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.
For those, who missed out the show: Bitconnect is a Ponzi scheme
that started in 2016
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
(8 months ago) or even earlier.
(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
promoted Ponzi scheme scams
threatened all critics with litigations
And as we know from
, threatening critics with litigations is never a good move, so almost all OneCoin execs have already been
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. (
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
and proposed many
that have even better features than CMC:
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
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).
is a “
” of Bitconnect, was promoting it
from April 2017
, earned millions from affiliates and
threatened Bitconnect critics
Doug Polk Crypto
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
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
(17 year old) actively promoted Bitconnect for 7 months and earned ~$1 million from referrals.
He deleted all his Bitconnect videos
) shortly after the crash, and
didn’t apologize for promoting it
Crypto Clover has not been sued yet.
actively promoted Bitconnect
, he was targeting more intelligent audience and even
. 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
“I personally believe that Bitconnect will be around for 12 to 18 months” basically admitting that it’s a scam that will crash.
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 “
”, 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
prefers Singapore timezone
The Crypto Challenge has not been sued yet.
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
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 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
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 (
) or exploit system
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
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
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 —
September 5, 2017 —
October 8, 2017 —
November 26, 2017
November 2, 2017 —
November 8, 2017 —
November 6, 2017 —
November 16, 2017 —
November 21, 2017 —
November 21, 2017 —
November 25, 2017 —
January 2, 2018 —
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
. More than that, major players raised funds with a new BitconnectX ICO so they can fly even
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.
is listed as
13 Bitconnect directors
, which he denies. Before Biconnect, he was heavily
MLM scam and when it crashed,
he took no responsibility
for referring there his audience.
cashed out from Bitconnect in October
(3 months ago) and after the crash he
deleted his instagram page
, removed YouTube videos from
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
in Bitconnect and
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
This is is a syndicated post. Read the original at medium.com
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