BitConnect Part I – Lending Programs & Referrals & Trading Bots, Oh My!

We are coming, and we are coming in waves with the BitConnect fraud! (We promise this will make sense later) Imagine thousands of dollars going into your account without doing anything. It’s just like how Don Corleone once said: “What have we done to deserve this generosity?” Well, nothing, because it always comes with a price. What is BitConnect? How does it work? Who is the man behind this fraud? We’ll also have the privilege to listen closely to why this scam is not new at all: it only has a huge, shiny tech wrap around.

TIMESTAMPS

(2:28) - We are covering the crypto scams! We listen to Carlos Matos’ video where he is drunk on the fiction money he is getting from cryptocurrency. 

(11:04) - Satish Kumbhani, the man behind BitConnect, a fraudulent cryptocurrency investment platform. 

(12:29) - BitConnect is nothing we haven’t seen before! This type of scam is called the Big Store Con and it began with Ben Marks and his little game Three-card Monte.

(16:48) - Playing a man against the wall - The other approach to the Big Store Con and its resemblance to BitConnect. 

(19:14) - The first two major frauds: the security fraud with the lending program and the Ponzi Scheme run by the trading bot.

(23:05) - The third major fraud: the multilevel marketing scheme to get more people in.This is the big part of the Big Store Con!

(34:18) - Breaking down each of the major frauds that conformed BitConnect and spending Bitcoin to buy BitConnect, an explanation of its absurd mechanism.

(31:49) - How did this crypto start? What is a high-frequency trader? A man just on his computer who blows his nose. 

(35:08) - Turning pollution into diamonds - The trading bot is “a safe way to earn high rate of return on your investment without having to undergo a significant amount of risk”. Red flaaags!

(29:41) - An interview with Mr. Bad Liar: Satish Kumbhani. A YouTuber asks some basic questions to him but gets no real answers.

(48:05) - From January 2017 to January 2018 BitConnect acquired 325,000 Bitcoins. What was Satish Kumbhani doing with all of this money?

RESOURCES

Video of Carlos Matos from Bitcoin

Cryptogirl interviews Satish Kumbhani

Subscribe to SiriusXM Podcasts+ to listen to new episodes of Fraudsters ad-free. 
Start a free trial now on Apple Podcasts or by visiting siriusxm.com/podcastsplus.

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.