BitConnect Lawsuit Evolves with Consolidated Class Action Filing

Silver Miller, the law firm that took up complaints from BitConnect victims, once again consolidated complaints into a new filing.

The BitConnect lawsuit has entered a new stage, with the latest consolidated filing from Silver Miller, the firm that for months took on the complaints of buyers hurt by the BitConnect scheme.

Silver Miller has also become famous for running other crypto-related cases, including the class action suit against Tezos, but also Coinbase, ICO fraud and a case against the Kraken exchange. A case has also been opened against NANO, or RAI Blocks, and against core members of the team, following the BitGrail hack and wallet theft.

The case against BitConnect started on January 24, 2018, just days after the scheme collapsed, wiping out the price of the BCC asset. In the meantime, the BCC asset was delisted and currently has no value, despite existing in numerous wallets.

What is even more curious is that BitConnect is continuing to attempt a revival, with regular social media activity from former promoters such as Trevon James. Recently, BitConnectX, a failed ICO, once again promised to return, in a very vague tweet:

https://twitter.com/BITCONECTX/status/1051937711089704965

It is unknown whether the lawsuit would have any effect, as BitConnect is a world-spanning scheme with leaders in India, as well as the USA. Still, the filings bring attention to the problem of Ponzi schemes in the crypto space.

BitConnect appeared during the period of peak enthusiasm in the crypto market. However, with the bear market continuing for close to 11 months, it is difficult to arouse enthusiasm for new coins. BitConnect was also seen as damaging the reputation of the crypto space, which was just entering the mainstream attention.

The lawsuit has also called upon YouTube as a defendant, due to the important role of the social media for the spreading of the BitConnect message. The scheme also contacted investors directly, through live events and presentations, as well as special offers.

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