How did this company pull off a $2.4 billion global Ponzi scheme?
BitConnect was a lending and exchange platform powered by the BitConnect Coin, founded by Satish Kumbhan in 2016.
Users were promised astronomical returns of up to 40% per month on their investments
BitConnect employed many multi-level affiliate marketers and a referral program to lure in new investors
Using funds from later investors to pay earlier BitConnect investors was a classic Ponzi scheme.
The administrators soon closed its lending and exchange, which caused the price of the BitConnect Coin to drop to zero in a matter of days
The BitConnect ploy’s founder is guilty of operating a $2.4 billion global Ponzi scheme
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