Australian man charge over his involvement in Bitconnect scam

[Jating]

The Australian Securities and Investments Commission (ASIC) has announced the former Australian promoter of BitConnect has been charged for his involvement in the folded cryptocurrency project that was accused of scamming millions out of investors.

ASIC said John Louis Anthony Bigatton promoted the cryptocurrency platform before its collapse in early 2018, alleging the man from Carss Park in NSW was the Australian national promoter of Bitconnect from around 14 August 2017 to 18 January 2018.

ASIC alleges Bigatton operated an unregistered managed investment scheme, known as the BitConnect Lending Platform, in Australia and that he provided unlicensed financial advice on behalf of another person in, amongst other things, seminars he conducted at various locations around Australia.

https://www.zdnet.com/article/aussie-bitconnect-promoter-charged-over-his-involvement-with-alleged-crypto-scam/

It's good to see that those behind this crypto scam are now being charge. And it seems that Bigatton really involved himself here, knowing or unknowingly part of the scam as he himself led seminars and mislead crypto investors that time.

It also says that in total of four charges against him, 10 years imprisonment and a fine of AU$945,000. Oh well, at least justice could be served here.

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[DoublerHunter]

^ It is really a nice shot for the Australian government because they have shown to everyone that their law and jurisdiction also covers the cryptocurrency world. On the news regarding Bigatton, this will definitely threaten other crypto scammers that in no time they will still be accountable for all fraudulent activities that they made in the past which could possibly lead them into jail as well.

[mich]

BitConnect now there goes a name we dont hear about too often. They will always forever go down in Crypto history as biggest scam ever.

This man got what he deserved.  Those penalties of 10 years and AU$945,000 are not to take lightly.  I still cannot believe that BitConnect was worth $2.5b just 3 years ago.

[cryptomaniac_xxx]

^ It is really a nice shot for the Australian government because they have shown to everyone that their law and jurisdiction also covers the cryptocurrency world. On the news regarding Bigatton, this will definitely threaten other crypto scammers that in no time they will still be accountable for all fraudulent activities that they made in the past which could possibly lead them into jail as well.

Yes it was a good message to scammers, but I don't think that they will just stop with what they love to do, with their lust to victimized people with their hard earn money. It's just that unfortunately, Bigatton, was in the forefront in Australia and he can't hide his face as he was identified. But for majority of criminals in crypto space, they will try to camouflage their identify as much as they can because they know that if ever they got caught by authorities, jail time for time automatically.

[Jating]

^ It is really a nice shot for the Australian government because they have shown to everyone that their law and jurisdiction also covers the cryptocurrency world. On the news regarding Bigatton, this will definitely threaten other crypto scammers that in no time they will still be accountable for all fraudulent activities that they made in the past which could possibly lead them into jail as well.

I'm expecting Australian, similar to the US to be tougher for crypto or cyber threat criminals. They are really very active in that region so I would say that I'm not surprised that they put a heavy jail term and penalty for this guy. And since they embrace crypto already in 2017, they really have to send message not to mess with them or at least for Australian citizen to stay away from scamming crypto investors.

BitConnect now there goes a name we dont hear about too often. They will always forever go down in Crypto history as biggest scam ever.

This man got what he deserved.  Those penalties of 10 years and AU$945,000 are not to take lightly.  I still cannot believe that BitConnect was worth $2.5b just 3 years ago.

True, the biggest scams ever, and even if this community has been calling out Bitconnect as a scam that will fall down, not sure if someone listens. Any way, we have learn our lessons for the Bitconnect scandal and everyone involved should get what they deserved for pulling out the biggest scams in crypto.

[TravelMug]

^ It is really a nice shot for the Australian government because they have shown to everyone that their law and jurisdiction also covers the cryptocurrency world. On the news regarding Bigatton, this will definitely threaten other crypto scammers that in no time they will still be accountable for all fraudulent activities that they made in the past which could possibly lead them into jail as well.

Yes it was a good message to scammers, but I don't think that they will just stop with what they love to do, with their lust to victimized people with their hard earn money. It's just that unfortunately, Bigatton, was in the forefront in Australia and he can't hide his face as he was identified. But for majority of criminals in crypto space, they will try to camouflage their identify as much as they can because they know that if ever they got caught by authorities, jail time for time automatically.

Probably he believed that the project is genuine and not some Ponzi scheme. Why in the world would you be willing to be the face of a biggest scams in Australia, doesn't make sense. For sure this might have been his defense, but the court is not buying it.

In any case, its too late, while the real Bitconnect scammers are still hiding, Bigatoon is another fall guy for this criminals. Perhaps he can make an appeal after serving some jail time and paid that AU$945,000. But what can we do? greed and money doesn't work together in crypto space.

[Lorence.xD]

^ It is really a nice shot for the Australian government because they have shown to everyone that their law and jurisdiction also covers the cryptocurrency world. On the news regarding Bigatton, this will definitely threaten other crypto scammers that in no time they will still be accountable for all fraudulent activities that they made in the past which could possibly lead them into jail as well.

Nothing significant about that, any law enforcement should do their job and we always forgot that it is their job in the first place to the point that we praise them for something that they should normally do as an agent of the law. This will just breed new generation of scam that will be far lesser obvious and more elusive to catch, hopefully law enforcements are catching up to this cons that this new generation will not be advantageous because the gap is smaller than older generation scams.