Hack history / 2021 / Fraud
BitConnect
Fraud on Aug 21, 2021 · Scam
IN REVIEWONE SOURCE · 1 SOURCE
Lost
$2.00B
dollars at the time
Returned
none listed
as the sources state it
Rank
not ranked
collapses, frauds and later news are not ranked
What happened
In May of this year, the SEC filed a lawsuit against five people suspected of promoting BitConnect. The SEC believes that BitConnect is an unregistered digital asset securities product, and the program has raised more than $2 billion from retail investors through the promoter network. BitConnect is a cryptocurrency investment plan with the characteristics of a Ponzi scheme launched in 2017. Its token BCC was one of the 20 most valuable cryptocurrencies at the time, with a market value of more than 2.6 billion U.S. dollars. In September, the founder of BitConnect, Glenn Arcaro, admitted to participating in a fraud scheme, which was allegedly amounting to US$2 billion.
In review: single source for a loss of $500M or more.
Details
- Date
- Aug 21, 2021
- Kind
- Fraud
- Method
- Scam
- How in
- Insiders: rug pulls, frauds, collapses
- Target
- not stated
- Chains
- not stated
Reported by
Related incidents
Cite this page
SwanBluechip, "BitConnect fraud, Aug 21, 2021: $2.00B lost", Crypto hack history, https://swan-hack-tracker.pages.dev/history/i/ht2b41027cee/ (data as of 2026-10-31).