{"id":1314,"date":"2018-07-06T10:25:23","date_gmt":"2018-07-06T10:25:23","guid":{"rendered":"https:\/\/www.silvermillerlaw.com\/?p=1314"},"modified":"2023-06-09T12:14:45","modified_gmt":"2023-06-09T12:14:45","slug":"bitconnect-class-action-lawsuit-adds-youtube-defendant-slams-negligent-behavior","status":"publish","type":"news_posts","link":"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/bitconnect-class-action-lawsuit-adds-youtube-defendant-slams-negligent-behavior\/","title":{"rendered":"BitConnect Class Action Lawsuit Adds YouTube as Defendant, Slams \u201cNegligent\u201d Behavior"},"content":{"rendered":"

Google-owned video sharing platform YouTube has recently been added as a defendant in a class action lawsuit filed against BitConnect, a company that allegedly ran a cryptocurrency-related Ponzi scheme that \u201cillogically promised\u201d investors huge returns.<\/p>\n

According to\u00a0publicly available documents<\/a>\u00a0filed with the Southern District Court of Florida, YouTube failed to protect its users from BitConnect-promoting content, by not delisting and demonetizing videos about it.<\/p>\n

This exposed \u201ccountless\u201d of its users to the Ponzi scheme. Per reports, the scheme\u2019s promoters posted over 70,000 hours of BitConnect-related content on YouTube, which received over 58 million views. Despite the attention, and the creation of videos attempting to expose BitConnect as a scam, its affiliates thrived on the platform.<\/p>\n

The document reads:<\/p>\n

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In short, aided by YOUTUBE\u2019s negligent failure to warn, the BITCONNECT Defendants defrauded tens of thousands of investors by capitalizing on the general public\u2019s excitement for virtual currencies and by luring unsuspecting investors into purchasing unregistered securities and participating in pyramid\/Ponzi schemes.
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