More than a dozen lawsuits targeting Bitconnect have been merged into a single case, following the submission of an Amended Consolidated Class Action Complaint on Thursday. The newly combined complaint has been filed with the U.S. District Court for the Southern District of Florida.
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Amendment Combines
All Lawsuits Into a Single Case
The consolidated complaint a class action suit that has been filed on behalf of a range of entities and individuals. All parties in the suit claim to have suffered financially after transferring fiat currencies and cryptocurrencies to Bitconnect to invest in BCC tokens, as well as the Bitconnect Investment Programs.
According to attorney David Silver of law firm Silver Miller, which has been named the “Class Counsel” of the case, the consolidated complaint combines all of the lawsuits that have been filed against Bitconnect into one suit. Miller said that the new consolidated lawsuit also names Bitconnect owners and promoters that were not previously targeted in the initial legal complaints.
“As more information has become available, we have learned about more individuals involved in the rampant fraud associated with Bitconnect,” Silver explained. “The Amended Consolidated Class Action Complaint highlights those actors who participated in the creation of Bitconnect and the promoters of Bitconnect. The amount of fraud, and the amount of investment loss in such a short period of time is staggering. We hope to move the lawsuit along as fast as possible and hold as many people accountable both in the United States and abroad.”
Plaintiffs Accuse Youtube of Negligence
The amended lawsuit claims the Bitconnect Lending Program and the Bitconnect Staking Program were “fraudulent Ponzi/pyramid schemes.” It also accuses the company of using “multilevel affiliate markets” to promote its investment programs.
“Several of the promoter defendants had partnerships with Youtube pursuant to which the Bitconnect Defendants disseminated fraudulent and harmful content to unsuspecting victims across the globe,” the law firm stated in the amended filing. “Youtube was negligent in failing to warn those victims of the harmful content, for which Youtube compensated their creators and publishers.”
In addition, the legal team claimed that the company “cloaked” its promotional materials in “technological sophistication and jargon” to run a deceptively “simple” fraudulent operation. “Victims would invest in the Bitconnect Investment Programs after they were driven to Bitconnect as a result of profitable partnerships the promoter defendants had with Youtube,” it said. “Bitconnect would then pay existing investors with new money from new investors, who were in turn expected and incentivized to get more new investors to produce more new money for Bitconnect.”
The plaintiffs seek to recover all of the funds they claim to have lost. In a statement, Miller said such an outcome would be “ideal.”
Do you agree that Youtube was negligent in compensating Bitconnect promoters and failing to warn prospective investors of their “harmful content?” Share your thoughts in the comments section below!
Images courtesy of Shutterstock
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‘œEthereum itself is not an experiment in something new, because they tried to implement any bad idea that was already discussed with bitcoin in 2013.’
‘” Giacomo Zucco
Interview location: Skype
Interview date: Tuesday 16th October 2018
Giacomo Zucco is a proud bitcoin Maximalist, and his presentation on the subject at the Honey Badger conference in Riga led to mixed reactions. Some called out the stupidity of bitcoin Maximalism specifically concerning his slide: The Four Universal Truths of bitcoin Maximalism:
Everything which is not bitcoin is a scam!
Every attempt at changing bitcoin is a scam!
Every attempt at pushing people to spend bitcoin is a scam!
We shouldn’t be nice to scammers!
While the slide was part tongue in cheek, and I suspect point 3 was trolling bitcoin Cash supporters, many took this as a strict doctrine of bitcoin Maximalism and attacked Giacomo for it. bitcoin Cash is indeed under threat, the Bitmain IPO has identified how much Bitmain accepting and buying BCH is supporting the price, and outside of bitcoin, very few projects have managed to demonstrate use case or adoption.
Even with bitcoin, there are no coiners who attack the entire crypto space, chief amongst the naysayers is Nouriel Roubini, who last week declared war on crypto with his testimony to Congress. The disappointing thing about Nouriel’s presentation was that he made many good points, but became lost amongst exaggerations and falsities.
In this interview, I discuss Nouriel’s testimony with Giacomo Zucco, the disservice he did himself with how he presented his arguments and what Giacomo and I agreed and disagreed with. We also discuss:
The B Foundation
Brexit
Monero
This episode is also on:
