CoinzPress
  • Credit Cards
    • Best Credit Cards 2023
    • Best Rewards Credit Cards
    • Best Cash Back Credit Cards
  • Banking
    How to Save Discord Servers from Hackers

    Ways You Can Save Your Discord Servers from Hackers

    Ethereum Mining Rig

    Ethereum Mining Rig: The Best Ethereum Mining Hardware

    Google in Web3 and Blockchain Technology

    Google is Taking An Interest in Web3 and Blockchain Technology

    Binance

    Binance to Launch Santos FC Fan Token on Its Launchpool

    New Solutions for Cross-Chain Problems

    New Solutions for Cross-Chain Problems

    Blockchain Gaming

    Will The Blockchain Gaming Revolutionise The Future of Video Games?

    Trending Tags

    • Loans
      Tesla sell their bitcoin

      Tesla Took The Internet By Storm for Selling Its Bitcoin in Panic

      Bitcoin-Faucets

      Highest Paying Bitcoin Faucets: How to Choose the Right One?

      lightning-network

      Lightning Network: Everything You Need To Know

      What Can You Buy with Bitcoins

      What Can You Buy with Bitcoins?

      Nasdaq’s Record Breaking

      Witness Nasdaq’s Record-Breaking Performance Across Stock Markets

      Voyager Digital USDC Linked Debit Card

      Voyager Digital Launches USDC Linked Debit Card Linked

      Trending Tags

      • Investing
      • Insurance
      • Stock Market
        • US Markets
        • ASX shares
        • Indian Markets
      • Cryptocurrency
        • Price Prediction
        • DeFi
        • NFT
        • Metaverse
        • Trading
        • Crypto Exchanges
        • Crypto Wallet
        • Brokers
        • Gaming
        • Earning Sites
      • Sections
        • Reviews
        • Beginner Guide
        • How To
      No Result
      View All Result
      • Credit Cards
        • Best Credit Cards 2023
        • Best Rewards Credit Cards
        • Best Cash Back Credit Cards
      • Banking
        How to Save Discord Servers from Hackers

        Ways You Can Save Your Discord Servers from Hackers

        Ethereum Mining Rig

        Ethereum Mining Rig: The Best Ethereum Mining Hardware

        Google in Web3 and Blockchain Technology

        Google is Taking An Interest in Web3 and Blockchain Technology

        Binance

        Binance to Launch Santos FC Fan Token on Its Launchpool

        New Solutions for Cross-Chain Problems

        New Solutions for Cross-Chain Problems

        Blockchain Gaming

        Will The Blockchain Gaming Revolutionise The Future of Video Games?

        Trending Tags

        • Loans
          Tesla sell their bitcoin

          Tesla Took The Internet By Storm for Selling Its Bitcoin in Panic

          Bitcoin-Faucets

          Highest Paying Bitcoin Faucets: How to Choose the Right One?

          lightning-network

          Lightning Network: Everything You Need To Know

          What Can You Buy with Bitcoins

          What Can You Buy with Bitcoins?

          Nasdaq’s Record Breaking

          Witness Nasdaq’s Record-Breaking Performance Across Stock Markets

          Voyager Digital USDC Linked Debit Card

          Voyager Digital Launches USDC Linked Debit Card Linked

          Trending Tags

          • Investing
          • Insurance
          • Stock Market
            • US Markets
            • ASX shares
            • Indian Markets
          • Cryptocurrency
            • Price Prediction
            • DeFi
            • NFT
            • Metaverse
            • Trading
            • Crypto Exchanges
            • Crypto Wallet
            • Brokers
            • Gaming
            • Earning Sites
          • Sections
            • Reviews
            • Beginner Guide
            • How To
          No Result
          View All Result
          CoinzPress
          No Result
          View All Result
          Home Updates

          The BitConnect Founder Sees Allegation of Defrauding Being Brought Against Him

          Bidisha Dey by Bidisha Dey
          August 20, 2022
          in Updates
          BitConnect founder

          Credit: the economic times

          The BitConnect founder has landed in serious legal trouble. For those who do not know, BitConnect is an open-source cryptocurrency, connected to a kind of Ponzi Scheme. It was launched initially on the 15th of February, 2016. Satish Kumbhani is the BitConnect founder. However, this platform did not enjoy a prolonged existence. In fact, on the 17th of January 2018, the platform was closing down as the price of BCC declines by 92%, immediately following the closure of the platform. 

          However, even after the closure of the platform, new troubles seem to plague the BitConnect founder, Satish Kumbhani. Recently, the Indian Express published a report stating that n investigation has been launched by the authorities in the country against Kumbhani. In fact, there are allegations of defrauding a person out of 220 Bitcoin. In addition, the U.S. courts have already found him guilty of supporting a worldwide Ponzi scheme worth $2.4 billion. If you wish to know more about the case involving the BitConnect founder, then keep reading this article. 

          The Allegation by BitConnect founder

          The Indian authorities have launched an investigation against Kumbhani and six other suspects. A complaint was lodged against the accused with the Indian authorities by an Indian national. According to the complaint registered with the authorities, the complainant invested 54 Bitcoin, in a scheme that promised him 166 BTC in return. The allegation against the BitConnect founder and the six other accused is that they defrauded the entire amount of 220 BTC.

          The Allegation 
          Credit: bitcoin.com news

          The complainant filed the complaint in the past week. Following the complaint, the Indian authorities started to investigate the alleged scam. They also started investigating the location of the suspects in this case. Till now, the investigation is going on and any finding is yet to come forward. However, Kumbhani has already been accused of wire fraud and price manipulation in the U.S. In addition there are also charges of operation of an unlicensed money transmitting business, and conspiracy to commit international money laundering against him in the U.S. 

          If Kumbhani is extradites to the U.S. he could face a sentence that might see him behind the bars for 70 years. In fact, the FBI and the IRS are tracking the activities of BitConnect carefully. Therefore, if Kumbhani and the other accused get caught, heavy punishments await them both in India and abroad. 

          Concluding Lines

          BitConnect promised returns from their “BitConnect Trading Bot”, and their “Volatility Software”, in order to attract victims. The platform cleverly used the investment fund to generate profit and to pay off early investors. Then they used to steal the capital of the recent investors. In fact, such crypto scams have flooded the market in recent times. Many victims have lost their fortune to scammers. However, the number of such scams has seen a steady decline in the past few weeks. In the first half of 2021, the scams accounted for over $4 billion. However, at present, the total scam amount is around 1.6 billion. Thus the decline is really significant. However, the offenders like the BitConnect founder should never do any further scams on their part.

          Also read: Ripple CTO David Schwartz Hits Back At Vitalik Buterin

          Share76Tweet47

          Related Posts

          Passive Income Ideas: Best Ways To Make Money Online

          Passive Income Ideas: Best Ways To Make Money Online

          November 8, 2022
          KuCoin Trading Password: How to Reset It?

          KuCoin Trading Password: How to Reset It?

          November 8, 2022
          Preference Shares vs Ordinary Shares: Types Of Shares

          Preference Shares vs Ordinary Shares: Types Of Shares

          November 8, 2022
          Flight Centre Shares: Should You Invest In 2022?

          Flight Centre Shares: Should You Invest In 2022?

          November 8, 2022
          Aldi Share – How To Invest In Aldi?

          Aldi Share – How To Invest In Aldi?

          November 8, 2022
          Ford Stock Forecast

          Ford Stock Forecast 2022, 2023, 2025, 2030, 2040, 2050

          November 7, 2022
          ADVERTISEMENT

          CoinzPress is one of the leading cryptocurrency news services that cover the latest crypto-related news. The news includes a technical analysis of a wide range of digital currencies as well as forecasts for those electronic currencies. Here at CoinzPress , we aim to enlighten anyone having an interest in the world of cryptocurrency with significant information that could keep them informed.

          So, in short, we cover a range of announcements related to a variety of Alt-coins, digital coins, and any significant news that could create an impact on the trading world and economy.

          • News & Updates
            • Cryptocurrency
            • DeFi
            • NFT
            • Metaverse
            • Press Releases
            • Sponsored
          • Sections
            • How To
            • Technology
            • Investing
            • Stock Market
            • Loans
            • Credit Cards
            • US Markets
            • Brokers
            • Gaming Sites
            • Indian Markets
          • Company
            • About Us
            • Advertising
            • Press Release
            • Contact Us
            • Terms of Uses
            • Privacy Policy
            • Sitemap
          • About
          • Contact Us

          © 2022 Coinz Press

          No Result
          View All Result
          • Credit Cards
            • Best Credit Cards 2023
            • Best Rewards Credit Cards
            • Best Cash Back Credit Cards
          • Banking
          • Loans
          • Investing
          • Insurance
          • Stock Market
            • US Markets
            • ASX shares
            • Indian Markets
          • Cryptocurrency
            • Price Prediction
            • DeFi
            • NFT
            • Metaverse
            • Trading
            • Crypto Exchanges
            • Crypto Wallet
            • Brokers
            • Gaming
            • Earning Sites
          • Sections
            • Reviews
            • Beginner Guide
            • How To

          © 2022 Coinz Press