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Bitconnect Scam: Head Divyesh Darji arrested in India. The fully story:

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A number of class action lawsuits are set up to be filed against the each and every member related with the Bitconnect project.

The affirmed head of Bitconnect India, Divyesh Darji, was arrested at an airport terminal in Delhi as he landed from Dubai.

Darji and his plotters supposedly stole a millions of dollars from Indian financial specialists inspired by the notorious Bitconnect trick.

The capture was accounted for by news.bitcoin.com, which portrayed Darji as “the blamed genius for the gathering in Asia.” Darji and his plotters supposedly focused on Indian financial specialists intrigued by buying digital currency to secure their riches amid the nation’s demonetization battle.

In spite of the fact that Darji’s organization was enlisted in the UK, he supposedly worked it from the Burj Khalifa tower in Dubai.

Bitconnect Scam unravelled completely.

Introduction

With the ever-increasing technological advancements in the cryptocurrency space, a parallel world seems to be running for the illicit activities by exploiting the anonymity provided by the application of cryptocurrencies. It is estimated that there are almost more than 1500 variety of cryptocurrencies available in the market and approximately 20% of which is nothing but the result of the development of fake cryptocurrency tokens, which were prominently bought into the picture in order to fraud people. Therefore, it has become very challenging for the people to stay safe within the community. There was a suite of major scams and hacks within the cryptocurrency space and the Bitconnect scam is a very popular one, let’s expose it today before the world.

 

The Bitconnect ICO

The cryptocurrency project Bitconnect was initiated in their December 2016 with its Initial Coin Offering. keeping its widespread popularity, at that point in time, in mind,

the cryptocurrency project gained a lot of momentum and became one of the most prominent cryptocurrencies in the list. The market capitalization for Bitconnect reached up to $2.6 billion and native value of the Bitconnect token up to $400 marks.

Discrepancies in Bitconnect

1. The Bitconnect cryptocurrency project was constantly under the accusations by a number of cryptocurrency professionals as they accused it to be one of the pyramid schemes. The Bitconnect team members promise an annual profit of about 480% to all of its users cum investors.  The Bitconnect members had publicly proclaimed that all the profits that would be made through the cryptocurrency investments would be through the automatic bots in which would be undertaking the trading process automatically.

2. There were a number of reasons supporting the speculations, and the most precise and important reason was its lack of quality of language and grammatical errors on the official page of the Bitconnect cryptocurrency project. How can one make a phone to make mistakes in the official page of the cryptocurrency project? This usually occurs when not an employee was only was not assigned for this. How wouldn’t they have employees to spell check all the errors? It was just because the company employed minimal members so as to facilitate their easiness of fooling people under the name of the pyramid scheme.

3. The Bitconnect project’s official website also did impart satisfactory explanations with respect to the working business model behind the Bitconnect project. The initiative also did not have an effective white paper too, neither did the organization reveal its location of the office.  The Bitconnect project had one of the most Opaque forms of the business model. Also, in one of their YouTube explanations, it is witnessed that a YouTuber is telling that lending, as well as trading cryptocurrencies, are self-explanatory.

4. The Bitconnect project guaranteed an approximate 130% of absolute return on investments with respect to the Bitconnect project. The Bitconnect project was also endorsed by a number of YouTubers and had recommended that it is the safest form of investments. However after the fact was revealed that Bitconnect is a Ponzi scheme, many YouTubers had to face legal complications. In fact, the Bitconnect project would give away special referral bonuses to the cryptocurrency users who work further propagate the usage of the Bitconnect cryptocurrency platform.

Current scenario

As of 2018, a number of class action lawsuits are set up to be filed against the each and every member related with the Bitconnect project.  In fact, a number of Facebook groups with thousands of angry members have been created in order to gain enough support for the initiative. Even most of the celebrities are there on the hit list for their endorsements with respect to the Bitconnect cryptocurrency project.  

 

Conclusion

Market losses due to cryptocurrency scams of such kinds is not to be completely blamed on the other side, but also the investors must make an effective background check and must invest in an initiative, only if they are completely transparent and highly reliable in nature. It is stressful that the cryptocurrency market is extremely volatile in nature.

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Bitcoin is Halal? Will crypto rise with mass Muslim adoption?

