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Amendment Combines
All Lawsuits Into a Single Instance

The consolidated complaint comprises a class action suit that’s been registered on behalf of a selection of entities and individuals. All parties in the lawsuit claim to have suffered financially after transferring fiat currencies and cryptocurrencies to Bitconnect to invest in the Bitconnect Investment Programs, as well as BCC tokens.

According to lawyer David Silver of law firm Silver Miller, which has been named the”Class Counsel” of this situation, the consolidated complaint combines all of the lawsuits that were filed against Bitconnect into one suitBITCOIN LOTTERY site Miller stated that the merged lawsuit names owners and promoters which weren’t previously targeted at the complaints that were legal.

“As more information has become available, we have learned about more people involved in the rampant fraud associated with Bitconnect,” Silver explained and best bitcoin casino reddit. “The Amended Consolidated Class Action Complaint highlights those actors who participated in the creation of Bitconnect and the promoters of Bitconnect. The amount of investment loss in such a short period of time, and the quantity of fraud is staggering. We expect to move the litigation along as fast as possible and hold as many individuals accountable both in america and abroad.”

Plaintiffs Accuse Youtube of Negligence

The amended lawsuit claims the Bitconnect Lending Program and the Bitconnect Staking Program were “fraudulent Ponzi/pyramid schemes.” In addition, it accuses the company of using”multilevel affiliate markets” to promote its investment programs.

“Several of the promoter defendants had partnerships with Youtube pursuant to which the Bitconnect Defendants disseminated deceptive and harmful content to unsuspecting victims across the planet,” the law firm mentioned in the amended filing. “Youtube was negligent in failing to warn those victims of the harmful material, for which Youtube paid their creators and publishers.”

Additionally, the legal team claimed that the company”cloaked” its own promotional materials from”technological sophistication and jargon” to run a deceptively”simple” fraudulent operation. “Victims would invest in the Bitconnect Investment Programs after they had been driven to Bitconnect as a result of profitable partnerships the promoter defendants had with Youtube,” it stated. “Bitconnect would then pay existing investors with new money from new investors, who were in turn expected and incentivized to get more new investors to produce more new cash for Bitconnect.”

The plaintiffs seek to recover all of the funds they claim to have lost. In a statement, Miller said this outcome would be”ideal.”

Do you agree that Youtube was negligent in compensating Bitconnect promoters and failing to warn prospective investors of their”harmful content?” Share your thoughts in the comments section below!

Pictures courtesy of Shutterstock

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