New Zealand mass shooter made money from investing in Bitconnect...

15 Mar, 2019 | Updated: 15 Mar, 2019
by Jelmer van der Dussen
News
New Zealand mass shooter made money from investing in Bitconnect...

The terrorist attacks in two New Zealand mosques that got at least 49 people killed and more than 20 seriously injured have shocked the world today. In his online manifesto 'The Great Replacement', one of the terrorists Brenton Tarrant writes on the first page that he made money by investing in the pyramid scheme Bitconnect...

Tarrant, who livestreamed the horrible shooting, starts the manifesto by introducing who he is. 'I had little interest in education during my schooling, barely achieving a passing grade. I did not attend University as I had no great interest in anything offered in the Universities to study. I worked for a short time before making some money investing in Bitconnect, then used the money from the investment to travel.'

Four suspects have been arrested following the shootings in mosques in the city of Christchurch and the suburb of Linwood. One man in his twenties has been charged with murder and will appear in court on Saturday. Prime-minister Jacinda Ardern has confirmed the suspects were extremists.

The police has confirmed the shootings were 'well prepared', and that they found explosives attached to cars parked near the mosques. 

Bitconnect's rise and fall
Bitcoin investment lending platform Bitconnect was a pyramid scheme that made its way into the top 20 in the cryptocurrency market, and completely disappeared in 2018, shutting down after a cease and desist letter from the Texas Securities Board. The price dropped quickly, and in August 2018 Bitconnect stopped trading at the last exchange.

Bitconnect at first was like any other altcoin floating in the midst of obscurity, not really doing anything substantial or being noticed for anything spectacular. In a matter of one year, the project would break into the top 20 and eventually disappear into obscurity.

January 2017, Bitconnect manages to break into the top 100, sitting at 98 with a measly market cap of $873,708. and trading at $0.17. The project begins picking up steam when social media influences tout the pyramid scheme-type lending platform as the next big thing.

Soon "how to" videos are going up on YouTube showing potential investors how they can buy Bitconnect (BCC) and lend it on the platform for daily returns. The whole operations appears to be operated like a ponzi scheme. This deters some potential investors, while others are drawn in by the eventual hype of the project.

Bitconnect would slowly build a cult following over the course of 2017, leading up to become one of the most popular projects in the top 100, mostly due to the massive marketing employed by YouTubers as well as hosting of events.

BCC would climb to an all time high of $470 in late 2017, jumping into the top 20 coins. The fomo and bull run catapulted BCC into crypto stardom. The ability to earn residual income through BCC tokens meant people would jump on board the hype train as everybody wanted a piece of the pie.

In the space of roughly two weeks following the ultimate success of BCC, the rumors began to swirl about the project operating like a ponzi scheme. Class Action lawsuits cropped up in the USA regarding the operations of Bitconnect. Once the rumors started flying, the price started dropping.

BCC dropped from $422 down to $18 in the space of two weeks following the news. With just about everyone panic selling their coins. Over a year ago, Bitconnect's Ponzi Scheme comes to an end. 

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