Class Action Suit Filed Against Bitconnect

Last Thursday, a class action lawsuit was filed against cryptocurrency lending and exchange company Bitconnect by six investors who claimed to have incurred more than $770,000 in losses due to the companies questionable activities and closure.

The company was known to have a reputation in the cryptocurrency community as a ponzi scheme which promised 1% return per day and 40% every month to investors who lent them money.

Bitconnect has been accused of twelve counts of criminal and civil violations including fraud, offering unregistered securities, rescission of contract with the plaintiffs, deceptive and unfair trade practices among others.

Source: CCN

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