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    Currently, the economy of Cyprus has stabilized, but the number of traders and owners of digital currency has not decreased. Many companies in Cyprus accept bitcoins.

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    Users filed a class action for BitConnect cryptocurrency exchange

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          Home > Reviews > Cryptocurrency Exchanges > Users filed a class action for BitConnect cryptocurrency exchange

          Users filed a class action for BitConnect cryptocurrency exchange

          Satoshi Nakamoto by Satoshi Nakamoto
          19.08.2018
          in Cryptocurrency, Cryptocurrency Events, Cryptocurrency Exchanges, Cryptocurrency trading, News, Regulation of cryptocurrency, USA and Canada
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          Users filed a class action for BitConnect cryptocurrency exchange
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          Just a week after the sudden closure of BitConnect crypto-exchange, users filed lawsuits in which they demand the return of their funds.

          In a class action lawsuit filed in the southern district court of Florida on January 24, the applicants allege that BitConnect issued its own tokens, which were actually unregistered securities, and raised user funds under the Ponzi scheme.

          The desire to return the investment arose from the users of the exchange after BitConnect received two orders to terminate the activities of the state regulatory authorities of the United States.

          The statement of claim says that BitConnect has launched several projects, in particular a lending program that provided for the purchase of BitConnect tokens created on The company’s platform for cryptocurrency. Further, BitConnect promised investors that Their own trading platform would use the funds raised to generate monthly payments to scheme participants of 40 percent of the funds invested or 1 daily percentage at a combined rate, which could be 3000 percent per year.

          Thus, the plaintiffs claim that BitConnect violated the securities Act by issuing unregistered securities.

          The plaintiffs also refer to the announcement published on the BitConnect website:

          “This investment scheme includes making a profit from the work of trading robots on our platform. You will receive daily profit based on your investment opportunities. At the end of the investment period, you will receive your capital back to withdraw it from the BitConnect lending platform or, if you wish, reinvest in BitConnect to continue to receive daily profits.”

          However, the plaintiffs claim that instead of the claimed use of their funds to trade cryptocurrencies, BitConnect worked as a financial pyramid, and the funds received from the new participants of the scheme were sent to fulfill obligations to the old participants.

          The lawsuit was filed by six individuals on behalf of all investors and account holders who listed cryptocurrency and fiat in BitConnect for investment. Although it is not clear from the document what the total amount of damage caused to all users is, the six claimants seek to recover $ 771,000.

          As previously reported, notifications from securities regulators of the States of Texas and North Carolina led to the shutdown of the BitConnect exchange. This resulted in a 90 percent drop in the value of BitConnect tokens, which are traded on several cryptocurrency exchanges.

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