The Biggest Cryptocurrency Scam Ever
And What We Can Learn From It
The above chart shows the price over time of a cryptocurrency that went from a little over $450 down to nothing in no time at all. This cryptocurrency is non other than BitConnect — which is probably the biggest scam ever in the history of cryptocurrencies.
The value of Bitcoin is rising again. This means that it is a good time for people to run scams because there will be a lot of new people in the crypto market. In this article, we will take a look at what this scam was, the red flags that it had and what we can learn from it to avoid falling for other scams.
What was BitConnect?
BitConnect went live in 2016 under the domain bitconnect.co. It promised users high returns for owning, trading, lending and mining the BitConnect token, also known as BCC. During the time that they came to an end, they also had a preloadable debit card called BCCPay and a crypto exchange called BitconnectX in the works.
They were heavily promoted by a lot of YouTubers and other influencers which added to the number of people who were ultimately scammed. I do not know of any proof that shows that these influencers were paid to promote BitConnect. However, they had a multi-tier referral program that worked as an incentive to invite more…
