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BitConnect Promotor, Arrested Over Illegal Distribution

By: Nathan Frangoulis

Some of you may have heard of the controversial cryptocurrency platform known as BitConnect, which has harboured a negative reputation as of late. The Indian express reported that recently, one of its promoters, Divyesh Darji was arrested at Indira Gandhi Airport in New Delhi on Sunday. He was charged on multiple offences, one of them being the sale of unregistered security tokens.

Divyesh was basically promoting tokens which were provided by BitConnect, which was shut down back in January. The shutdown was the result of the token crashing. The main reason for its decline was the tokens poor trading price, as well as being accused of conducting a Ponzi scheme, which came after figures in the crypto community criticised against its functionality. The founder of Ethereum himself, Vitalik Buterin even spoke against BitConnect.

Soon after the shutdown, the FBI began investigating key fundaments to the project itself. BitConnect investor, Trevon James discussed matter involving the investigation on his YouTube channel.  Divyesh continued to hold seminar events in India and various other counties, often trying to pass interest for the coin. Before his arrest, Divyesh was en route to Dubai, most likely attempting to hold another event.

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