{"id":1081,"date":"2018-01-25T21:02:31","date_gmt":"2018-01-25T21:02:31","guid":{"rendered":"https:\/\/www.silvermillerlaw.com\/?post_type=news&#038;p=1081"},"modified":"2023-06-12T10:45:58","modified_gmt":"2023-06-12T10:45:58","slug":"bitconnects-crypto-wonderland-hit-investor-lawsuit","status":"publish","type":"news_posts","link":"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/bitconnects-crypto-wonderland-hit-investor-lawsuit\/","title":{"rendered":"BitConnect\u2019s \u2018Crypto-Wonderland\u2019 hit With Investor Lawsuit"},"content":{"rendered":"<blockquote><p>\n<strong>The lawsuit was filed by David Silver, a Florida lawyer who\u00a0<a title=\"Cryptocurrency Surge Sent Lawsuit Stake Soaring to $16 Billion\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-01-17\/cryptocurrency-surge-sent-lawsuit-stake-soaring-to-16-billion\" target=\"_blank\" rel=\"noopener\">focuses<\/a>\u00a0on cryptocurrency-related litigation.&#8221;<\/strong>\n<\/p><\/blockquote>\n<p>A group of investors sued BitConnect, alleging that the cryptocurrency exchange platform was a \u201cwide-reaching Ponzi scheme\u201d and seeking potentially hundreds of millions of dollars in damages.<\/p>\n<p>BitConnect invited people to exchange their Bitcoins\u00a0for its own digital currency. Those coins would subsequently be lent out, and investors would collect the interest. But according to a\u00a0<a title=\"Link to website\" href=\"https:\/\/www.silvermillerlaw.com\/wp-content\/uploads\/2018\/01\/2018-1-24-DE-1-CLASS-ACTION-COMPLAINT.pdf\" target=\"_blank\" rel=\"nofollow noopener\">class action<\/a>\u00a0complaint filed Wednesday in federal court in\u00a0West Palm Beach, Florida, \u201cthings at BitConnect weren\u2019t what they seemed to be.\u201d The site\u2019s promoters \u201cillogically promised\u201d monthly returns of 40 percent, and 1 percent compounding interest daily, regardless of market performance, the plaintiffs said.<\/p>\n<p style=\"text-align: center;\">Read the full article:<\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2018-01-25\/bitconnect-s-crypto-wonderland-hit-with-investor-lawsuit\">BitConnect&#8217;s Crypto-Wonderland Hit With Investor Lawsuit<\/a><\/p>\n","protected":false},"featured_media":1837,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news_categories":[],"class_list":["post-1081","news_posts","type-news_posts","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - 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