Bitcoin Forum

I am researching scams such as bitconnect and the controversy around it.

For starters, I want to dig deeper into the ICO and "follow the money". Where is that 1500 BTC anyways?? I'm tracing the Bitcoin blockchain to see if I can find the source of funds.

Would you be willing to track down the address that bitconnect gave you to invest in their ICO? Or any other address you can identify as belonging to bitconnect? This would help my research a ton, and your assistance can be credited in my report. Hopefully, we can expose bitconnect for misleading investors and prevent future investors from making the same mistakes as you and me. PM me if you're willing to help out!

Thanks so much,
BTCarry

even if you trace the address of the receipt of the funds, what can you do about it? nothing can be proved, this is cryptography, wallets are not registered to anyone, anyone created and use

The idea, of course, is a good one. If there is a large resource where all doubtful / confirmed addresses of all blockchains will be collected, this may come in handy in the future. In addition to the obvious scammercrafts, there are many hidden scammers who create projects with fake activity.
For readability, data should be structured. And this should be constantly updated. This is a lot of work. And perhaps pointless in the long run. Knowing such a base, scammers will always create new addresses for their affairs.

During bitconnect's hype t also got my attention but never  came into my mind to invest on it. I saw a lot of videos and even streamers in youtube promoting bitconnect and their earnings on it, but sadly after the controversy a lot of people were devastated because some had put all they have into the scheme and go completely bankrupt. I also so this one guy creating a video crying over since he had put all his penny on bitconnect. Sadly, this is cryptocurrency and it would be a lot of effort, time and money to get down to the root and investigate where and to whom did the money go. Only a few culprits in crypto got caught doing fraudelent acts and scam but as I mentioned it took a lot of time and money to get to that point.

He is trying to locate the current wallet address where the funds held. It's possible to detect it if ever carlos is a fool that will used the exchange to trade his BTC because in that case. The authority can ask the exchange for the data of that user such as what and where the funds withdrawn.

There is only one problem with this kind of investigation which I agree with you that this is nonsense in the long run. If carlos use bitcoin mixer service. In that case, there is no fckn solution to find that bitcoins.

FYI, Carlos Matos is the Founder of bitconnect.  :)

I feel bad and sorry for your loss but unfortunately many others like you have already tried to chase Bitconnect. Based on the news the company has already run away with the money and you'll be hard pressed to recover anything left.

If i were you i'd accept the loss and be a more careful investor next time around.

We all know who the founder of bitconnect was so why don't you hunt him down instead of trying to track down bitcoin address? there is no way you will come up with anything pertaining the stolen bitcoin this way

If your plan is tracking or tracing the BTC I think you can't easily tracing them because there are tools where you can mix your BTC so if the owner decided to use a mixer you can't track it anymore.

About bitconnect if you want to know more about it better check their official thread there are many posts there that I think may help for your investigation.
You can find their thread here https://bitcointalk.org/index.php?topic=1681719.0

If i'm not mistaken the case has been almost 2 year passed, a lot get scammed, I only see from the posts of friends on FB, from the beginning I thought that this is would lead to scam and finally it happened.
Why after a few years have passed, and now it has begun to conduct investigations, it might be difficult to trace it because they might have lost all the evidence that lead to them.

Its been over two years now since bitconnect scam and many did fall victim but at that time i knew it was scam because of its rewards, to me it more like a HYIP investment, im glad i think straight that year but i heard the case was under investigation since then but till date we heard nothing, you are just going to waste your precious time, its all in the past

I can only wish you the best, mate. This scam has already been written in the history of cryptocurrency. And frankly speaking, I cannot see where this initiative of yours will end. If this is a personal effort, I doubt you will get the necessary info here to end up with something significant. "Follow the money" is going to be unimaginably hard because everything can shift to another coin in crypto and it means it is already lost in track.

As far as I can remember, Bitconnect members are given a different bitcoin addresses to deposit their funds to it's going to be very difficult to track everything.

Anyways, I dig one address here,


Goodluck to your investigations!!!

Do you know why the government hates privacy coins? lets say this is one of the reasons, untraceable, scammers aren't that stupid and bitconnect scam was huge so the only way to gettaway with that money is swap to other coins like privacy coins, from monero to dash and to Mask etc

On the contrary, I was lead to believed that the bad actors from behind are using the funds to laundered so they maybe using mixers and tumblers to hide everything and they could have been using privacy coins for all we know.

I laud the OP's effort for tracking everything but it will be a very difficult task and it's going to be hard those who feel victims to this scam because there's a lot of them. Even if youtube, you will find thousands of them promoting this as an affiliate.

The following address you given transfer the funds to another address and that address recieve morethan 2000 BTC balance. The question is if this is the main wallet address of bitconnect?


This might be true, if they use mixer it is imposibble to track where the funds is right  now.

And if you will continue investigating the address you will see that the balance is send into many different address.

This is the biggest scam in crypto history so many are aware of it and till date there are still many new projects identical to bitconnect, its a big shame that till date its misery case has not been solved upon all the news about the ongoing investigation at that time, i think there are some dark forces in the shadow we can't see in not why no one apprehend the project ceo till date?

If I remember FBI has done an investigation and Indian authorities already arrested some country manager of Bitconnectcoin, the best way to start an investigation is to check FBI files since they have all the leads and the resources to pin all the admins of this project, get an update, you are two years late on the investigation, it just open wounds here and I don't think addresses is a good tool to track them, these managers held meetings and webinar they are all already traced they even visited countries to promote Bitconnectcoin..

