A BitConnect class action lawsuit has been filed on behalf of individuals who invested in the BitConnect lending program and were scammed into using their own currency to buy BitConnect Coins. Riding the popularity of other cryptocurrencies, such as Bitcoin, BitConnect allegedly profited at the expense of those who invested in the volatile currencies. If you invested in BitConnect Coins, you may be able to pursue a claim with the help of a consumer fraud attorney.
For more information, contact Attorney Group today. Our consultations are free, confidential and without any obligation on your part. We can help answer your questions, and if you choose to pursue a claim we can connect you with an affiliated consumer protection attorney who can assist you throughout the legal process.
Cryptocurrency Reportedly Guaranteed Substantial Returns to Investors
Cryptocurrencies are a type of digital asset that works through a public transaction database known as a blockchain. In recent years, cryptocurrencies have experienced a rise in popularity, and companies such as BitConnect have reportedly taken advantage of the hype surrounding the lending of cryptocurrencies.
According to class action lawsuits filed in late January 2018, BitConnect aggressively pursued investors by guaranteeing substantial returns on their investments. Although cryptocurrencies are volatile and subject to huge price swings, BitConnect claimed its currency would benefit from such volatility, and that investors would benefit from their investments. The price of BitConnect has reportedly plummeted and is “either entirely worthless or has significantly less value” than promised.
The class action further alleges that Bitconnect “was both a pyramid scheme and Ponzi scheme,” which “relied on new money from new users, who were in turn expected to get more new users to produce more new money, while not actually engaging in any real activity that would produce income, profits or benefit to investors.” Plaintiffs, on behalf of all individuals who may be affected, are seeking monetary damages as well as other forms of legal remedies.
How a BitConnect Class Action Lawsuit Can Help
When a company engages in false or misleading advertising of its products, or otherwise commits deceptive trade practices, that company could be liable for any damage that result.
The actions of the defendants could constitute fraud and misrepresentation, violation of sections 5(a) and 5(c) of the Federal Securities Act, breach of contract, fraud by concealment, as well as violations of various state and local consumer protection laws.
Compensation may be sought for:
- Return of all money and/or cryptocurrencies given to BitConnect
- Costs incurred by investors, including loss of value, attributable to any wrongful conduct
- Repayment of all monies earned by BitConnect and its affiliated entities
- Attorneys’ fees
United States residents who invested in money in the BitConnect lending program may be eligible to pursue damages through a BitConnect class action lawsuit and are encouraged to seek the advice of an experienced consumer fraud attorney to learn more about their rights and remedies.
The Time You Have to Pursue a Claim is Limited. Contact Us Today.
For more information, contact Attorney Group. You can fill out the form on this page or contact us by phone or email.
After you contact us, an attorney will follow up to answer questions that you might have. There is no cost or obligation to speak with us, and any information you provide will be kept confidential.
Please note that the law limits the time you have to pursue a claim or file a lawsuit for an injury. If you think you have a case, you should not delay taking action.