BitConnect 2.0: Will the Ponzi Scheme Really Dare to Relaunch?

A website has appeared, promising the relaunch of the BitConnect system within 41 days.

Just as Bitcoin appears to be recovering, BitConnect is promising a return, in the form of BitConnect 2.0. The new scheme uses the domain, unlike the first incarnation, which was, Google lists the site as “FOMO3D”, the title of a class of games related to constant gambling and a significant jackpot.

The countdown promises the service would launch on July 1, though the domain rights are expiring on June 19. So it is possible that the countdown may be the disguise for another scheme.

BitConnect was a popular ponzi scheme related to Bitcoin, which started its rise from humble origins in 2016, only to peak in price and popularity in late 2017. But in February 2018, the scheme closed forever after US regulators cracked down on the recruiters and ordered a cease-and-desist. The BitConnect crash was followed by the caving in of similar schemes, such as DavorCoin (DAV), and Auscoin.

This time, however, the BitConnect brand may be revived only as a publicity tool, not unlike the recent GotSatoshi countdown, which went on to be a hook for a news service hosted by a CGI anchor.

The BitConnect2.0 Twitter handle has posted a link to Binance, although no tokens related to the scheme are sold on the exchange. BitConnect tokens were permanently delisted back in 2018, last trading on a very small market, priced at $0.50. During peak times, BCC tokens traded above $500.

It is also strange that a repeat BitConnect scheme arises at a time when Bitcoin (BTC) prices are at a yearly peak. The success of BitConnect relies on a growing BTC price, and the rally between 2016 and 2018 meant the scheme was liquid for an extraordinary period of time. However, falling BTC prices mean a pyramid scheme like BitConnect would fold much faster.

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