All Lawsuits Into a Single Instance
A class action lawsuit that’s been filed on behalf of a range of entities and individuals is comprised by the consolidated complaint. All parties in the lawsuit claim to have suffered financially after transferring cryptocurrencies and fiat currencies to Bitconnect to invest in BCC tokens, as well as the Bitconnect Investment Programs.
According to lawyer 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 suitBITCOIN LOTTERY scam Miller stated that the new merged lawsuit also names owners and promoters which weren’t previously targeted at the first complaints.
“As more information has become available, we’ve learned about more individuals involved in the rampant fraud associated with Bitconnect,” Silver explained and best bitcoin casino reddit. “The Amended Consolidated Class Action Complaint highlights those celebrities who participated in the creation of Bitconnect and the promoters of Bitconnect. The total amount of investment loss in such a brief time period, and the quantity of fraud is staggering. We hope to move the lawsuit along as quickly as possible and hold as many people accountable both in america 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 market 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 mentioned in the amended filing. “Youtube was negligent in failing to warn those victims of the harmful material, for which Youtube compensated their creators and publishers.”
In addition, the legal team claimed that the company”cloaked” its promotional materials from”technological sophistication and jargon” to conduct a deceptively”simple” fraudulent operation. “Victims would put money into the Bitconnect Investment Programs after they were driven to Bitconnect because of lucrative partnerships that the promoter defendants had with Youtube,” it said. “Bitconnect would then pay present investors with new money from new investors, who were in turn expected and incentivized to get more new investors to generate more new cash for Bitconnect.”
The plaintiffs seek to recover the funds all they claim to have dropped. 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 the”harmful content?” Share your thoughts in the comments section below!
Pictures courtesy of Shutterstock
At Bitcoin.com there’s a whole lot of free helpful services. As an example, have you ever seen our Tools page? You may search the exchange rate for a trade in the past. Or calculate the value of your holdings. Or create a paper wallet. And much more.