Bitconnect promoters VS critics. Community unites and seeks revenge.

Litigations, threats, persecutions, apologizes, class-action lawsuits.

Disclosure: I didn’t invest anything in Bitconnect and thus didn’t lose any money, but I was scammed before and know exactly how it feels. All materials in this article are collected legally from public sources for “fair use” to warn people about scams and potentially to be used as evidence in the Federal lawsuits.

In this article we will look at all main Bitconnect promoters as well as critics, because community should know its heroes.

About Bitconnect

For those, who missed out the show: Bitconnect is a Ponzi scheme

that started in 2016

presumably in

South-East Asia

and

collapsed in January 2018

. Around 1.5 million people across the world lost their money (

sometimes life savings

). Bitconnect was very shady from the start and it was constantly called as a scam

since June

(8 months ago) or even earlier.

Yuris Praseta

(Bitconnect development director)

In August 2017 (6 months ago) community already knew that Bitconnect had an anonymous owner,

a fake company address in UK

,

a fake picture of an office space in Indonesia

and its development director


Yuris Praseta


(Indonesian

hypnotist

) previously

promoted Ponzi scheme scams

(

archive

) like


OneCoin/OneLife


, which

threatened all critics with litigations

.

And as we know from

Bitfinex/Tether experience

, threatening critics with litigations is never a good move, so almost all OneCoin execs have already been

arrested

and recently OneCoin office

was raided by Bulgarian police

.

Every month there were new investigations about Bitconnect with evidences in favor of a Ponzi scheme and famous figures in crypto world called it a scam.

Coinmarketcap advertised Bitconnect

There were many ads of Bitconnect on CMC (coinmarketcap), so new crypto investors thought that it was a legitimate project. It’s fair to mention that CMC didn’t choose their ads, but they could easily stop promoting Bitconnect at any time by contacting support or


blacklisting advertiser URL


.

In 2017 Redditors created many posts and petitions to stop CMC promoting Bitconnect or even delist it as

other similar platforms did

:

The problem with Bitconnect is that the data about their price comes from their own website they manage. That data can easily be manipulated since it’s not even a 3rd party. So you are trusting a ponzi scheme to provide accurate data about their own coins being traded. I get it, the stupid people should lose their money. But CMC is actively and knowingly promoting a scam and making money off of others who will lose money. (

By romromyeah

)

CMC didn’t block Bitconnect or other Ponzi scheme scams because that could lower their earnings and CMC continued advertising BCC even after the crash, so as a result community

exploded

with

negative posts

and proposed many

other alternatives

that have even better features than CMC:

Bitconnect promoters

Most YouTube promoters of Bitconnect didn’t have any financial background, were new to investing or cryptocurrencies, didn’t teach their followers about importance of diversification or risk-management. However, they convinced many people to sign up under their affiliate links and earned millions from referrals by using

misleading video titles

, while most of them didn’t even get back their initial investments and earned everything just from referrals.

After Bitconnect crash many of them started promoting similar MLM lending platform

DavorCoin

that offers even more interests per day and looks even more scammy.

There were many Bitconnect promoters and most of them have already deleted those videos, so here is a list of the most influential promoters on YouTube (many subscribers, views and videos).

Craig Grant


is a “

godfather

” of Bitconnect, was promoting it

from April 2017

, earned millions from affiliates and

threatened Bitconnect critics

after

Doug Polk Crypto

uploaded

a video



with faces of Trevon James and CryptoNick on the thumbnail.

Craig was alleged being involved in

Nigerian catfish scam

that lead to a

man killing himself

, which got a big media exposure. The whole story is very shady, and Craig

admitted receiving 10%

from all those scams but later said that

he was lying

.

Craig even has a journalist that followed him for 6 years, trying to

expose his scam activities

. And somebody is uploading

crazy videos

from Craig’s past on a

dedicated YouTube channel

.

Craig Grant has been sued

.

Trevon James



actively promoted Bitconnect

, earned millions from affiliates. After the crash recommended people to hold BCC, because in 6 months

price will be back

where it was. He also disabled all comments, voting, and started

promoting DavorCoin

.

