The Rise and Fall of BitConnect, the Sketchiest Crypto Exchange
"Beyond the Bitcoin Bubble"
By Jake Swearingen @JakeSwearingen
January 17, 2018 2:23 am
Thanks to its early associations with dark net drug markets, there’s always been a whiff of the unseemly around Bitcoin and cryptocurrency. Shibuya, Tokyo–based exchange Mt. Gox, which at one point handled nearly 70 percent of all Bitcoin transactions, declared bankruptcy in 2014 after about $450 million of Bitcoin was lost due to some combination of theft, fraud, and mismanagement. And tales of garden variety Bitcoin and other cryptocurrency schemes are so commonplace they rarely make the national news — the digital equivalent of someone knocking over a local liquor store. Unsavory? Yep. Illegal? Sure. Newsworthy? Not so much.
Still, amid all that, BitConnect has always stood out as particularly sketchy. Run anonymously .. https://steemit.com/cryptocurrency/@debugger/who-is-the-real-owner-of-bitconnect , the cryptocurrency lending and exchange platform has been accused for nearly a year of being little more than a Ponzi scheme, thanks in part to its multilevel marketing structure. BitConnect would both “loan” you a certain amount of its own cryptocurrency, known as BCC, as well as give you a bonus if you could find more people who also wanted loans from BitConnect. In other words, the more people you got to sign up for BitConnect, the more BCC you got. Think of it like HerbaLife, but for cryptocurrency.
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