BitConnect Shuts Down Its Lending and Exchange Platform

Bitconnect, the lending and exchange platform that was long suspected by many in the crypto community of being a Ponzi scheme, has announced it’s shutting down.

Russian Parliament Attacks Cryptocurrency Along with Ponzi Schemes

Russian State Duma considers several draft laws providing administrative and criminal prosecution for arrangement of companies working on Ponzi schemes, which are broadly referred to in Russia as ‘financial pyramids’. An amendment to the Criminal Code establishes four years of inprisonment for distribution of any information related to such organizations.

American Miner Accused of Running a Ponzi Scheme

The U.S. Securities and Exchange Commission filed a claim in a court stating that founder of two mining companies established a Ponzi scheme in order to pocket money of his investors. The companies in question are ZenMiner and GAW Miners, both of which are owned by Homero Garza.