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SEC files suit against promoters of BitConnect Crypto Scheme

The Security and Exchange Commission has filed a lawsuit against the promoters of the BitConnect Crypto scheme. 

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The Security and Exchange Commission has filed a lawsuit against the promoters of the BitConnect Crypto scheme. 

From about January 2017 to January 2018, BitConnect, an open-source cryptocurrency, used a network of promoters to market and sell securities in its “lending program” without registering the offering through the agency.

All those accountable for the illegal profit will be investigated. BitConnect had a market cap of more than $2.6 billion and the coins reached a price as high as $400. In late 2017, the British Registrar of Companies threatened to dissolve BitConnect, followed shortly thereafter by a letter from the Texas Securities Board and the North Carolina Securities Division ordering the company to shut down its operation. The North Carolina agency also alleged promoters of BitConnect were acting illegally.

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