BitConnect invited investors to exchange their bitcoins for “BitConnect Coins”, its own cryptocurrency. As per BitConnect’s official website, “BitConnect Coin is an open source, peer-to-peer, community driven decentralized cryptocurrency that allow people to store and invest their wealth in a non-government controlled currency, and even earn a substantial interest on investment.” The promoters of the site had promised monthly returns of 40% and 1 % compound interest daily regardless of market performance.
Bitconnect one of the biggest Scams in Crypto Currency History

A group of investors in the USA have filed a lawsuit in a federal court in West Palm Beach, Florida alleging that the cryptocurrency exchange platform was “wide-reaching Ponzi scheme”, according to Bloomberg reports. These investors are now seeking millions in potential damages.