Thanks for this better explanation about bitconnect, even FBI failed to crack the case and pin down the kingpin himself, i am still surprised why the investigation stopped and we stop hearing any updates about the scam investigation.

This is being investigated and in fact bitconnect founder was already arrested and in jail now.
https://bitcoindata.org/bitconnect-coin-owner-gets-arrested/

it's the job of the investigators now on how to trace the money, but I am sure these scammers are also smart, they have a back up plan for everything.
The founder is in jail now but he is not doing it alone, there are people behind him or part of the team who are enjoy some of the money now.

Maybe the lack of evidence so that the FBI investigation is stopped until now who is behind the Bitcoinnect perpetrators is still a question mark?
And I have never seen a case like this ICO fraud, HYIP IEO, which was caught because it is difficult to investigate because of its anonymous nature.

Don't see much of a point for doing this. So what if you find where the funds ended up? The funds would have likely been through the hands of many completely irrelevant people to the investigation anyway and diluted down.

I think it's a much better idea to track the progress of the class action lawsuits filed against BCC and their affiliates, including Trevon James, Cryptonick, etc. And even that has not been gaining much steam at all.

Consider your funds gone if you did invest, because there will likely never be a reimbursement. An expensive lesson, but necessary.

Instead of wasting your time and energy on bitconnect scam that FBI gives zero results on why can't you focus on recent scam projects if you have the skill or you think you can pin scammers down, help people fish out scammers thats giving crypto bad influence from those who aren't into the technology yet

Exchange addresses are usually tagged by block explorers. If we can show that bitconnect insiders send BTC to a particular exchange, law enforcement can demand that exchange disclose relevant KYC info. The scammers have to "cash out" somehow

Also with the addresses we can analyze their behavior to help identify and prevent future scams

But those were also enjoying the money is not yet jailed, as far as i know bitconnect team members were also coming from the china and i never seen any update regarding it from the china authority to investigate shitconnect on china.
The founder is who already arrested but shitconnect ceremonial in youtube said if there was a lot of members.

That can't make a return because even novice investors are wiser now, they know what happened to Bitconenct and they won't give it a chance to come back again, this is the biggest fraud in cryptocurrency that has been marked and that will make it very difficult. Maybe now people will not give them the opportunity to collect funds easily.

Agreed, hopefully crypto investors from last wave 2017 will have learned their lesson. But the next bull run will bring in new retail investors that are just as uneducated as we were in 2017. I hope to show them how to detect a scam.

With financial freedom comes financial responsibility

Thye have so many affiliations in so many countries they have chapters on countries, here in our country they have a chapter and other leaders visited us I have often seen it in their Facebook feed because  some of them are my Facebook friends and some of them have learned their lesson, it's a bad lesson to learn and hopefully it will be the last Ponzi scheme in this community.

It is very difficult to track down who is the wallet user even though we know the person's name. But there is no strong evidence of ownership. If he sells his bitcoin on an exchange that needs KYC, it can definitely be tracked. But is that stupid the founder of bitconnect. I think he would be more careful in washing the money. Which in the end led to a fruitless investigation.

Here is the good news and including the bad news.

There are still people from bitconnect roaming around freely and might be selling some of that coins already.
About the address though, you will really need a lot of time to do that and as I see it there will just be a few that you find.
Most of them are given an address to where they will deposit money. After that there will be no traces back.
Now, if you can hack their system you will find the deposit address and see who sent the coins there.

But how the hell are you going to do that?

ICO deposit addresses? Anybody?? :)

that was the biggest scam in crypto history I think there was an investigation on Reddit or bitcointalk you have to search for the right place but i don't know what you gonna do with your investigation I think it will be just a wast of time

Way to sleuth out that address. Thanks!

I think this one is the biggest. An alleged cryptocurrency exit scam swindled $2.9B, but main suspects still on the run (https://www.theblockcrypto.com/post/36166/an-alleged-cryptocurrency-exit-scam-swindled-2-9-billion-but-main-suspects-still-on-the-run)

bitconnect is reportedly to have scammed 2.6 billion usd only (https://totalcrypto.io/bitconnect-scam/)

I told to all my friends not to buy bitconnect and don't even try to think to spread the word about it until one day when I met with an old friend and he happily told me that his aunt just bought bitconnect from a guy who went at her job and spoke about the "miracle bitconnect" can't you believe how far went some guys for some $ ? So I told him it was a scam and his aunt should sell it asap but after a week we met again at this house alongside other old friends when some of them start to laugh at those who invested into bitconnect by playing youtube videos ...I can't tell you how bad the drama was after that laugh but I can tell you it was funny and sad both times...so yea I think we all got a friend or a family member who got scammed by bitconnect and it was another coin who circled in Romania with guys going on streets and jobs to promote a coin but I forgot the name ..bitleu or something similar  ;D. Anyway those money are not traceable anymore , no wonder why Bitconnect is the biggest scam of the cryptocurrencies and I do hope they will get caught one day alongside BigVern of cryptsy as there I had some coins too :( :(

Bitcoin is not the same with ICO project, they give lending profit for every investor hold or lock bitconnect balance for several month or I heard have lock for one years, during your bitconnect lock you can't sell your bitconnect how ever bcc price down or high, I think need investigation for bitconnect and take under arest for every one become team with bitconect. I know bitconnect is scam with looking how bitcoinnect working system and I not interested with my friend ask me to join bitconnect.

Nice job people! Keep the PMs coming! Any deposit addresses of Bitconnect that you or your friends can dig up, please send em my way.