Bitconnect, the infamous Ponzi scheme that scammed many in the crypto community in one of the biggest scandals in the industry is reportedly making a return. Bitconnect 2.0 is set to launch in July, with the countdown to launch just 41 days away.
The news has left many scratching their heads wondering whether this is happening. The Bitconnect scam is synonymous with everything that is wrong with the crypto industry, and presenter Carlos Matos has become a meme sensation for his exuberant scream.
The Bitconnect Scam
For those who don’t remember the details of the scam, Bitconnect promised in 2016 to exchange Bitcoin to Bitcoin Connect and then make huge returns on their investments. The decentralized Bitcoin lending and exchange platform had its own coin, Bitconnect coin (BCC), which was used to pay investors.
With the help of their ‘trading bot,’ Bitconnect promised 40% interest and massive returns. Many were suckered into the scheme making their coin price surge above $400 with a market cap exceeding $2.6 billion in 2017.
January 2018 was the month it all came crashing down for those who invested. Bitconnect disappeared and paid off the investors with their defunct and worthless coin. The BCC coin was delisted from all exchanges, leaving many in the lurch and having lost their money.
Bitconnect 2.0- Another scam?
Over a year after the scam which left so many out of pocket, Bitconnect is back. The company tweeted out that they would launch in July this year. One would think that the company would need a rebrand and a new name considering the infamy of the previous version. However, it would seem that adding ‘2.0’ is enough for the crypto community to forget.
Twitter user, @kieranmlkelly, summed up what we were all thinking, saying “this is a joke, right?”. A slew of memes was also posted in reply, mainly ridiculing the previous Bitconnect scam and those who may join their latest version.
And of course, it would be ridiculous to think anyone would take the risk of trusting Bitconnect again, but some members of the crypto community may have amnesia. Let’s hope for their sake; they don’t take the bait.