What is BitConnect and how does it work?

BitConnect was a digital asset created in 2016 and sold in exchange for bitcoin, the world’s most valuable cryptocurrency. BitConnect told investors it would profitably trade their bitcoin using an automated “trading bot” and required the currency to be locked up for terms ranging from four to 10 months, according to the SEC’s lawsuit.

What is Bitconnect X (bccx)?

BitConnect X (BCCX) describes itself as an open-source cryptocurrency that aims to enable instant payments to anyone with minimum transaction fees. BitConnect X also allows users to earn interest for helping to maintain security on the network by holding BCCX in a Qt Desktop wallet. How to Read and Analyze a White Paper?

What assets does Bitconnect have?

However, Bitconnect as an entity never actually existed, so it is unclear what assets Bitconnect has (or ever had). An alleged India-region leader (one level below founder) of Bitconnect, Divyesh Darji, was arrested in Delhi, India, on August 18, 2018.

What is the Bitconnect case?

This case charges the defendant of participating in a massive conspiracy involving BitConnect, a cryptocurrency investment scheme, which defrauded investors from the Unites States and abroad of over $2 billion. The BitConnect scheme is believed to be the largest cryptocurrency fraud ever charged criminally.