{"id":1653,"date":"2022-02-18T10:19:00","date_gmt":"2022-02-18T15:19:00","guid":{"rendered":"https:\/\/www.silvermillerlaw.com\/?p=1653"},"modified":"2023-07-28T15:33:12","modified_gmt":"2023-07-28T15:33:12","slug":"influencers-beware-promoting-the-wrong-crypto-could-mean-facing-a-class-action-lawsuit","status":"publish","type":"news_posts","link":"https:\/\/www.silvermillerlaw.com\/press\/in-the-news\/influencers-beware-promoting-the-wrong-crypto-could-mean-facing-a-class-action-lawsuit\/","title":{"rendered":"Influencers Beware: Promoting the Wrong Crypto Could Mean Facing a Class-Action Lawsuit"},"content":{"rendered":"

The story of BitConnect doesn\u2019t include any\u00a0rapping\u00a0Forbes\u00a0<\/em>bloggers slash money launderers<\/a>\u00a0or\u00a0dubiously-obtained ape JPGs<\/a>, but this \u201cpyramid-on-Ponzi\u201d case has spawned a court ruling (PDF<\/a>, embedded below, via\u00a0@stephendpalley<\/a>) that should serve as a warning for influencers: they could be held liable for peddling shady crypto investments.<\/p>\n

In case you\u2019ve forgotten this particular scam, BitConnect\u2019s promoters told its victims that if they handed over their Bitcoin for a period of time, their crypto would be used by an automated trading bot that would return huge profits. None of that was true, and the operators instead paid off older investors with funds from the new ones, bringing in $10 million per week at its peak. All told, the scam took in more than $2 billion worth of investments.<\/p>\n

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