Following the Crash of BitConnect, Investors File Class Action Lawsuit.
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Class Action Lawsuit Filed Against BitConnect
Following the Crash of BitConnect, Investors File Class Action Lawsuit.
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Copyright © 2026 | The Pause
They came under a DDOS attack, I work in systems security and have never in my life seen an attack as big as that. I was worried once I saw Glenn Arcaro delete every single video off of his channel after the cease and desist letter. Bitconnect was under attack by every government going. I still to this day do not believe bitconnect was a Ponzi scheme but the founders did lack basic economic understanding because once they released people’s coins the price dropped 95%. The only way they were making money was from fees. How the hell did they make money if only so many BCC coins had been mined and most of the investors had the BCC coins?
Dominic Easton do u really think they shut down simply because they couldnt afford more servers and bandwidth when their market cap was near 3billion at one point? Are u that dumb?
The DDOS attack was 3mb a packet, throwing a 1000 packets a second. Do you understand what kind of stress that puts on servers? They were being threatened with another attack. It would take weeks for them to reestablish servers only for those servers to be taken out again. A servers CPU’s cannot handle that kind of data transfer.
I agree that this is incredibly odd the way they went about it but how did they make money exactly? That’s the question I’ve been asking everyone. How did they sell BCC coins and then manage to give those BCC coins back? They gave the BCC coins back at what the amount you would of had in your wallet at $350.
Dominic Easton Keep believing bitconnect was legit and they shut down because of a few ddos attack. I conclude u r that dumb.
I conclude that I work in systems security and I am very familiar with OpSec.
Hold those coins, you don’t make money selling on the red.
You do if your new investment outgrows your previous losses.
Ah, Bitconnect is not a Ponzi. It’s an entirely different beast. It’s a Cryptolendzi. They tried to do the right thing by returning investments, but they simply failed at the attempt.
No they didn’t. Bitconnect exchanged investors’ bitcoin to bitconnect tokens when they signed up, so bitconnect ends up holding people’s bitcoin while investors were left holding worthless bitconnect tokens that they couldn’t even exchange for bitcoin on the platform.
Never assume incompetence when someone benefits from their failure.
Wrong. You had the choice of exchanging it for their own coin which was worth about $350 and would rise with Bitcoin and then you would lend those Bitconnect tokens to bitconnect and receive dollar value in returns from them trading the BCC coin against BTC.
Jeff, I see you are also going along with some of the false info about Bitconnect. They never promised 40%. It was up to 40%. Bitconnect wasn’t a Ponzi either. Their token increased over 270,000% in 2017 which did allow them to pay some very good returns. Bankers have been calling Bitcoin a Ponzi and I know that word has been weaponized. After Bitconnect passed Dash on coinmarketcap they were made to come up with a circulating supply # which other tokens didn’t have to do and I’m sure Bitcoin doesn’t have a circulating supply of 16 million. So this put them down to #23 from #5. Then on twitter this @bccponzi guy asked Ethereum creator what if a company guarantees 1% daily returns what would you call that and he said he didn’t know about Bitconnect but said that would have to be a Ponzi. Again Bitconnect never guaranteed 1%. But then you have all these “news articles” coming out claiming that the founder of Ethereum calls Bitconnect a Ponzi. Then you have Jsnip4, Bix Weir, Cliff High and others get on the band wagon and say that Bitconnect is a Ponzi and is going to be seized by the queen of England and close down in December and all assets were going to be confiscated. By this time even some in the community started to get nervous and stopped holding BCC coins and when they got paid would cash out to Bitcoin and off the platform. There was a drop in BCC price and Bitconnect bought BCC to keep the price up like a company would buy their own stock. This worked. Then the C&D for TX and NC were issued because of complaints calling it a Ponzi. (Not by people in it but by these same attackers I assume. Nobody in it has ever lost any money). Then they got hit by a DDOS attack and people were not able to get on the system and when they opened many started cashing out like a bank run. Then after looking at the entire situation and seeing the community even giving up they closed down their lending service and released everyone’s funds to BCC which then crashed the price. Bitconnect is still up and says they are going to do what they can to lift the price. Now you have people saying, see we told you it was a Ponzi. This whole thing is so sad because Bitconnect was really helping the entire Crypto Currency community and getting so many into Crypto for the first time. People would then earn BTC and take it to the exchange and lift up Alt-coins. Maybe this is just another reason we are in this slump. Even though Bitconnect had 1.5 million user accounts they had less than 150,000 people using their lending service. This was found out because after all capital was released to BCC wallets the # of addresses went up from about 80,000 to 153,000. Some are just saying that 1.5 million people lost their money. Not true again. Now I can see the bankers continue their attack on crypto and start saying we told you Bitcoin was a Ponzi and then those that bought above $12,000 will tell their stories of all the money they lost and how they were listening to these crypto experts and were scammed. So don’t get so excited and pile on this attack on Bitconnect.
Once the US particants were no longer able to lend, they could only take their profits as BCC, which many likely sold for BTC. This caused the price to slowly creep downward instead of the upward trend it had maintained. After a time, the price would have stabilized and things would have continued on as usual. Who’s to say this couldn’t have worked indefinitely without interference?
Can we rename the Stockholm Syndrome to the BCC Syndrome now?
Theres no way on knowing…they were competing with banks so no surprise they got shutdown. Maybe they were legit maybe not. The lesson is if it is not decentralized than the risk is huge. Same for exchanges. The time has come to be worried of centralized platoforms.
WHAAAA WHAT BITCONNNNNNNNECT
What’s a Fonzi scheme?
Its just like a regular Ponzi but it jumps the shark.
It’s when you seduce a pair of twins back to your apartment over Mr and Mrs C’s garage.
These idiots are ruining the lending space for the rest of us! Nobody forced anybody to lend with Bitconnect , if these clowns didn’t see the writing on the wall it’s their own fault!
LOL!
Hey, Hey, Hey…Bitconeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeect
The greatest promotor of our time.
LA#186
Where you at Jeff? been shilling for Bitcoin at all time highs and now you disappear
Don’t mess with Texas regulators- they hate thieves and will hang them high!! I’m so happy BitConnect is done!!
I am waiting to see if they do like treyvon james said and rebrand and the coins that people pulled and held actually go up in value so he can get his earnings out instead of selling at huge losses like many did? I mean DASH is a rebrand that manged to pull that off, so who knows, it is after all a crypto, even though the creators and others working on it used it in a ponzi scheme.
Thomas Anderson dont believe anything James says!!!!
Even though I lost money during this, i am glad that it happened. This will just make the crypto world more strong and stable so it can move to the next level. Its velocity will increase and more companies will start offering it as payment. For now the USSA does not allow hourly payment so it will be a long time before we can use it as such.
TheUshman007 “strong and stable” just like Theresa May right? But seriously, cryptocurrencies will be the future when fiat collapses.
Looks like the Jews are at it again.
Odin010 010nidO hahahahaha #oyvey
killing it as always.. so fire
BCC could have easily sustained their ops for much, much longer had they invested in mining, VC funding or ICO’s, short term lending in the open market, etc…but that’s our naivety speaking…like they say, you can always trust a liar, telling a lie.
now they are wanted by all different mobsters and governments from arlund the world… their days are numbered
Looks like jeff has no subscriptions to sell to a bear market so he’s paying somebody to make these new vacant videos while disappearing for a year after selling a huge chunk of BTC at the top in exchange for the USD he’s been slamming on this channel for years..
I wish they did this to hexabot too.