundering,” said the DOJ press release.

Sheesh! Those are not the charges you wanna catch. He's facing over 70 years in prison for scamming $2.4 billion in cryptocurrency. I think all the promotors that profited from knowingly promoted this scam should be charged as well but I'm no law enforcement officer. I think all these NFT scammers are going to meet a similar fate but it could take years for anything to really start happening. Now, enjoy the dubstep version of the video above. Have a laugh. Drink a beer.

Shout out to Dylan Locke for making this. You're a fuckin genius bro.

Thanks for reading! Much love.

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