UK threatens to shut down BitConnect

[MPulse]

Looks like the ponzi scheme is getting exposed and coming to an end shortly. UK Registrar of Companies has threatened to shut down BitConnect and dissolve its operation. BitConnect has two months to prove “cause to the contrary” until the decision has been formally enforced. Should the company fail to comply with these terms, the government agency will strike off its registration and seize its assets.

BitConnect was registered by a British man going by the name of Ken Fitzsimmons, he holds 75 percent or more of the shares in the company.

For those of you that are still participating in BitConnect you should get out now while you still can.

[Phalo]

That would be the best thing ever. I am probably going to get a lot of hate from bitconnet fans for this. But this pomsI needs to be contained before it spoils everything for everyone. I hope people wake up. Im just glad I never fell into their trap. I hope investors get out while you can but unfortunately when it all scrambles, a whole lot of people will get banned.

[JeffBrad12]

Looks like the ponzi scheme is getting exposed and coming to an end shortly. UK Registrar of Companies has threatened to shut down BitConnect and dissolve its operation. BitConnect has two months to prove “cause to the contrary” until the decision has been formally enforced. Should the company fail to comply with these terms, the government agency will strike off its registration and seize its assets.

BitConnect was registered by a British man going by the name of Ken Fitzsimmons, he holds 75 percent or more of the shares in the company.

For those of you that are still participating in BitConnect you should get out now while you still can.

I will be supporting the UK's decision to shut down the biggest ponzi scheme with thousands of manipulation. You can see it in there https://coinmarketcap.com/currencies/bitconnect/#markets
Those bitconnect ponzi supporters will get seized by UK.

But it's pretty odd to see the price already increased almost 10% at this time.

I hope that will be shut down asap. That just like a plague to the cryptocurrency. But how so many people are still using it.

No more ponzi scheme to make crypto clean.

[onyebuchi81]

Not doubting ur information but please try to back it up with at least a link to the source of ur information.

[MPulse]

Not doubting ur information but please try to back it up with at least a link to the source of ur information.

Here you go: https://beta.companieshouse.gov.uk/company/10278342/filing-history

[bitstomake]

Not doubting ur information but please try to back it up with at least a link to the source of ur information.

Here you go: https://beta.companieshouse.gov.uk/company/10278342/filing-history

I think he means the source of the UK shutting it down... I HATE BitConnect by the way.

[sylance]

I wonder what assets the UK could seize?  It's not like they can take their Bitconnect, Bitcoin, or other crypto they may have.  I guess if there's office buildings and equipment then it makes sense, but what confuses me about all this is that we didn't know who was behind Bitconnect.  One of the criticisms of Bitconnect is that no one knows who's behind it but now suddenly the UK has the power to shut them down?  Something doesn't doesn't add up here.

[Glory90]

The Bitconnect company deserves to be closed because this ponzi scheme will be dangerous for newcomer in cryptocurrency, my advice to investors sell your BCC or you lose money when this scheme ends

[MPulse]

BitConnect was incorporated in the UK in July 2016. Just because it's a UK based company it doesn't mean that they actually run any of their servers there. It's very likely that the entire BitConnect system is running offshore and if UK were to shut them down it will likely be very difficult to seize any of their assets.

For all we know Ken Fitzsimmons could be a fake person.

This is just hopefully another warning to those people who are falling for this scam. How could anyone believe that if you invest $1000 and the company gives you 1% interest compounded daily would make your investment worth $50 million+ in 3 years. Do you honestly believe that is sustainable?

[rezurect]

Finally, this is what everyone has been saying or thinking all along. Well.. not everyone..unfortunately.

[amacar2]

For those of you that are still participating in BitConnect you should get out now while you still can.

I have seen this coming from last few months actually whole bitconnect lending is just another ponzi scheme and all hype created over the coin pushed the price to several thousand folds within a year time.

I have never bought and will not buy bitconnect also there is another one coming up with the name ethconnect, don't get in another similar ponzi.

[Wingo]

It is a great time for me reading this post. I was starting to gain interest in bitconnect and I luckily red this one. It is just a good news that it will be stopped.

[portstarboard]

Based purely on the link you sent it is not clear whether the company is being shut down because it is suspected to be a Ponzi scheme. They haven't filed accounts or done a Companies House return in over 18 months and thats the likelier causation of the strike-off. Every strike-off is published in the London Gazette or whatever its called. What has probably happened is that Ken Fitzsimmons/appointed company agents have been ignoring letters sent out by Companies House in the UK asking them to file returns and accounts, which is a huge red flag as this is not how you'd expect a company to run its affairs.

Ken Fitzsimmons is the sole, 100%, share owner with 1 share issued and to him only.

[MoneyBomber]

The UK is actually about to hold $600million worth of YOUR bitconnect hostage?


I don't think so
https://youtu.be/loqKVhJtAeg

Isn't it ironic? The idea is that "Ponzi schemes screw the people at the bottom and it takes all their money" But isn't that what the government will be doing if they actually shut it down?

The Bitconnect Token has value just like Bitcoin.

[carlo.p]

isnt it obvious? bitconnect is pyramid ponzi scheme but still it has supporters who always keeps on inviting anyone with their ref links, crypto world should be free of scams such as bitconnect so please kindly stop it

[MoneyBomber]

isnt it obvious? bitconnect is pyramid ponzi scheme but still it has supporters who always keeps on inviting anyone with their ref links, crypto world should be free of scams such as bitconnect so please kindly stop it

What a lot of people fail to realize is that the pyramid scheme has been designed to reduce layers after several stages

First it was 10
then it was 7
Then 4

Same with the interest rate. First it was an average of 1%, now it's 0.9%

It's an adoption mechanism for crypto currencies.

The only people that get "scammed" are people who are so greedy, that they wait until the end of the reserve to cash out. But even then they still get 100% of the initial loaning-crypto they put in.


This is why wikileaks supports Bitconnect. because it's an incentive structure that gouges fiat currency.

[anasso]

it's time to shut down this scam and send BCC founders into Jail!

it's the only way to save newbies money!

[Anonylz]

This would be the big scam from the year, i can just imagine how it is going to be, a lot of people are going to lose thousands of dollars because of this scam.
And yes, a lot of people were hyping this coin because they thought that it was going to save their lifes because it was giving a high return, poor of them, they thought that they were going to be millionaires by just investing ten thousand dollars in one of their plans.
This reminds me to the times in where a lot of people were discussing about Hyips and all of that shit like revshares, ptcs, etc..

[Pab]

Bravo UK for fast action,for sure BC will register in other country,i ve been following twitter disussion between people who are staying years in crypto,opinion was one it is ponzi

Similar concept like BC has now Dascoin,looks like BC copy just much more direct ponzi

[Despacito]

Looks like the ponzi scheme is getting exposed and coming to an end shortly. UK Registrar of Companies has threatened to shut down BitConnect and dissolve its operation. BitConnect has two months to prove “cause to the contrary” until the decision has been formally enforced. Should the company fail to comply with these terms, the government agency will strike off its registration and seize its assets.

BitConnect was registered by a British man going by the name of Ken Fitzsimmons, he holds 75 percent or more of the shares in the company.

For those of you that are still participating in BitConnect you should get out now while you still can.

If I was a government official, I would warn all of the exchanges not to list that ponzi scheme. It's maybe te most ponzi structure of the entire crypto world. There is no technology, nothing. Only the titan system which exploits people and make the top guys rich!

This is kinda thing that needs to be avoided on cryptocurrency field. If not, more of the ponzis will come over here to fraud people.