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Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a 'HARAM' while others calling it a 'HALAL'.

Erol Yarar, the chairman of the international business forum has suggested all Islamic nations to adopt the cryptocurrency system for transactions with each other rather than adopting the US Dollar as according to him the US Dollar is used as a weapon by the United States to wreak economic havoc.

 

Calling US Dollar a ‘Punishing Tool’

Yarar expressed his concerns by stating that the US dollar is used by the United States Government to punish a specific country that the United States is not willing to be in peace with. He also stated that the United States Government uses the US Dollar to lower down the money transactions, for imposing sanctions and for making nations bowing down in front of the United States.

 

Yarar said that the US Dollar is not just a common currency but also a sanctioning tool. Also saying that at the International Business Forum this year, they will discuss the term monetary pluralism for implementing a democratic trading environment and the top features to be discussed at the next International Business Forum meeting would be the usage of Blockchain Technology and Cryptocurrency for the financial sector in the Muslim countries especially the middle east.

 

Yarar said:

“We will make a cryptocurrency system, that will be used for international trade among Islamic countries, a current issue.”

 

Bitcoin Halal?

Many Islamic Scholars are discussing the real nature of cryptocurrencies with some of them calling it a ‘HARAM SYSTEM’ or ‘ILLEGAL SYSTEM’ while others calling it a ‘HALAL SYSTEM’ or ‘LEGAL SYSTEM’ according to the Islamic principals with some Mosques such as the Shacklewell Lane Mosque in London have also started to accept cryptocurrencies as donations.

 

What do you think about bitcoin and other cryptocurrencies being termed as Halal? Tell us in the comments section below.

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Bitcoin ETF: Worlds first Cryptocurrency ETF approved

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ETF: The world's first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, 4th largest exchange in whole Europe.

The world’s first Cryptocurrency ETF has been approved by the Switzerland authorities which will start trading on SIX, the 4th largest exchange in whole Europe which has a market capitalization of over $1.6 trillion.

 

ETF offered by Amun AG

Amun AG, a cryptocurrency startup is offering the fund that will allow the institutional investors to invest in the major cryptocurrencies such as bitcoin, ethereum, ripple, litecoin, and bitcoin cash.

Hany Rashwan, the CEO and Co-founder of the company said that the following ETP will provide an opportunity to the institutional investors that are restricted to investing in just securities and also give the same opportunity to retail investors that are unable to access cryptocurrency exchanges to due regulatory pressure. The CEO also said that before choosing Switzerland, the company had explored 23 other destinations around the world but found Swiss the most suitable.

 

The ETF will allow investors in buying the market and investing in crypto market as a whole. When investors will be investing in a fund, an amount equal to their purchase value will be held on their behalf by the custodian.

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Bitcoin Cash BCH Hash Wars: Who is winning?

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The Bitcoin Cash hash war is still on with close to 300 blocks mined on the BCHABC side using the new ruleset, which has also given the BCH network the most accumulated proof of work. Cryptocompare has given the BCH ticker to BCHABC chain followed by Bittrex also appointing the ABC chain with the BCH ticker. The ABC chain has gained more support and also mined more blocks since the split of the BCH chain into BCHABC and BCHSV. The SV chain has performed less work till now.

 

Faketoshi “Satoshi’s Shotgun”

Craig Wright had earlier threatened that he will destroy the BCH ABC chain by mining empty blocks using his huge hash power, which is being called “Satoshi’s Shotgun”. BCH ABC has apparently survived the Shotgun. Peter Rizun from Bitcoin Unlimited said:

“The difference in network effect stark: BSV has few users, no OSX or Windows clients, no block explorer, perhaps one mobile wallet, and a shotgun that doesn’t shoot so straight,”

According to cash.coin.dance, BCH ABC is currently 51.9% ahead on proof of work and is 15 blocks ahead, meaning miners will to secure the BCH ABC side and that exchanges ca resume deposits and get everything back to normal. Many supports believe that the ABC side has already won the battle.
Bittrex has listed the ABC chain as BCH and the SV chain as BSV.

While many BCH supports are claiming that the war is over and the ABC side is close to winning it, SV supporters still believe that the hash war will continue for weeks and Craig Wright continues to claim that he will destroy the ABC chain by mining empty blocks.

What do you think about the hash war? Comment below

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