BITCONNECT SCAM: Emergency Cease and Desist Order
The Texas Securities Commissioner has issued an emergency cease and desist order on a very dodgy UK based ponzi scheme which has somehow, of course, managed to get a market cap of $4 billion before their planned ICO on 9 January.
Anyway, Texas may have put a halt to their exit scam.
The UK regulators obviously won't do anything about this sort of blatant scam but many prominent names in the bitcoin community have been warning folks away from Bitconnect. Hopefully nobody here on Steemit will have lost money but it's another important lesson here: do your own research. If it's too good to be true, it probably is.
This company had no known principals. There are obviously some people behind it, we just don't know who. Should have been a red flag in this situation where investment returns were being promised.
As mentioned above, however, a $4 billion market cap suggests many didn't heed those warnings coming from the likes of Erik Voorhees only yesterday:
A question re: this order. If true, it seems to only apply in Texas. Why wouldn't it have been brought by SEC? It mentions that the ICO is happening on bitconnectx.co (don't want to provide full link) has anyone pre-registered with them? Was anyone here part of their 'lending program?' Here is the company listed in UK at Companies House. There is one director and owner mentioned but it could just be a nominee director as is easy to do in the UK.
That order would be as good as swatting a fart with a tennis racket.
If anyone is interested, go and read why actions like the Emergency Cease and Desist Order is a bad thing for anyone in the cryptocurrency space. https://steemit.com/bitcoin/@socky/texas-state-securities-cease-and-desist-order-against-bitconnect-is-an-effort-to-limit-access-to-only-the-elite
God bless the state of Texas!
Its about time this Ponzi scheem gets shut down!
@thejohalfiles, can i contact you? I am from Indonesia. hopefully you respond positively.
Amen ! Why have you any post sir ? I can not wait to comment your post :)) @thejohalfiles
@thejohalfiles I see you have a very powerful account on here and comment with good info but do not have a single post is there a reason for this? Also I notice in your wallet lots of people send SBD and a post URL do you upvote these or they just want you to see them? I am still learning and trying my best to use Steemit correctly any help is appreciated thank you
God bless you too.I'm very happy if I got upvote from you.Why don't you do like a booster?I'm sorry if you confuse becouse of me.
i pray for Texas!!!
May God bless the state of Texas!!
and give them peace of mind!!!!
Thank you very much sir!!!
Are BitConnect investors open to legal problems?
It's sad, but with all the mania around crypto these days, it's just damn near impossible to talk people out of throwing money away. I've got a few people into crypto, always telling them to make sure they check out every investment. It never fails they come back telling me about their new Ripple, or BCash or whatever scamcoin is out there.
I just sold a bunch of Ripple I only just realised I had! I think I got them as a joke. Anyway, what a shocking amount I got in exchange. It was like Christmas all over again; but I had family members contact me over Christmas asking if they should buy Ripple because somehow they had heard about it . . . on TV? Who is talking about it on tv? CNBC?
No idea. If I watched CNBC I probably wouldn't watch you!
🗅
dude, get out of Bitconnect now.
Or try to.
They'll give you something, and then promise you the rest.
Get whatever you can back from them.
take care man
Wow! Can't wait to see how that goes down!
Ehhhhhh it's the Ponz!
Wonder why company that is doing so well would launch an ICO, stealing some extra money for retirement...
scam is closing down soon
The clearest Ponzi I've ever seen. Completely ridiculous
That request would be in the same class as swatting a fart with a tennis racket.
Why do you copy the comment?:) I don't get that..