Trevon James has been sued

.

CryptoNick


(17 year old) actively promoted Bitconnect for 7 months and earned ~$1 million from referrals.

He deleted all his Bitconnect videos

(

YT

) shortly after the crash, and

didn’t apologize for promoting it

.

CryptoNick has been sued.

Ryan Hildreth


actively promoted Bitconnect since summer 2017, after the crash

deleted most Bitconnect videos

.

Ryan Hildreth has been sued.

Crypto Clover


actively promoted Bitconnect since

summer 2017

, visited its meetups and

office in Vietnam

.

Crypto Clover has not been sued yet.

Crypto Jay



actively promoted Bitconnect

since

July

, he was targeting more intelligent audience and even

trolled

Trevon James


. Before promoting Bitconnect he once invested all his savings in some MLM which crashed a week later, so he promised to himself “

to never do that to somebody

”. Recently he also started

promoting DavorCoin

(

archive

).

Once he

said literally

“I personally believe that Bitconnect will be around for 12 to 18 months” basically admitting that it’s a scam that will crash.

Worth mentioning that unlike other so-called “

dump promoters

”, he actually

taught his audience

about diversification, so people can lower their risks.

Actually, wait… all top coins from his list are MLM Ponzi scheme scams with

his referral links in the description

, 3 of 4 crashed within two months and USI Tech might go South soon.

He is more intelligent than other promoters and chooses words carefully, so even after the Bitconnect crash, his new videos didn’t get so much dislikes and angry comments, and he made

portfolio for 2018

less scammy than before.

After litigations on Bitconnect promoters started, he tried to withdraw himself from this situation telling that

he won’t promote lending platforms anymore

and disabled comments.

Some people find him even more dangerous than “

dump promoters

”, because he has better persuasion skills and convinced more financially literate victims.

Crypto Jay has not been sued yet, and he probably lives in South-East Asia (a tan skin in winter, sounds of roosters on the background and he was giving

speeches in Indonesia

and

prefers Singapore timezone

).

The Crypto Challenge



actively promoted Bitconnect

since November 2017.

One

of his Bitconnect videos got

250K views

, where he promoted

going all-in

.

The Crypto Challenge has not been sued yet.

The Crypto Chick


actively

promoted Bitconnect

, after the crash

deleted all her Bitconnect videos

, but many people

started reuploading

her videos.

Right after the crash she also uploaded video

admitting that she knew all allegations against Bitconnect

and hoped that it won’t collapse so soon. A bit later she deleted this video, but it was

reuploaded

by another YouTuber and later deleted again (may be due to copyright claim from The Crypto Chick).

The Crypto Chick has not been sued yet.

Aaron St. Hilaire


actively promoted Bitconnect (

since summer 2017

),

DavorCoin

and lots of other shady

lending platforms

(

archive

).

Aaron St. Hilaire has not been sued yet.

There were many other less influential YouTube promoters of Bitconnect, so redditors created a

list of crypto Ponzi schemes

and people promoting them (the list of promoters was temporary removed, but companies are still there).

Bitconnect day-trades for you

Bitconnect didn’t bring any innovation or try to solve real-life problems like most other legit projects do. They raised huge capital with MLM and claimed that mysterious trading bot was using it to take advantage of crypto market price volatility.

The main argument against existence of a trading bot was that it should suffer from

slippage

when more people lend money to Bitconnect. There were ~1,5 million lenders, so if we assume $1,000 to be an average investing sum, then a bot should trade with ~$1,5 billion sum, which will cause an insane slippage at the level of liquidity that crypto market currently has.

Fair to mention, that if the person behind Bitconnect was manually trading, then he could use large sums and whales techniques on unregulated market in his favor. For example, he could manipulate the prices (

Spoofy

,

Picasso

) or exploit system

vulnerabilities

to trigger

multiple flash crashes

.

Bitfinex knows exactly who triggered two waves of multiple flash crashes, but they won’t collaborate on that, since

many whales are its shareholders

, so this will stay as a conspiracy theory unless there will be a data leak.

