Infamous Crypto Scam Resurfaces
As previously reported here, Bitconnect has resurfaced a few weeks ago. A website popped up with a countdown teasing its relaunch. Some have disregarded the website as a parody and doubted such a project would ever launch again.
For those new to cryptocurrencies, Bitconnect is widely regarded as the largest Ponzi scam to ever hit the cryptocurrency community. The currency promised a 1% return on their investment daily, no matter what via the use of a trading bot that generated profits. There were many promoters on Youtube and elsewhere that constantly pumped the cryptocurrency for referral fees. It eventually reached the top ten cryptocurrencies by market cap and was valued at roughly $400.
Shortly after it reached $400 its value crashed to nearly $0. Apparently by majority holders dumping their supply on exchanges. This left many investors penniless and some of the promoters faced some form of legal charges.
It's Back (Kinda)
Bitconnect is back, and this time as an Ethereum based ERC20 token. It is important to note that the original Bitconnect had its own blockchain and wasn't ERC20 based so old BCC coins will not be supported. Seeing that no reputable exchange will list them, they have created a decentralized exchange of sorts on their website.
It is doubtful that this project will ever gain steam, seeing that the name "Bitconnect" is synonymous with "scam" in crypto circles. It would much more likely fool others into investing if they changed their name.
The most likely possible result for this relaunch is a lot more jokes and memes at Bitconnect's expense.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado