Lawsuit Files Against BitConnect Founder by The SEC

The Security & Commission Exchange filed a civil lawsuit against the Bitconnect founder for  $2 billion scam.

Bitconnect was the biggest crypto scheme based scam of crypto history. But later due to huge pressure by the regulators, the platform admitted that their scheme is not based on stacking or genuine things and proved their scheme a type of scam.

According to the press release by the SEC, they filed a lawsuit against BitConnect founder Satish Kumbhani. 

According to the SEC, Satish Kumbhani was involved in the global Advertisements of his own schemes and grabbed around $2 billion of Investment from the investors in the US. And later they showed the digital plan of Bitconnect. Satish and his other mates turned the funds into digital assets for their own profit and showed that Bitconnect is a high reward platform and it guarantees the profit. 

The SEC described Bitconnect as a Ponzi scheme 

 “a global fraudulent and unregistered offering of investments into a program involving digital assets.”

The Associate Regional Director of SEC’s New York Regional Office, Lara Shalov Mehraban, stated that 

“We allege that these defendants stole billions of dollars from retail investors around the world by exploiting their interest in digital assets. We will aggressively pursue and hold accountable those who engage in misconduct in the digital asset space.”

The SEC is trying their best to recover the funds from this biggest scam. But the main problem is that Satish is known in this case while other fraudsters are still unknown. Read also 5 BIGGEST INVESTMENT SCAM IN CRYPTOCURRENCY HISTORY

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