Is it possible that BitConnect is back?

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Judging by recent Crypto Twitter activity, it seems like the biggest scam in the cryptocurrency ecosystem – BitConnect, might be back! 

BitConnect 2.0

A new Twitter profile called Bitconnect2.0, has just joined Twitter on May 2019. Their bio reads “Cryptocurrency Earning Platform” and they seem to be coming from Cayman Islands. Their first tweet is an announcement where they state that Bitconnect2.0 will go live on July 1st:

Obviously, this tweet gained very quick popularity and at the time of writing has hundreds of answers and likes. Mostly the replies consist of memes of Carlos Matos yelling “Bitconnneeeect” and people telling that they cannot believe that BitConnect might be coming back.

Scammers gonna Scam

While this news is just a day old, crypto Twitter has already found some interesting hidden things about this “new” project.

First of all, their new domain is registred under a company called NameCheap Inc, and their domain expires before their factual launch! The first registration was on June 19, 2017, and it expires on June 19, 2019. But their first tweet says that the platform will go live on July 1st. We expect that they will update the domain expiry date. 

Also, their second tweet is a Binance referral link:

And as expected they wrote a very misleading message along with the referral link, which makes others think that BitConnect might be doing something together with Ethereum. Many tweeters have already notified Changpeng Zhao, the CEO of Binance. They believe that the BitConnect referral link should be eliminated, because of fraudulent actions in the past.

Moreover, people look at this as some sort of a joke, but at the same time they are aware that the recent bullish market activities might be a good foundation to scam new cryptocurrency beginners. And who else to use this opportunity than BitConnect.

The financial pyramid that collapsed

BitConnect Coin launched in 2016. One year after the ICO was in progress, the cryptocurrency value was over $2.5 billion. BitConnect guaranteed investors up to 10% return of their investments, on a month-to-month basis.

In January 2018, the BitConnect Coin market collapsed. Regulators sent letters to investors warning of participation in the project, stating that it was a financial pyramid. Soon the company stopped operating, and investors remained in the hands of a “virtually useless” cryptocurrency.

Recently we reported that the FBI was looking for investors who suffered from this scam to fill out a questionnaire to help the investigation. Also, we reported that there have been some arrests, and one of the main BitConnect promoters Divyesh Darji was arrested in Dubai.