UK threatens to shut down popular Bitcoin investment site BitConnect

It turns out Ethereum founder Vitalik Buterin might have been right to suggest popular Bitcoin investment platform, BitConnect, has been running a Ponzi scheme after all: the UK Registrar of Companies has threatened to shut down the dodgy platform and dissolve its operation.

BitConnect has two months to prove “cause to the contrary” until the decision has been formally enforced, according to an official filing on the British Companies House website. Should the company fail to comply with these terms, the government agency will strike off its registration and seize its assets.

“Upon dissolution all property and rights vested in, or held in trust for, the company are deemed to be bona vacantia, and accordingly will belong to the crown,” the document reads. Many have speculated that BitConnect likely stashes its funds abroad, though there is no evidence to back this up.

You can see the full letter of notice in the image below:

While the notice makes no mention of the people behind the shifty Bitcoin investment platform, another filing [ PDF ] reveals BitConnect was registered by a British man going by the name of Ken Fitzsimmons. According to the same filing, Fitzsimmons holds 75 percent or more of the shares in the company.

Curiously, the name of Fitzsimmons doesn’t appear anywhere on Bitconnect’s site – and nobody seems to know what his involvement in the investment platform is.

Numerous concerned cryptocurrency enthusiasts have since interpreted this lack of information as suspicious , with one user going as far as reporting BitConnect for illegal activity to the British government.

Unfortunately, details about Fitzsimmons continue to remain scarce at this point.

Shortly after the UK Companies House strike-off notice began circulating Reddit, the price of BitConnect Cash (BCC) took a dip from $287 to under $230 – though it has since climbed back up to $245. Here are some stats from Coin Market Cap:

Meanwhile, BitConnect has carried on promoting its platform to new investors. In fact, the company hosted a cheesy suit-and-gown networking event in Thailand on October 28.

Despite action-packed program featuring “ acrobatic performances, dance and live entertainment,” the keynote offered little insight into the company’s plans for the future and its current financial situation.

Instead, the highlight of the celebratory gala night became this cringe-inducing hyping performance by one of the event hosts:

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Those interested to see the full BitConnect presentation in Thailand can check out this video .

Following the abrupt disappearance of suspicious Bitcoin investment platform Bitpetite two weeks ago, the cryptocommunity has grown increasingly distrustful of BitConnect, with numerous people calling respected crypto influencers to chime in on the situation with their expertise.

Eventually, Ethereum’s Buterin responded to the requests, suggesting the fishy Bitcoin investment site could indeed be running a Ponzi scheme.

Since then, Redditors have began noticing a slew of major red flags on BitConnect’s site, including this schematic that uses a picture of a pyramid to explain the platform’s revenue structure.

Here is a screenshot from the post in question:

Say what you will, but this is not a good look for BitConnect and its investors.

In the meantime, we have contacted BitConnect to ask whether the company has any intentions to appeal the strike-off notice from the UK Companies House, and will update this piece accordingly if we hear back.

Clarification: As pointed out by readers, BitConnect also listed on Companies House’s registrar as BITCONNECT INTERNATIONAL PLC.

Neither of the filings – for the PLC or the LTD – mention how BITCONNECT PLC will be affected in the event that Companies House proceeds with BITCONNECT LTD’s removal from the registrar – or how it will affect the company’s operation in the UK.

Update: It has been brought to our attention that, in addition to the other two instances in which BitConnect appears on the UK company registrar, BitConnect has also been listed on Companies House as BITCOIN AMR LIMITED.

One thing to keep in mind is that, prior to assuming the name BITCOIN AMR LIMITED, the company used to be registered as BITCONNECT PUBLIC LIMITED – not to be mistaken with BITCONNECT LTD.

According to the documents, BITCONNECT PUBLIC LIMITED (now BITCOIN AMR LIMITED) and BITCONNECT LTD were two separate entities, registered under two different company numbers: the former was logged under company number 10944876, and the latter – 10278342.

BITCONNECT INTERNATIONAL PLC, on the other hand, also has its own company number: 10948031.

