Sentences with phrase «ponzi scheme bitconnect»

Texas has had a run of cease and desist letters to crypto - related businesses since the beginning of this year, with alleged Ponzi scheme Bitconnect ordered to stop selling «unlicensed securities» in Texas in early January and asking an allegedly «scam» related cryptocurrency bank to leave the state.

Crypto Nick, Trevon James, Craig Grant, and Ryan Hildreth made a name for themselves promoting the ponzi scheme Bitconnect on YouTube.

Compared to the recent $ 400 million worth of NEM that was removed from Japanese exchange Coincheck, or the collapse of the massive suspected Ponzi scheme Bitconnect (sorry, BIIIIIT - COOO - NEEEEEEEECT), Prodeum's apparent ill - gotten gains barely register.

Not exact matches

Bitconnect had recently been accused of running a Ponzi scheme — the financial fraud most famously perpetrated by Bernie Madoff — by several influential investors, including Ethereum co-founder Vitalik Buterin and billionaire cryptocurrency investor Mike Novogratz.

Regulators in the United States have continued to crack down on smaller virtual currencies like Bitconnect, which has been described as a Ponzi scheme by many in the industry.

Having said all of that, bitconnect was a ponzi scheme trying to piggyback on the crypto craze.

What if BitConnect is not a Ponzi scheme, but rather a legitimate business with people that care about the success of the company, the investors, and the customers?

It was a good thing he didn't because BitConnect was found out to be a Ponzi scheme.

The crypto community is buzzing with both Ponzi and Pyramid schemes, including the famous exchange, Bitconnect.

BitConnect, widely suspected in the crypto - space of being little more than a Ponzi scheme, allowed investors to lend money to BitConnect, which the company would then use to trade in the volatile cryptocurrency market using advanced trading software.

BitConnect did only fleece investors through an ICO; it also got them to recruit their friends and family for further fleecing in a ponzi scheme.

It turns out Ethereum founder Vitalik Buterin might have been right to suggest popular Bitcoin investment platform, BitConnect, has been running a Ponzi scheme after all: the UK Registrar of Companies has threatened to shut down the dodgy platform and dissolve its operation.

Do note that there are several «investment» plans out there that use P2P lending as a cover for their ponzi schemes, including the popular cryptocurrency, Bitconnect.

Bitconnect was perhaps doomed from the start as it was created based on the centralized concept of a Ponzi scheme.

At the end of last year, many crypto - enthusiasts voiced out their concerns about BitConnect revenue sources, claiming that it is a Ponzi scheme.

Elsewhere in the United States and United Kingdom, BitConnect received orders to cease and desist trading its cryptocurrency after claims that investors had lost their life saving as their Ponzi scheme started falling apart.

Asked about the sustainability of its business model, which roughly offers 1 - percent daily return on investments, the Ethereum founder commented that all signs seem to suggest BitConnect is running a Ponzi scheme.

BitConnect was revealed to be nothing more than a billion - dollar Ponzi scheme, something many experts, including Litecoin founder Charlie Lee and Ethereum founder Vitalik Buterin, had warned.

Answering worried cryptocurrency enthusiasts on Twitter, Ethereum's founder Vitalik Buterin has suggested BitConnect is likely a «ponzi» scheme.

Bitconnect, the lending and exchange platform that was long suspected by many in the crypto community of being a Ponzi scheme, has announced it's shutting down.

YouTube is also filled with plenty of personalities who push their audiences toward specific cryptocurrencies and outright Ponzi schemes (see BitConnect).

Here are some pointers to avoid falling into the trap of Ponzi schemes like BitConnect or USI Tech.

Following months of red flags, Bitcoin investment platform BitConnect — which has long been suspected of running a Ponzi scheme — has officially announced its platform is shutting down.

Vitalik Buterin, the renowned founder of Ethereum had since long back suggested that BitConnect, a popular Bitcoin exchange traded platform have been running on the dodgy Ponzi scheme which has caused the UK Registrar of Companies to threaten shutting down of BitConnect and dissolving its operations.

It is alleged that the BitConnect platform had been issuing digital tokens that were seen to be unregistered securities and they had also received funds in other ways which made it into a «wide - ranging Ponzi scheme.»

The suit alleges that instead of performing any real business activity, Bitconnect merely «relied on new money from new users, who were in turn expected to get more new users to produce more new money,» aka a Ponzi scheme.

Brian Paige is suing Bitconnect for an undisclosed sum for operating an alleged online investment scam — a Ponzi scheme — in the second such lawsuit filed against the lending and exchange platform in a week.

A number of prominent crypto experts have also labelled Bitconnect as a Ponzi scheme, including Ethereum co-founder Vitalik Buterin and Litecoin's Charlie Lee who tweeted:

Last week, the Texas State Securities Board issued a similar statement regarding BitConnect, which some critics have accused of constituting a Ponzi scheme.

Though this enforcement mechanism is limited in scope and arguably a good thing, seeing as how many view BitConnect as a ponzi scheme.

Already in January of this year, the Texas State Securities Board has sent two other cease and desist notices to crypto - related organizations: one to alleged Ponzi - scheme Bitconnect for selling unlicensed securities, and another to «cryptocurrency bank» AriseBank for not actually being a bank, making this Feb. 26 notice the third order of this year.

Lee publicly stated he refused to invest in BitConnect, a coin and platform that «seems like a classic ponzi scheme,» in December 2017.

Bitconnect is facing litigation from six individuals accusing the company of operating a Ponzi scheme in addition to numerous violations of securities laws.

A pyramid scheme wrapped inside a Ponzi with a side order of WTF, Bitconnect was as crazy as it was calamitous.

Prior to the announcement, BitConnect was accused by many in the blockchain community of being a Ponzi scheme.

The allegation that BitConnect is a Ponzi scheme — in which earlier investors are effectively rewarded with the proceeds of new investors — gained traction in recent weeks as state regulators in the U.S. issued cease - and - desist letters to the outfit in connection with an initial coin offering.

The situation came to a head in mid-January when the team behind BitConnect announced that it would end its lending platform - a key characteristic of what many have described as a Ponzi scheme or an outright fraud - in a move that sent the value of the BCC token plunging.

The class action complaint states that BitConnect issued cryptocurrency tokens that were actually unregistered securities and collected additional funds via a «wide - ranging Ponzi scheme.»

There have been talks that Bitconnect Coin is a mere Ponzi scheme, leading investors to jump out of their holdings quickly.

Several influential people have called BitConnect a scam and a Ponzi scheme.

BitConnect (BCC), known as the Ponzi scheme platform, has announced that its closing its lending platform and cryptocurrency exchange.