BitConnect was one of the largest cryptocurrency pyramids, and its scale was significant:
Number of participants:
- It is estimated that over 2 million people worldwide took part in the project.
- The platform was especially popular in India, where there were about 1 million investors.
Amount of investments:
- The total amount of funds raised is estimated at around $2.5–3 billion.
- The peak market cap of the project reached $2.7 billion in December 2017.
Investor losses:
- After the platform was shut down in January 2018, the value of the BCC token collapsed from a peak of around $400 to less than $1.
- Estimated investor losses were around $2.4 billion.
- Many investors lost all their invested funds, including savings and loans.
Examples of specific losses:
- In India alone, investors reported losses of over $650 million.
- Some large investors lost between $100,000 and $1 million each.
This is one of the most notable cryptocurrency scams that shows the risks associated with high-yield schemes and the importance of conducting - Dyor …