The filings do not outline what the connection between the three separate companies is – or whether there is one to start with.

Looking through the names attached to the companies though. It appears that a person named Le Thi Thannh Huy is involved in both BITCOIN AMR LIMITED as well as BITCONNECT INTERNATIONAL PLC.

Interestingly, the documents suggest this is not the same person. Despite the similarities in name, the filing suggests the person named Thannh Huy involved in BITCOIN AMR was born in 1978, while the one involved in BITCONNECT PLC was born in 1984.

Weirdly enough, both of them appear to have indicated a correspondence address on the exact same street; the exact street numbers are not the same, however.

Additionally, BITCOIN AMR says there is a Mr. Santoso, born in 1981 who is also director in the company. Coincidentally, BITCONNECT PLC lists a person named Wardah Santoso as a director in the company. Unlike Mr. Santoso though, Wardah Santoso was born in 1983.

Just like Thannh Huy and Thannh Huy, Mr. Santoso and Wardah Santoso live on the same street.

John McAfee announces bid for 2020 US presidential election

Cryptocurrency firebrand John McAfee yesterday announced his intent to run in the 2020 US presidential race.

File this under: Not a chance in hell. McAfee, a British-born US citizen with a checkered past, sought the Libertarian party candidacy for the 2016 presidential election, but lost to Gary Johnson.

This time, however, he appears to be ready to sally forth even if he can’t get the Libertarian nomination:

It’s worth mentioning, in 2015 McAfee announced his candidacy with the creation of the Cyber party, but eventually ended up seeking the Libertarian bid instead.

What a platform: John McAfee is a cryptocurrency advocate who believe cannabis should be legalized , businesses should be allowed to discriminate on the basis of religion, and the transportation security administration should be shut down .

He’s also been implicated in a murder by the government of Belize – which he claims is part of a conspiracy to extort him – and, if the value of a bitcoin doesn’t reach $1 million by the end of 2020, he’ll eat his own penis .

The impact: I see old people. They don’t know they’re old. The upcoming 2020 US presidential elections may end up containing one of the oldest candidate pools ever. Here’s an entirely plausible list of candidates we could see along with their current age:

Democrats: Joe Biden (75), Elizabeth Warren (68)

Republican: Incumbent Donald Trump (71)

Independent: Bernie Sanders (76)

Libertarian: Gary Johnson (65), John McAfee (72)

For comparison, Barrack Obama is 56 now, and George W. Bush was 62 when he left office after two terms.

Would you vote for John McAfee? If so, tell us your ridiculous reasons why in the comments section.

Watch out for the fake Poloniex phishing apps on Google Play

Avid cryptocurrency traders ought to be extra careful what apps they download from Google’s Play Store – especially if they do their trading on popular exchange desk Poloniex.

ESET security researcher Lukas Stefanko has stumbled upon a malicious Poloniex copycat app designed to phish your credentials and steal your funds.

The researcher noted that when he first discovered the app, it was still in its “feeding phase” – meaning that it was set to redirect to the official Poloniex website until it has built up trust and a large enough user base.

“ Once hundreds/thousands of users are logging into Poloniex through it, then it removes redirection and display only phishing screen to gain credentials,” Stefanko told TNW.

The good thing is that it appears Google was swift to remove the malicious app from the Play Store. “It was removed from the Play Store after I tweeted about it,” Stefanko told us.

It remains unclear whether the attackers were able to swipe any credentials, but we’ve reached out to the Big G for a clarification and will update this piece accordingly, should we hear back.

In other news, Poloniex was recently acquired by Goldman Sachs-backed payment company Circle for a reported fee of $400 million.

For the record, this is hardly the first time a malicious app has slipped through the cracks to end up on Google’s mobile software distribution platform. Indeed, a couple of months ago Ethereum thieves were targeting Android users with fraudulent copycats of popular cryptocurrency wallet MyEtherWallet on Google Play.

Update: Google has since told us that they “always act swiftly to remove apps from Google Play that violate our policies.”