The More Things Change, the More They Stay the Same!
At the peak of its popularity, Bitconnect was the most controversial online MLM platform, with over one million people investing into a pyramid scheme that totaled over $2 billion at the time.
With the crash of Bitcoin and cryptocurrencies in general, Bitconnect abruptly exited the space. With it, the funds of investors and a 90% wipeout of its native cryptocurrency (Bitconnect Coin) left investors with nothing.
As the Bitconnect horror stories emerged and the markets broke down further, scammed investors moved on and learned a bitter lesson, but it seems that the crypto markets are still prone to bull market scams, and with the strong uptrend in cryptocurrencies recently, the greed of people gets exploited again…
With higher cryptocurrency prices, a Website has suddenly emerged announcing the return of Bitconnect, rebranded as Bitconnect 2.0!
Source: https://www.bitconnect.io/
Interestingly, the domain name of the original Bitconnect Website was bitconnect.co, while the new “Bitconnect 2.0” domain is Bitconnect.io. It remains to be seen if this materializes into anything.
Source: http://whois.domaintools.com/bitconnect.co
After doing some simple investigating, it would appear that the domain expires on June 19th, 2019, but this may not mean anything. It’s possible that the owner has extended and already paid for longer ownership of the domain, but at this stage, it’s worth keeping an eye on, especially as the countdown timer says it releases in 42 days, which is past the current expiration date.
Source: http://whois.domaintools.com/bitconnect.io
If cryptocurrency prices increase, more platforms that are fraudulent will likely emerge. The Bitconnect 2.0 Website may turn out to be a false alarm (hopefully), but if it is an attempt at taking investors’ money, history could repeat itself. It could be even worse if crypto breaks its current all-time highs in the future.
For more information on the damage Bitconnect caused the crypto sector, check out an ongoing post that I will update with any news regarding this.
This is not investment advice; please always do thorough research and only invest what you are willing to lose, especially in times of uncertainty.