FBI Cleveland Division Seeking Potential Bitconnect Victims

FBI Cleveland Division Seeking Potential Bitconnect Victims

  • 2/20/2019 1:01:38 PM
  • Jenna Ramolt
  • Local News

CLEVELAND, OH - The FBI is searching for potential victims who invested in the cryptocurrency Bitconnect coin (BCC) according to a press release provided by the Cleveland Division of the FBI.

BCC was first released by Bitconnect in November of 2016 and could only be purchased, traded, or sold through the proprietary exchange hosted by Bitconnect. By mid-December of 2017, BCC boasted a market cap of over $2.5 billion. Bitconnect guaranteed investors up to a 10 percent total return per month on their investment, but then the market crashed. Two US state-level securities regulators issued public letters warning investors of the Ponzi-type nature of Bitconnect, resulting in the company completely shutting down the exchange for BCC. The market was eliminated, and investors were left with nearly worthless cryptocurrency.

The FBI estimates the total loss to be somewhere between $2.5 and $3.5 billion dollars, and victims are worldwide. The first potential victim identified was an individual from northern Ohio who wishes to remain anonymous.

As the FBI investigates, is it asking anyone who has invested in Bitconnect to participate in a brief survey. Responses are voluntary and would be useful in the FBI's investigation. Based on responses provided, some individuals may be contacted for additional information.

The questionnaire can be found here.

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