The series of fraudulent Ponzi Bitcoin is collapsing. A similar story to BitConnect is Sports Trading BTC. The difference is that Sports Trading BTC only “lived” for about two months before completely collapsing as it is now.
BitConnect’s long story never ends
BitConnect’s collapse from the beginning of 2018 has not finished yet. Although many victims have filed lawsuits, those directly involved in the case are still outlawed.
In September, defendants Glenn Arcaro and Ryan Maasen were dismissed from the case. Besides, Judge Middlebrooks has also now dismissed defendants Joshua Jeppesen, Craig Grant, Nicholoa Trovato (as know as CryptoNick). Some rumor Jeppesen, Grant, and Trovato have fled home to escape criminal prosecution. The remaining defendants in the BitConnect class-action are mostly foreign people.
Although regularly sending casket to many people. However, it seems that BitConnect class-action is not going well. The complaint has been dismissed. Meanwhile, the November 20th order strikes the remainder of the second amended complaint. The request was filed on September 13th.
Let’s wait and see where the BitConnect story is going.
Sports Trading BTC collapses
A similar story to BitConnect is Sports Trading BTC. The difference is that Sports Trading BTC only “lived” for about two months before completely collapsing as it is now.
Sports Trading BTC is a classic Ponzi pattern. In particular, investors will receive a commission to profits from 0.25% to 2% per day (daily ROI). Estimated a month, you will receive from 7.5% – 60% a month — an extremely unreliable number.
Sports Trading BTC offers affiliates eight investment tiers:
- ST1 – 0.01 BTC
- ST2 – .025 BTC
- ST3 – 0.1 BTC
- ST4 – 0.5 BTC
- ST5 – 1 BTC
- ST6 – 2 BTC
- ST7 – 3 BTC
- ST8 – 5 BTC
Sports Trading BTC affiliates who invest at ST5 and higher tiers receive recruitment commissions.
Recruitment commissions are paid on downline investment through three levels of recruitment:
- 5% on level 1 (personally recruited affiliates)
- 3% on level 2
- 2% on level 3
The Future of STB
James Ward, owner Sports Trading BTC (on the left)
And what came also came, Sports Trading BTC collapsed. However, during the seminar “The Future of STB,” Owner Sports Trading BTC, James Ward, shared why this model “turned off the power.”
At 4:33, Ward said:
“[4:33] A lot of people are like, “Why are you changing the company so … you just launched on October 1st. You know, why didn’t you make any of these decisions beforehand? Well, the truth of it is this… we had no idea that we were going to get tossed into every single category that every other company that accepts crypto falls in.”
And that’s what he said at 5:44:
“[5:44] With the new branding, with the new company, with the new direction, the one thing that we wanted to do is separate ourselves from any of that stuff that is out there.”
Companies will not be illegal to provide passive trading investment opportunities in the US approved by the SEC. Instead of proving Sports Trading BTC legally and paying interest on actual transaction revenue, Ward chose to shut down. And this makes Sports Trading BTC no different from a scam. Failure to continue to commit securities fraud is a big part of the reason BTC Sports Trading BTC collapsed.
Global Credits Network reboot
Afterward, James Ward has announced about restarting a Global Credits Network. Following the Global Credits Network’s business model, all affiliates will be required to sell 0.01 BTC to affiliated retail or recruiting customers. However, this requirement is waived for existing Sports Trading BTC affiliates … until December 2020.
From a regulatory perspective, again securities fraud aside, Ward should refund every Sports Trading BTC investors. And then, when the agencies are no longer paying attention, Ward has the freedom to start any new business again. However, it seems that Ward doesn’t care about this. Or he was too confident. Or he has his plan. Since December 1, Ward has planned to hold the Global Credits Network launch event on December 14 at Tropicana in Las Vegas.
The global credit network is not yet available to the public. Ward stated that a new company website would be coming soon.
Read more:
- How Does Bitcoin-Altcoin-USD Rotation Take All Money From Trader?
- Adoption Rate Soared But Dash Price Still Face Down