You've successfully subscribed to Wolfcone
Great! Next, complete checkout for full access to Wolfcone
Welcome back! You've successfully signed in.
Success! Your account is fully activated, you now have access to all content.
Success! Your billing info is updated.
Billing info update failed.

BitConnect India head has been Arrested

Rohnak
Rohnak

BitConnect is a company which has scammed thousands of Indians of billions of dollars. That is why the police were on the lookout for the BitConnect India head. Recently, they arrested him when he landed at Delhi airport. The main reason why BitConnect was able to scam thousands of Indians because it promised lucrative returns at times of demonetization. As most of the people were looking for a venue to park their funds during this period of time, they easily trusted BitConnect. That is why it was able to collect such huge deposits as well.

The company BitConnect was accurately registered in the United Kingdom. It was operating out of the largest building in the world out of the United Arab Emirates. Also, the operations of BitConnect are spread all over the globe.

During the demonetization period, the government of India demonetized the bulk of the currency in India. That is when BitConnect provided a venue to the investors to not only invest their money but to make lucrative returns as well. Most of the investors were desperate to park their money during those times. That is why they trusted the too good to be true claims made by BitConnect. Moreover, BitConnect also pitched that keeping the money in Fiat currency was no longer safe. As most of the currency was demonetized, there was a high amount of risk in keeping the money in the Fiat currency. That is why it provided the perfect alternative in the form of cryptocurrencies. This ensured that most of the investors actually started believing the cryptocurrency platform.

Moreover, initially, the higher returns which were promised a came in. When the cryptocurrency market increased in 2017, BitConnect had no problems at all. BitConnect was able to honor all the claims which it had made as well. It was able to provide high returns to the investors as well. This was one of the main reasons why BitConnect scam was not caught earlier.

Since the scam was based on the newer investors paying the older investors, soon enough it ran out of money. The Bitcoin prices started falling; it was difficult to pay the older investors. That is when the scam was actually uncovered as well. Since the operators were in the United Arab Emirates, it became very difficult for the Indian police to recover any money as well. Moreover, the absurd interest claims which were made by BitConnect have found not true it is as well. In some of the cases, the claims were as high as 60% monthly interest. Also, there was a referral incentive as well. This was one of the main reasons why BitConnect was able to attack such a large number of individuals and investors as well.

With the current arrest, there is at least some hope that some of the money which the investors have lost might be recovered as well. If indeed, that is the case, investors will be able to recoup a bit of money. The total amount lost was in billions of dollars. It remains to be seen the amount which the investors are able to get back.

 

BitConnectindia

Rohnak

I have been following blockchain and crypto technology since its emergence.