It is an interesting period for cryptocurrency enthusiasts. With most markets showing a massive rebound after a few rough days, there is a general sense of excitement among community members. The bigger news this week is how BitConnect is – once again – making an alleged return in a few weeks. It is not the first time such claims are issued, although this project is better off dead and buried.
Another Attempt at Reviving BitConnect
Most cryptocurrency enthusiasts are all too familiar with the concept of BitConnect. It is a well-known Ponzi Scheme which came to an abrupt end quite some time ago. Although its business model clearly indicated this platform would not remain operational for too long, many people decided to take a gamble on BitConnect regardless. As a result, the scam thrived for several months on end, and a lot of people lost good money in the end.
To date, most of the stolen funds have not been recovered by the rightful owners. Despite there being numerous lawsuits against BitConnect and its promoters – especially the YouTube promoters – there is some hope for the future. Even so, most people readily agree the money will not be recovered whatsoever, unless law enforcement officials successfully manage to arrest those truly responsible for running this elaborate scam.
Late last year, the cryptocurrency community was taken aback when BitConnect 2.0 was announced for the first time. Albeit the associated website claimed this nefarious Ponzi Scheme would return shortly, it is evident that hasn’t been the case so far. For most people, this is a good thing, primarily because this industry needs fewer scams. Getting rid of any references to BitConnect is not a viable course of action, but fewer mentions of this scheme would certainly be beneficial to the industry as a whole.
For some unknown reasons, it would appear an email is making the rounds which claims the BitConnect website will return. On the project’s web page itself, a countdown timer is visible, which explains the project “will be back soon”. At the time of writing, this “launch” is still nearly 6 weeks away. Rest assured very few people genuinely expected this scam to return, let alone hope for it. Given the current investigations into this notorious scam, one has to wonder who is responsible for putting this message on the website.
According to a very basic WHOIS search, it appears this particular domain name – registered through Namecheap – will expire in a month from today. That would mean the domain will be taken offline prior to BitConnect 2.0 even launching. Since no one knows who is in control of the domain or its web hosting package, the future looks rather interesting, for many different reasons. Rest assured some people will get in contact with NameCheap to have this domain kicked offline sooner rather than later.
For those who truly hope to see BitConnect 2.0 make a worthwhile impact, it seems unlikely anything of the sort will happen. Considering how there is a mail form looking to collect information, it may be a “trap” to lure in promoters willing to shill this project in exchange for financial compensation. It is a very odd situation which needs some clarification sooner rather than later. Despite this being a clear scam, there will always those willing to put in some money just to see how things play out. The morbid fascination of humans never ceases to amaze in this regard.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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Author: JP Buntinx