Aussie Bitconnect promoter faces prison following ASIC investigation
Bitconnect was one of the biggest and most notorious Ponzi schemes in the crypto space. The project duped thousands of people into investing by offering unrealistically high returns on lending using its native token. The lending platform collected roughly $2.5 billion before shutting down in January 2018 in response to a cease-and-desist order from the Texas State Securities Board.
The investigation into Bigatton's involvement in the scheme also began in 2018, when the Federal Court of Australia froze his assets and placed travel restrictions on the Australian national. Bigatton purportedly earned up to $100,000 through his role in the Bitconnect scam.
