The Rise and Fall of Bitconnect

Many see cryptocurrency as the money of the future. And though it’s digital lifespan has been short so far, its steady exponential growth has marked it as a milestone for the global economy. But what happens when the changeable nature of the business of crypto gets taken advantage of?

Taking inspiration from the success of crypto exchange platforms like Bitcoin and Ethereum, Bitconnect once had a market value of over $2 billion. But just last month they called it quits and disappeared with investor’s cash. Bitconnect followed classic Ponzi scheme recipe, using new investor dollars to fund previous investors returns, which were “guaranteed” at up to 40% a month.

With the allure of the possibility of turning $1,000 into $50 million in just three years, many couldn't pass up the opportunity of getting in at the ground floor. One Reddit user even claimed to have lost over $400,000 to Bitconnect because of their fraudulent practices.

Take a look at this infographic below for more on the rise and fall of Bitconnect, what it means for the general landscape of crypto, and how you can protect your own investments.

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About the Author: 

Brian Wallace is the Founder of NowSourcing, the top rated infographic agency in the nation. Connect with him on LinkedIn, Twitter, and if you're really into what he does, Book a time to chat.