Australian Authorities Drove at BitConnect Evangelist Into a Corner – Cryptocurrency Regulation

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John Bigatton was once a big fan of BitConnect. Now, it is his turn to be admired, albeit in a dramatically different way. Recently, the Federal Court of Australia has satisfied the Australian Securities and Investments Commission (ASIC). It has also frozen his assets which he will have to disclose.

Fraud, hacks and scams are rampant in the world of crypto. However, BitConnect is one of a kind affair worth almost $ 2.6 billion. Carlos – also known as "Bitconeeeeeeeeect." He, like all other crypto rookies, was told that he would turn a $ 1000 investment into a $ 50 million return within three years.

After the company had shut down in early 2018, the FBI and other authorities launched an investigation in March last year. The victims began to file numerous class actions against the scam. One of them states that promised returns of up to 40%.

Evangelists, where are you at?

BitConnect is a phenomenon that would not have been possible without energetic evangelists. John Bigatton based in Sydney and Melbourne is apparently one of them. According to the Sydney Morning Herald, before discovering the amazing world of BitConnect, he had worked as a licensed financial adviser for wealth management groups.

And he acted in line with the scam's general pathos. He stood in front of thousands of people as cash rained from the roof. The Star Wars theme with the extravaganza which is, unfortunately, no longer available on YouTube.

Likewise, he was filmed stating that cryptocurrencies like BitConnect are "exactly the stock market in its early days except it's the stock market on steroids, it's the stock market times 10."

"Steroids," as we all know, disappeared within a short period of time. I know Bigatton who stopped answering the phone. He did not pick up any of the five numbers that he used as his contacts.

And where is the wife?

While Biggatton has been eventually found, his wife, Madeline, is still missing. Before disappearing, she was the director of JB's Investment Management. JB's Investment Management had a direct connection to BitConnect Australia. In fact, it was its sole representative in the country.

To date, no one knows what happened to her. Kia Sorento was located in Cape Solander, Kurnell. Was not officially declared dead, a memorial was held for her in May. Besides, ASIC has not listed her as a defendant in ASIC's application to the court for freezing orders.

However, the future is not too bright for Biggatton. On ASIC's request, the Federal Court has also issued an order to disclose all bank accounts. Escrow accounts holding any cryptocurrencies. "He is also requested to provide" a list of the locations of all cryptocurrencies. "

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