BITCONNECT SCAMMED $2BN FROM INVESTORS
A FAKE TRADING BOT SWINDLED CRYPTO
CYBERSECURITY EXPERTS, the U.S. Securities and Exchange Commission (SEC), claims that BitConnect defrauded retail investors out of $2bn in 2017 and 2018, through a scam involving a crypto trading bot said to offer a guaranteed return on investment. The SEC says that “instead of deploying investor funds for trading with the purported trading bot,” BitConnect instead “siphoned investors’ funds off for their own benefit by transferring those funds to digital wallet addresses”.