How it all began
A group of six people represented by the law firm Silver Miller applied to the court on January 24. According to the lawsuit, BitConnect issued tokens, which are unregistered securities. The company also received funds through the Ponzi scheme. The plaintiffs claimed that their personal losses amounted to $771,000. BitConnect allegedly used the funds of new investors to make payments to the already existing ones.
Why did YouTube come under an accusation?
- BitConnect and related groups of individuals posted their videos on YouTube for promotions, as a result of which investors were involved in a fraudulent scheme.
- The ten largest offices of BitConnect have posted on YouTube a total of approximately 70,000 hours of unreleased content that generated about 58 million views.
- YouTube has not been able to cope with the situation, remove or deny the monetization of such videos.
- The resource has endangered numerous users of the resource.- Many users warned both the YouTube audience and the resource itself about the BitConnect entity.
- If YouTube were working with its databases properly, the BitConnect video would be removed.
- But the number of content associated with the project only increased. The number of victims also increased.
By Ekaterina Ulyanova