Was Bitconnect A Scam Or Did The Business Just Fail?

Bitconnect publicity

Did you remember Bitconnect, who fell victim of it? It is very surprising seeing that a lot of businesses just go from being the world's friend and lookup company to invest into being the company that takes their money away. A lot of people will assume this to be an exit scam and others could see it as a problem caused by failled business (trust that the way people will see this is dependent on the side of the coin they are.

Bitconnect was meant to help build a platform that will help people stake, trade, mine, and invest in cryptocurrency and get Bitconnect in return as interest, as well as lending Bitconnect coins (it could have been the first major DeFi project but Nah). It was believed that only 28 Million Bitconnect coins were in circulation and it was said to be paired with the Bitcoin, making it very difficult for people who wanted to trade with fiat coins impossible but could only trade with BTC. When people send BTC, they get Bitconnect coin.

Bitconnect logo

Bitconnect was generating up to 40% APY monthly and also users could be making money by referring other users, thereby growing the population of the Bitconnect community.

Didn't see this coming

It is surprising that people didn't see this coming, I could agree that this was because crypto was still relatively new and the year was 2016, but then, the company didn't have a whitepaper, and why didn't people see these simple dot stains on the Bitconnect white T-shirt. Its profit was extremely high and its founders were anonymous as they wanted to be Satoshi (everyone wants to be Satoshi).

The Fall of BCC

I remember that day when the platform wrote on their Twitter handle that they were under attack and that withdrawal and exchanges will resume later due to the attack on their platform. People lost their savings, their life, the future, and so on.

It is quite unforgivable how anonymous founders scammed people of their hard earned money.

Do you think there are other coins or platforms that aren't really cryprocurrencies but rather Ponzi or Pyramid, have you been victims of any crypto scam, and what will be your advise on how to not get scammed in the crypto world?

(People believe that the founders are Divyesh Darji and Satish Kumbhani)