Every week, a new individual or company becomes the joke of the internet. Now, the wrongdoings or mistakes made by prolific people or businesses can be spread rapidly around the world online, and cryptocurrency scams are a new favorite in this field.
In 2018, a huge Ponzi scheme carried out within the relatively new company BitConnect came to light, and shook the internet for weeks, months, and years to come. So, what was BitConnect, and where did it all come crashing down?
The entire idea behind BitConnect seemed unusual to many from the start. BitConnect provided a lending platform, where users could lend the value of BitConnect coin, and then receive investment payments in return.
Essentially, as a BitConnect user, you would send your Bitcoin to them (yes, your Bitcoin, we’ll come to that later), and then they…