The SEC just had a new dissection of the “legend” BitConnect
NewsThe Securities and Exchange Commission (SEC) filed a new complaint towards the now defunct BitConnect cryptocurrency undertaking, claiming that the persons behi...
The Securities and Exchange Commission (SEC) filed a new complaint towards the now defunct BitConnect cryptocurrency undertaking, claiming that the persons behind the undertaking carried out a series of fraudulent and unregistered provides of securities totaling $ two billion.
The official complaint that occurred on August one with the request for a jury trial towards BitConnect is Satish Kumbhani, the promoter Glen Arcaro and the enterprise Future Money Ltd.
According to the SEC, BitConnect has “pocketed” almost 325,000 BTs. This amounted to $ 15 billion at today’s charges and $ two billion at the time of the alleged fraudulent scheme.
This hottest SEC action joins yet another lawsuit filed towards 5 other individuals relevant to BitConnect. The SEC filed a lawsuit towards Joshua Jeppesen, Trevon Brown, Craig Grant, Ryan Maasen and Michael Noble in May of this 12 months. In August, the SEC had won yet another $ twelve million judgment towards Noble and Jeppesen.
See also: What is BitConnect (BCC)? Discover the worst Multi level marketing coin in the cryptocurrency industry
The lawsuit claims that BitConnect and its founder Kumbhani developed a fraudulent network and rewarded their adverts with commissions. This is a important component that they have hidden from traders.
Kumbhani’s LinkedIn page he nevertheless stated that he is functioning on BitConnect as a complete-time promoter to educate persons about cryptocurrencies all-around the globe by way of the BitConnect network.
An exciting stage is that BitConnect continues to remain on LinkedIn claiming that the enterprise is a swiftly increasing Bitcoin and cryptocurrency neighborhood in educating persons about the options and likely of cryptocurrencies.
Maybe you are interested:
More From Crypto News
XRP Ledger Fixes Bug That Could Have Created New Tokens
The XRP Ledger has patched a disclosed security bug that could have allowed accounts with approved token-burning permissions to also create new tokens, a flaw t...
Why Is Dash (DASH) Price Surging Today? Key Drivers
Dash (DASH) is trading at $49.55, up 10.16% in the past 24 hours as of November 5, 2026, placing it among the day’s top gainers in the broader altcoin market.
Binance Spot Share Falls to 42% After $6.3B Hack
Binance’s share of global spot trading has fallen to 42% in the wake of a reported $6.3 billion hack, with rival exchange OKX emerging as one of the clearest be...
Why Is Arbitrum (ARB) Price Surging Today? Key Drivers Explained
Arbitrum’s ARB token is trading at $0.159795, up 4.80% in the past 24 hours as of November 4, 2026, with spot volume reaching $0.11 billion on the day.
Binance Says Fake Interview Led Engineer to Run Malware
Binance says one of its engineers was deceived by a fake job interview into running malicious code on a work computer, the exchange disclosed in a security inci...
CFTC Faces Stock Perpetual Futures Legal Clash
FLASH — Tuesday: The Commodity Futures Trading Commission is facing a legal clash involving stock perpetual futures after a clearing path emerged for a crypto v...
