A number of you may recall the BitConnect scam that originated throughout the cryptocurrency boom in the end of 2017. Well BitConnect was finally handed a cease and desist letter on 8th January, 2018 in the Texas Securities Commissioner for promoting unlicensed securities. The BitConnect site was then shut down along with the cost of BitConnect plummeted causing substantial losses for those who were enticed in the Ponzi scheme. Lots of class action suit’s have been filed and today YouTube were convicted of neglect in the continuing BitConnect Lawsuit.
What has been Bitconnect
BitConnect was a stage that allowed users to commit bitcoin, together with the guarantee of making daily interest in their bitcoin in addition to a referral strategy where you’d get interest on the interest earned from your referrals. For a while the stage did payout the attention, but your initial investment required to be secured away. Finally, that was no more sustainable as well as the cease and desist letter was the last nail in the coffin.
Since little link has been closed down a variety of class action lawsuits are filed. It’s thought that several taxpayers have filed a lawsuit with all their collective reductions totaling around $770,000.
A US court has frozen BitConnect’s assets that saw the worth of this BitConnect token fall from $300 to under $3 A variety of the primary influencers of BitConnect have been researched, such as; Trevon James, Cryptonick and Craig Grant. Cryptonick deleted all his articles while others carry on to post movies and are still thought to hold substantial quantities of Bitcoin along with other cryptocurrencies.
In still another twist in the BitConnect suit, YouTube was accused of uncertainty from the continuing lawsuit.
The fault was set on the electronic media giants possessed by Google, for not policing the articles on their site, particularly the promotional movies by BitConnect and a few of the very popular influencers and termed previously. It had been said that the top 10 hottest BitConnect affiliates” printed over 70,000 hours of unedited content, creating 58,000,000 perspectives and luring hundreds if not hundreds of thousands of sufferers ”
“By enacting policies designed to prevent bad actors (such as those soliciting investments in fraudulent Ponzi schemes) from disseminating harmful, offensive or inappropriate content through its platform, YouTube owed, by its own assumption, Plaintiffs, and the Class a duty to reasonable care to prevent such content from harming its users.”
Google have since prohibited all cryptocurrency commercials along with Facebook, but it’s unknown wether or not that is the origin of the consequent ban. Wether or not YouTube is going to be found guilty of neglect is not yet been seen.