BitConnect operated as a Ponzi scheme that paid earlier investors with money from later investors.

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Location PART 2 - FOUR HIDDEN CHIMNEYS CHAPTER 8: THE SHIELD OF SCREWTAPE Back With Satoshi

"BitConnect operated as a Ponzi scheme that paid earlier investors with money from later investors."

A BitConnect director and promoter admitted that the lending program functioned as a Ponzi scheme using later investors' money to pay earlier investors.

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Source title Director and Promoter of BitConnect Pleads Guilty in Global $2 Billion Cryptocurrency Scheme

Source authors U.S. Attorney's Office, Southern District of California

Source year 2021

Confidence high

Importance mid