In the best scenario (if trading bot was real) people lent money to Bitconnect to profit from newbie crypto investors who buy high and sell low because of no experience.

If the man behind Bitconnect was trading manually, then these money were probably used to manipulate the market or even trigger flash crashes, because otherwise it’s hard to make such big gains with huge sums due to slippage.

In the worst scenario it was just a Ponzi scheme that will collapse and it did.

Former Bitconnect promoters turned into critics

Sunny Decree


promoted Bitconnect till November 18 and earned at least $50K from 461 referrals (on 8/11/17), then

changed his opinion after making a better research

, deleted all referral links, recommended not to invest any money in Bitconnect and

started to criticize it in further videos

. However, he didn’t delete his account and

continued to get referral money

even after officially “quiting” Bitconnect. Some people think that

he did SYA

, but at least he made

many videos exposing scams

(mostly lending platforms) and thus saved many people from getting rekt.

The Bitcoin Party


is very controversial, he did one of

the first investigations

about Bitconnect, and found out many similarities with OneCoin and called it a scam, but yet he continued to promote a Bitconnect with

his referral links

.

Bitconnect critics

There were lots of YouTubers who criticized Bitconnect and called it a ponzi scheme, most of early critics got many dislikes. Let’s list the most influential of them in a chronological order.

August 15, 2017 —

Is Bitconnect a Scam?

September 5, 2017 —

Bitconnect scam alert! Is this 800 million dollar cryptocurrency a ponzi scheme?

October 8, 2017 —

Is Bitconnect A SCAM?

November 26, 2017

—


Bitconnect’s Craig Grant and Yuliana Involved in a Catfish SCAM?

November 2, 2017 —

The Bitconnect Youtube Scam — Think Thursday

November 8, 2017 —

Was I Wrong About Bitconnect? Youtube Scam Followup — Recap Wednesday

November 6, 2017 —

Here’s why BitConnect is a scam

November 16, 2017 —

Bitconnect Review Scam EXPOSED!

November 21, 2017 —

Bitconnect Review — THE FALL OF BITCONNECT — All Top Earners Cashing Out

November 21, 2017 —

The Collapse of Bitconnect & Tether is Coming

November 25, 2017 —

REALIST NEWS — Bitconnect THE WORST investment ever? — Should have just held your Bitcoins

January 2, 2018 —

THE TRUTH About BitConnect, CryptoNick, Trevon James, and Craig Grant

A big shout out to everybody else, who didn’t afraid to explain to people why Bitconnect was a scam. You literally saved so many people from getting rekt!

Bitconnect scapegoats and directors

People behind Bitconnect raised many scapegoats, so those who pulled the strings are still safe, while the crowd is lynching

17 year old guy

and

other folks

. More than that, major players raised funds with a new BitconnectX ICO so they can fly even

more jets

.

Fortunately, some people understand that and

hired private investigators and set bounty rewards

trying to find high-level directors who might eventually lead to owners of Bitconnect.

Glenn Arcaro




is listed as

one

of

13 Bitconnect directors

, which he denies. Before Biconnect, he was heavily

promoting Control-Finance

MLM scam and when it crashed,

he took no responsibility

for referring there his audience.

Glenn

cashed out from Bitconnect in October

(3 months ago) and after the crash he

deleted his instagram page

, removed YouTube videos from

his channel

and now is trying to take down all YouTube videos that alleged him in being a Bitconnect director or shareholder. He files copyright claims and


threatens to sue


Badisse David Mehmet for defamation.

Badisse David Mehmet


is one of the victims who

lost $142,000

in Bitconnect and

organized

a


class-action lawsuit


against Bitconnect and its U.S.-based directors and promoters. Badisse has legal background and once

sued Paypal for fraud and defamation

.

If you also lost money in Bitconnect, you can get a free consultation


here


.

Badisse David Mehmet

with a team

identified most Bitconnect directors

and created a website

FindTheCriminal.com

This is is a syndicated post. Read the original at medium.com

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