A week after BehindMLM reported Bitcoiin was continuing to violate a securities fraud cease and desist, the company has collapsed.
Over $75 million is believed to have been invested during Bitcoiin’s ICO, which was scheduled to wrap up on March 30th.
Instead, Bitcoiin’s anonymous admins have pulled the plug early and done a runner with everyone’s money.
Bitcoiin and its B2G altcoin surfaced back in January. Bitcoiin marketed B2G in typical “we’re better than bitcoin” fashion, however the coin itself had no practical purpose beyond soliciting investment from the public.
Le, who claims to be ‘helping others to achieve financial freedom through sharing the love of our Lord and Saviour‘, has since deleted all content on his public Facebook profile.
The press-release goes on to detail plans to release B2G as a mineable altcoin, which means little considering B2G is just another pointless altcoin.
Once again gullible investors have been convinced they’re investing in the next bitcoin, only to be exit-scammed and left with a worthless altcoin.
Upon release onto public exchanges, B2G will likely follow the trajectory of other altcoin Ponzi schemes.
A flurry of initial trading will see the value briefly pump, before reality sets in and B2G plummets to $0.
BCC is currently sitting at $1.35, down from a high of almost $400 pre-collapse.
Whereas Bitcoiin victims are now left to come to terms with their losses, Bitcoiin’s admins see the ICO as a “fantastic success”.
Once again we would like to thank all the contributors who made Bitcoiin a fantastic success, and we appreciate the anonymous Founders and our Brand Ambassador for all their support during our ICO period.
Rather than acknowledge their theft of over $75 million from investors, Bitcoiin’s admins maintain media coverage of Bitcoiin is “regurgitate(d) misinformation”.
US regulators targeted Bitcoiin and Steven Seagal earlier this month, following a March 7th securities fraud cease and desist issued by New Jersey.
On March 22nd Tennessee followed up with an investor warning which cited the New Jersey cease and desist.
BehindMLM’s own Bitcoiin review was published on February 1st.