BitConnect victims continue to take matter into their own hands, following the filing of a third lawsuit in the US.
Filed on January 30th, Plaintiffs Paul Long and Kiandra Love seek to hold defendants BitConnect International PLC, BitConnect LTD, BitConnect Trading LTD and Ryan Maasen accountable for their losses.
According to the compliant, BitConnect
scammed thousands of Floridians and hundreds and thousands of Americans out of millions and millions of dollars.
BitConnect took advantage of the increased attention, interest and success of cryptocurrencies and legitimate companies and technology to convince Platintiffs and the Class that they would make money on their investment in BitConnect’s product.
Ryan Maasen (right) is singled out as a BitConnect promoter, who convinced Plaintiff’s Long and Love to invest via promotional material published to his YouTube channel.
Plaintiffs allege BitConnect marketing claimed
investors who purchase BitConnect Coin are purchasing “an interest bearing asset with 120% return per year. It’s that simple.
Long and Love state that while this ROI was
seemingly too good to be true for most investments, (it was) in line with the rise of cryptocurrency trading and investing in 2017, and therefore believable and concrete.
In one of his promotional videos cited in the lawsuit, Ryan Maasen
makes numerous representations that BitConnect and his gains, the average daily interest rate, how he is familiar with the Bitconnect team and that they have a great support team, that if a user invested more, he or she would be able to make more sooner, that the investor would get the money back at the end of term (said multiple times in multiple different ways), and other similar representations.
Maasen specifically represented that Plaintiffs and the Class would get their principal back in a specific amount of time (299 days with a $100 investment).
Maasen specifically represented that within two years Plaintiffs and the Class could make a million or more dollars from this investment.
Plaintiff Paul Young alleges that he first viewed one of Maasen’s videos in September, 2017.
Following Maasen’s advice, he deposited 0.8756 BTC (approximately $4297.06) to try out BitConnect.
After receiving returns on his initial investment, Plaintiff invested another 0.3221 BTC (approximately $1537.03) on October 9, 2017.
On October 12, 2017 he invested an additional 0.3420 BTC (approximately $1856).
On October 19, 2017 he invested 0.3510 BTC (approximately $1998.59).
In addition to these larger investments, Plaintiff continued to re-investment [sic] any gains he made on his investments, as encouraged by Defendants, from October 9, 2017 until his final reinvestment on January 9, 2018.
Plaintiff Long alleges that since
BitConnect collapsed
on January 16th, ‘
his total investment is worth a few hundred dollars
‘.
Plaintiff Kiandra Love alleges she first viewed ‘
a video from Maasen” on or around October 10, 2017
‘.
Following Ma
🤖 Quick Answer
What is the third BitConnect class-action lawsuit filed in Florida?A third lawsuit against BitConnect was filed on January 30th by plaintiffs Paul Long and Kiandra Love, targeting BitConnect International PLC, BitConnect LTD, BitConnect Trading LTD, and Ryan Maasen. The complaint alleges the company defrauded thousands of Floridians and hundreds of thousands of Americans of millions of dollars by exploiting cryptocurrency's popularity and legitimacy to attract investors.
Who are the defendants named in the BitConnect lawsuit?
The defendants include BitConnect International PLC, BitConnect LTD, BitConnect Trading LTD, and Ryan Maasen, identified as a BitConnect promoter who convinced plaintiffs and class members about investment profitability. The lawsuit seeks to hold these entities accountable for financial losses suffered by victims.
How did BitConnect allegedly defraud investors?
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