John Bigatton, the promoter of the now-defunct cryptocurrency exchange BitConnect, was sentenced by an Australian court last Friday, according to documents released Sunday.
The End of the BitConnect Saga
The BitConnect saga has reached its conclusion. John Bigatton, who was associated with the closed crypto platform, was found guilty by Australian authorities for providing unauthorized financial advice.
The court judges imposed a five-year ban on him from running any business, opting against prison time due to his good behavior over the past three years.
Bigatton first gained notoriety in 2017, during the burgeoning popularity of cryptocurrencies. Founded in 2016, BitConnect launched its own token, BitConnect Coin, allowing users to exchange it for Bitcoin.
He actively promoted the BitConnect platform through social media and at various events, encouraging investments in the associated cryptocurrency.
This campaign spanned from August 2017 to January 2018, giving rise to one of the most famous memes in the crypto community.
Can you hear this gif? #BITCONNECT pic.twitter.com/fOm1e6hJqO
— 龍 (@sagenebulous) March 18, 2018
At two of these events, John Bigatton claimed that BitConnect was the best investment opportunity available. He predicted that the value of the BitConnect Coin would rise to at least $1,000, despite it being valued at $253 at the time.
Over $2 Billion Invested
BitConnect functioned similarly to a Ponzi scheme. Investors were encouraged to acquire BitConnect Coins (BCC) with promises of significant returns. They could also lend their coins for a specified period to earn interest.
According to Australian financial authorities, once an investment was made, investors could not withdraw their capital until the predetermined period ended.
In 2018, all of Bigatton’s assets were placed under seizure by the Australian Federal Court, marking the first time Australian authorities seized cryptocurrencies.
In 2020, he had already been banned from providing financial advice for seven years. Furthermore, the founder of BitConnect was pursued by U.S. authorities in 2021 for his alleged role in raising nearly $2 billion from individual investors.
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